Almonty Sets Sights on July Production Ramp-Up as New Finance Chief Takes the Helm

Almonty Industries nears commercial production at Sangdong mine, the largest tungsten source outside China, as Q1 revenue triples and new CFO appointed.

The countdown to commercial-scale production at the Sangdong tungsten mine is drawing to a close. Almonty Industries expects to begin the ramp-up to full Phase 1 capacity in July 2026, once a data-gathering period ends this month. That milestone will turn the Korean asset into the largest source of tungsten outside China—and the centerpiece of a growth story that has already sent the stock up nearly 140% since the start of the year.

The company laid the financial foundation for that transition in the first quarter. Revenue surged to $25.4 million, more than tripling from a year earlier, while operating cash flow swung to positive $9.7 million. Adjusted EBITDA came in at $6.1 million. A net loss of $5.3 million was chalked up to a non-cash revaluation of warrants triggered by the rising share price, leaving the underlying operational performance intact. Cash on hand stood at roughly $260 million.

To oversee the next phase of expansion, Almonty has brought in a Wall Street veteran. Jorge Beristain joined as chief financial officer on June 1, stepping in for Brian Fox. During the transition, development director Guillaume de Lamaziere had served as interim finance chief. Beristain most recently held the role of vice president of finance at Ryerson Holding, where he helped double that company’s market capitalization, and earlier led metals and mining research at Deutsche Bank Securities as a managing director.

Shareholders will have their say on the leadership lineup at the annual meeting on June 9, with a proxy submission deadline of June 5 at 10:00 a.m. Eastern time. The board is asking for a vote to confirm the current directors as it pushes forward with a strategy centered on supplying Western defense supply chains. That effort benefits from China’s decision to cut domestic mining permits by an additional 8% this year, tightening global supply and pushing up prices for ammonium paratungstate, the key tungsten intermediate, to around $3,040 per metric ton unit.

Oppenheimer has responded by raising its price target on the stock to $25 from $22 and maintaining an “Outperform” rating. The analyst estimates earnings per share of $0.30 for the current fiscal year. The stock itself has been climbing steadily: at C$28.86 it sits about 7% above its 50-day moving average, and the relative strength index of 54.7 suggests the rally still has room to run. The 12-month gain has topped 500%.

Management has already begun planning Phase 2 at Sangdong, which would roughly double the mine’s throughput and cement its status as a cornerstone of non-Chinese tungsten supply. With a new finance chief in place, a flush balance sheet, and a production timeline set for next month, Almonty is positioning itself to capitalize on a tightening market and the strategic shift in critical mineral sourcing.