Almonty’s Tungsten Push Accelerates with CFO Switch, Dual-Mine Ramp-Up, and Q1 Cash Turnaround

Almonty Industries reports Q1 2026 revenue surge of 221% and positive operating cash flow, as Sangdong and Montana tungsten projects near production and a new CFO takes over.

Almonty Industries has entered a defining period. Within a fortnight, shareholders will vote on a slate of strategic resolutions, a new chief financial officer takes the helm, and two tungsten projects on separate continents are gearing up for production. The timing is no coincidence: the company just posted its first quarter of positive operating cash flow, signaling that the long game is starting to pay off.

Financial Flip: From Burn to Surplus

The first quarter of 2026 delivered a sharp reversal in Almonty’s fortunes. Revenue surged 221% year-on-year to 25.4 million Canadian dollars, while operating cash flow swung from a loss of 4.4 million CAD in the prior-year period to positive 9.7 million CAD. The adjusted EBITDA landed at 6.1 million CAD, underscoring a business that is now throwing off cash rather than consuming it.

The balance sheet is equally robust. Almonty ended March with roughly 260 million CAD in cash and a working capital surplus of nearly 170 million CAD. That liquidity eliminates near-term dilution risk and provides the financial runway needed to execute expansions on two fronts.

Two Mines, One Strategy

The company is pursuing a twin-continent model. In South Korea’s Gangwon province, the Sangdong mine completed its commissioning phase early this year and is on track to reach commercial production before the end of 2026. A second expansion stage, planned for 2027, would double annual tungsten output to around 4,600 tonnes by lifting processing capacity to 1.2 million tonnes of ore per year. Management has bundled Sangdong with plans for a tungsten oxide plant and development of a nearby molybdenum deposit into an integrated value chain it calls the “Korean Trinity.”

On the other side of the Pacific, Almonty’s newly acquired Gentung Browns Lake project in Beaverhead County, Montana, is targeting production in the second half of 2026. Initial capacity is set at roughly 140,000 tonnes of tungsten trioxide per year, using refurbished equipment relocated from the company’s Spanish operations. Water rights and pipeline infrastructure are already in place at the site. The deposit carries an estimated geological resource of 7.53 million tonnes grading 0.315% tungsten trioxide, giving it long-term scale potential.

The company has already shifted its headquarters to Dillon, Montana, signaling a deeper operational commitment to the U.S. market. Together, Sangdong and Montana position Almonty as a non-Chinese supplier of critical minerals for industrial and defense clients — a selling point that has grown sharper amid Western supply-chain diversification efforts.

New CFO Takes the Reins

Effective June 1, 2026, Jorge Beristain steps in as Almonty’s new CFO. He arrives from Ryerson Holding, a metals service center with five billion dollars in annual revenue, and previously served as finance chief at Central Steel & Wire. His background also includes leading commodities research at Deutsche Bank. Beristain replaces interim CFO Guillaume de Lamaziere, who took over after Brian Fox left the company. The appointment underscores Almonty’s intent to bring professional financial management to its growth phase.

Shareholder Vote on June 9

The annual general meeting is scheduled for June 9 in Toronto. Shareholders will vote on the election of seven directors, the ratification of the auditor, and a new equity compensation plan covering options, shares, and deferred share units. With 283.7 million shares currently outstanding, the plan would reserve about 12.1 million shares for compensation purposes. The meeting serves as a formal endorsement of the strategic direction management has laid out.

Market Performance and Technical Position

Almonty’s stock has been a standout. It recently traded at 27.04 CAD, just off its 52-week high and well above the 200-day moving average. The shares have rallied more than 600% over the past twelve months, propelled by the Nasdaq listing, over 200 million CAD in capital markets transactions, and the operational inflection visible in the Q1 numbers. Still, technical indicators flash caution: the relative strength index sits at 74.5, and annualized volatility exceeds 85%, leaving the stock in overbought territory. Whether the price can reclaim the April high of 32.07 CAD hinges largely on whether Gentung Browns Lake meets its targeted production timetable in the second half.

With a clean balance sheet, a fresh CFO, and two mines on the cusp of output, Almonty’s next few months will test whether the narrative can keep pace with the numbers.