Almonty Swings to $6.1M EBITDA and Names Ryerson Veteran CFO as Twin Korean Mines Take Shape

Almonty reports record revenue and EBITDA, appoints new CFO Jorge Beristain, and advances Sangdong tungsten and molybdenum projects as US seeks non-Chinese supply.

Almonty Industries is entering a defining chapter with two major developments: a sharp operational turnaround in the first quarter and a new finance chief set to steer growth during the ramp-up of its Korean mining complex. Jorge Beristain, most recently vice president of finance at US metals distributor Ryerson Holding, will take over as chief financial officer on June 1. He replaces Brian Fox, who left the company with immediate effect. Guillaume de Lamaziere will serve as interim CFO until Beristain arrives.

The management change comes as Almonty reports the strongest quarter in its history as a tungsten producer. Revenue soared 221% to US$25.4 million in the first quarter, driven by higher output from the Panasqueira mine in Portugal and elevated spot prices for ammonium paratungstate (APT), the benchmark tungsten intermediate. Adjusted EBITDA swung to US$6.1 million from a loss of US$2.4 million a year earlier. Operating cash flow reached US$9.7 million, underscoring that the improvement is cash-generating rather than purely accounting-driven.

A net loss of US$5.3 million remained on the bottom line, but that was almost entirely due to non-cash revaluation charges of US$8.4 million tied to embedded derivatives and warrant liabilities. Those charges were triggered by the surge in Almonty’s share price from US$12.07 to US$20.24 over the quarter. The underlying cash position remained solid: the company ended March with US$259.9 million in cash (roughly C$260 million) and working capital of US$169.5 million.

The financial strength will fund Almonty’s twin ambitions in Sangdong, South Korea. The company formally commissioned its tungsten mine there on March 17, a milestone that positions it as a rare non-Chinese source of the strategic metal. The processing plant is designed for 640,000 tonnes of ore per year, with an initial output of around 2,300 tonnes of tungsten concentrate annually. A second phase, slated for 2027, could double that capacity to roughly 4,600 tonnes.

Just 150 metres away lies a molybdenum deposit that has now received full regulatory approval. Almonty plans to start mining molybdenum at Sangdong by the end of 2026, with a mine life of approximately 60 years. The entire output — around 5,600 tonnes per year at full capacity — is already contracted to South Korean processor SeAH. Proximity to the tungsten mine means Almonty can share infrastructure and cut logistics costs significantly.

These projects sit in a market that is rapidly shifting away from Chinese dominance. China controls 80–82% of global tungsten production and processing, and the spot APT price has climbed above US$3,100 per metric ton unit. More critically, from January 2027 the US military will be prohibited from using Chinese tungsten, forcing Western buyers to secure alternative supply chains. Almonty’s Sangdong mine is well placed to fill that gap.

Several analysts have raised their price targets in response to the operational progress and the looming supply crisis. D.A. Davidson rates the stock a “Buy” with a US$25 target, while Oppenheimer has an “Outperform” rating and a US$19 target. Alliance Global Markets lifted its target sharply to US$26.25 from US$19.25, also with a “Buy” recommendation. Bank of America values the shares at US$23.

With a robust cash pile, a newly commissioned tungsten mine, a fully permitted molybdenum deposit next door, and a dedicated offtake partner for the latter, Almonty enters the second half of 2026 with rare momentum. The new CFO inherits a company that has turned its quarterly EBITDA positive for the first time and holds two shovel-ready projects in a market hungry for non-Chinese metals. The challenge now is to sustain the ramp-up and convert the operating surge into lasting profitability.