Exclusive Molybdenum Deal and Tripled Tungsten Prices Set Stage for Almonty's Shareholder Vote

Almonty reports 221% Q1 revenue surge to $25M, locks molybdenum offtake with SeAH, and prepares for shareholder vote on doubling Sangdong capacity by June 9.

Almonty Industries is entering a compressed period of strategic milestones. The tungsten producer will release the first production data from its Sangdong mine in South Korea on May 21, install a new chief financial officer on June 1, and ask shareholders on June 9 to approve a doubling of the processing capacity. Behind those events lies a parallel development: the company has now locked in an exclusive offtake agreement for the molybdenum deposit that sits just 150 meters from Sangdong's tungsten operation.

The molybdenum agreement with SeAH M&S, South Korea's largest processor of the metal, covers the entire planned output of 5,600 tonnes per year at a floor price of $19.00 per pound. Production is scheduled to begin in late 2026, and the mine is expected to operate for roughly 60 years. SeAH is building a new facility in Texas that will supply SpaceX and the US defense sector, directly linking Almonty's product to North American military supply chains. The shared infrastructure at Sangdong — existing roads, power, and technical know-how — is expected to reduce both development costs and the time needed to bring the molybdenum stream online.

The tungsten business, however, is already generating strong cash flows. First-quarter revenue surged 221% to roughly $25 million, propelled by higher output at the Panasqueira mine in Portugal and a sharp rally in ammonium paratungstate (APT) prices. The APT price has more than tripled since the start of the year, climbing from around $862.50 per metric tonne unit to approximately $3,140. That surge shifted adjusted EBITDA to a positive $6.1 million from a negative figure a year earlier.

The reported net loss of $5.3 million was almost entirely attributable to accounting revaluations linked to the rapid rise in Almonty's share price during the quarter. The company finished March with $259.9 million in cash and $169.5 million in working capital, leaving ample liquidity to fund the next stage of Sangdong's development.

The geopolitical environment adds a powerful tailwind. China controls over 80% of global tungsten production and has shifted its export system from quotas to licenses granted to just 15 state-controlled firms. From January 2027, US defense contractors will be prohibited from using Chinese tungsten, forcing a restructuring of supply chains. Almonty already has a long-term offtake agreement with Tungsten Parts Wyoming and is positioning Sangdong as a key non-Chinese source. If the second-stage expansion is approved, the mine's capacity would rise to 1.2 million tonnes per year, producing over 460,000 metric tonne units of tungsten annually — roughly 40% of the market outside China.

That expansion vote will take place at the annual meeting on June 9 at 10:00 am Toronto time. Shortly before, on June 1, Jorge Beristain takes over as CFO. Formerly a Wall Street analyst and later at Ryerson Holding and Central Steel & Wire, he replaces Brian Fox, who left with immediate effect; development chief Guillaume de Lamaziere has been serving as interim finance head.

The stock has given back some of its recent gains, closing on Friday at C$24.02, down 4.68% on the day and 10.64% for the week. After that retracement, the shares have still roughly doubled since the start of the year. The next clear catalyst is the shareholder vote — it will determine whether Sangdong makes the leap into a significantly larger production dimension, permanently transforming Almonty's position in the global tungsten market.