Almonty Shareholders Weigh Tungsten Doubling as Molybdenum Offtake Locks in 60-Year Revenue Stream

Shareholders vote June 9 on expansion to supply 40% of non-China tungsten; Almonty also locks 60-year molybdenum deal with SeAH for US defense supply chain.

Almonty Industries is approaching a defining moment on June 9, when shareholders in Toronto will vote on a second-stage expansion of the Sangdong tungsten operation. Approval would lift annual processing capacity to 1.2 million tonnes by 2027, pushing the Korean complex to supply roughly 40% of the tungsten market outside China. The ballot comes as the company simultaneously secures a second revenue pillar through a fully contracted molybdenum project just 150 metres away.

The shareholder decision carries exceptional weight because of a looming change in US defense procurement. Starting January 2027, American arms manufacturers will be barred from using Chinese-sourced tungsten, a metal Beijing currently controls at over 80% of global output. Almonty’s Sangdong tungsten mine, which began ramping up output earlier this year, is already positioned as the leading Western alternative. A green light on the expansion would supercharge that role.

At the same time, Almonty has locked in a 60-year offtake agreement with SeAH M&S, South Korea’s largest molybdenum processor and the world’s second-biggest molybdenum oxide smelter. The deal covers 100% of the output from the Sangdong molybdenum project, which is targeting first production by the end of 2026 or early 2027. Annual volume is expected to reach roughly 5,600 tonnes, and the contract includes a floor price of $19.00 per pound — providing a safety net against market dips. Spot molybdenum currently trades around $22.00.

SeAH is not just a buyer; it is building a $110 million metals processing and fabrication facility in Temple, Texas, that will feed directly into SpaceX and the wider US defense and aerospace supply chain. That end-market connection turns Almonty’s molybdenum output into a geopolitically charged commodity, further diversifying its revenue away from Chinese-dominated supply routes.

The financial underpinning for both projects is solid. First-quarter 2026 revenues surged 221% to $25.4 million, driven by strong tungsten prices and robust operations at the Panasqueira mine in Portugal. Almonty ended March with roughly $260 million in cash. The period did produce a net loss of $5.3 million, but that stemmed entirely from non-cash warrant revaluations tied to the stock’s sharp appreciation — the underlying operating performance remained unaffected.

The stock itself has nearly doubled since the start of 2026, and several sell-side analysts see further upside. Alliance Global recently lifted its target to $26.25, D.A. Davidson reiterated a buy with a $25.00 price objective, and Bank of America set a new target at $23.00.

To steer the expansion phase, Almonty has recruited Jorge Beristain as chief financial officer, effective June 1. Beristain, a former managing director and head of Americas metals and mining equity research at Deutsche Bank Securities, was one of Wall Street’s most widely cited mining analysts. His arrival coincides with the transition of Sangdong from a capital-intensive build-out to a revenue-generating operation.

The corporate headquarters has also moved from Toronto to Dillon, Montana — a symbolic and practical shift that underscores Almonty’s deepening ties with US defence and industrial partners.

With the shareholder vote now days away, Almonty is effectively asking investors to endorse a pace of expansion that would cement its place as the dominant non-Chinese supplier of two critical minerals. The molybdenum offtake deal already assures a 60-year revenue stream; the tungsten vote will determine how quickly the company can capitalise on the void left by Chinese export restrictions.