Fidelity Plants a $268 Million Bet on Almonty as Tungsten Supply Crunch Intensifies

Fidelity takes 6.5% stake in Almonty as Sangdong mine readies first full-quarter data; tungsten prices hit record highs amid China export curbs.

The stars are aligning for Almonty Industries, and the institutional money is taking notice. Fidelity has emerged as a major shareholder with 18.28 million shares — a 6.5% stake — just as the company prepares to release its first full quarter of production data from the Sangdong mine in South Korea. The disclosure, filed with US regulators, marks a rare early-stage bet from the asset manager and signals that Almonty's tungsten thesis has crossed the threshold from speculative to credible.

Van Eck Associates holds another 11.2 million shares, and Encompass Capital Advisors has also appeared on the register. The trio of institutional investors is betting on a company that sits at the intersection of a geopolitical supply crisis and surging demand for a metal essential to both semiconductors and defense.

A Wall Street Veteran Takes the Helm

On June 1, Jorge Beristain, CFA, steps into the CFO role, replacing Brian Fox, who has already departed. Until Beristain's arrival, Chief Development Officer Guillaume de Lamaziere will run the finance function on an interim basis.

Beristain brings a pedigree that's unusual for a junior miner. At Ryerson Holding Corp — a NYSE-listed metals distributor with roughly $5 billion in annual revenue — he helped double the market capitalization as Vice President of Finance. Before that, he was one of the three highest-rated analysts on Wall Street, serving as Managing Director and head of Americas Metals & Mining Equity Research at Deutsche Bank Securities. His appointment suggests Almonty is preparing for the kind of capital markets engagement that comes with scaling up a producing asset.

The Sangdong Data Dump

All eyes are on May 20, when Almonty reports first-quarter 2026 results. This is the first full quarter where the Sangdong mine's Phase 1 has operated without interruption. The processing plant is designed to handle roughly 640,000 tonnes of ore annually, yielding about 2,300 tonnes of tungsten concentrate. The ore grade sits at around 0.51% tungsten trioxide — roughly three times the global average.

Analysts at DA Davidson expect full capacity could be reached as early as the second quarter. The May 20 report will provide the first hard data to test that thesis. It's a high-stakes moment: in Q4 2025, Almonty missed analyst estimates by 12%, posting revenue of C$8.7 million.

Tungsten Prices Hit Record Highs

The macro backdrop could hardly be more supportive. Ammonium paratungstate (APT) has surged roughly 230% since the end of 2024, now trading at around $3,000 per tonne. In early May, tungsten prices hit record highs above $3,200 per metric tonne unit.

The catalyst is China's export restrictions on strategic metals, which have squeezed supply chains globally. The pressure is acute in the semiconductor industry: Japanese producers have warned Samsung and SK Hynix that tungsten hexafluoride — a critical material for 3D NAND chip manufacturing — could run short by mid-year.

Pentagon Demand and a $268 Million War Chest

From January 2027, the US will ban tungsten imports for defense purposes from China, Russia, Iran, and North Korea. Almonty is already positioned to fill the gap. The company holds a waiver from US import tariffs and has long-term offtake agreements with Global Tungsten & Powders, plus a binding deal with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide monthly — destined for rockets, drones, and munitions.

The company ended 2025 with roughly C$268 million in cash, meaning Phase 2 of Sangdong can be financed without tapping the equity markets. The reported net loss of C$162 million for 2025 is almost entirely attributable to non-cash valuation adjustments — an accounting consequence of the rising share price, not an operational issue.

Chart Position and What Comes Next

The stock trades at C$26.88, roughly 16% below its April high of C$32.07. It has more than doubled year-to-date and has risen more than sevenfold over the past twelve months. Technicians point to C$25.13 as a key support level; a break below that could trigger further selling.

On June 9, shareholders gather in Toronto for the annual general meeting. The formal agenda includes board elections and approval of the financial statements, but the real question will be how fast Sangdong ramps up — and when Phase 2 begins. The May 20 production report will provide the first real answer.