From Developer to Producer: Almonty's Sangdong Ramp-Up, Russell Seat, and New CFO Converge

Almonty Industries nears Sangdong mine production, joins Russell 1000/3000, gets Oppenheimer upgrade to $25, as tungsten prices hit records and revenue surges 221%.

The next few weeks promise to be the most consequential in Almonty Industries' recent history. With the Sangdong tungsten mine in South Korea about to generate its first operational data, the company's inclusion in the Russell 1000 and Russell 3000 indices confirmed for June 29, and a new chief financial officer already in place, the miner is shedding its project-developer skin for that of a producing institution.

A Mine That Could Reshape Tungsten Supply

Sangdong, Almonty’s flagship asset, is on the cusp of its Phase?1 production ramp-up. The plant will begin data generation this month, with the formal ramp-up to Phase?1 capacity scheduled for July. Shortly after, the board intends to lay out plans for a Phase?2 expansion — one that would roughly double throughput. At full capacity, Sangdong is expected to supply approximately 40% of the world's tungsten demand outside China. That statistic carries weight given tightening US defence procurement rules and export restrictions from other producers, which are steadily pushing buyers toward western sources.

Meanwhile, the Panasqueira mine in Portugal is progressing its L4 extension, with a production ramp-up pencilled in for early 2027. Both operations are designed to capitalise on a structurally tight global tungsten and ammonium paratungstate (APT) market.

Market Conditions and Financial Momentum

Tungsten and APT prices are hovering near record levels — recently at around $3,040 per metric ton unit. The management sees this pricing environment persisting, underpinned by sustained demand from the semiconductor and defence sectors alongside chronic supply constraints.

Almonty’s first-quarter results for fiscal 2026 reflect that tailwind. Revenue surged to $25.4 million, a 221% jump from the same period last year, driven largely by the higher spot price for APT and steady output from Panasqueira. Still, the company reported a minor adjusted loss of $0.02 per share. For the current full fiscal year, analysts anticipate earnings per share of $0.30 — the first move into net profit after a long investment cycle.

Analyst Endorsement and Stock Performance

Oppenheimer recently raised its price target on the stock to $25 from $22, reiterating an “Outperform” rating. The bank cited the favourable supply-demand dynamics in tungsten and Almonty’s operational progress. The stock has traded around CAD 28 in recent days — one quote placed it at CAD 28.07 (roughly 16% below its 52?week high of CAD 33.35 but well above the 200?day moving average of CAD 16.47), while another reading put it at CAD 28.53 (7.7% above the 50?day average). Since the start of the year, the share price has more than doubled, gaining over 137%. With a market capitalisation of roughly $321 million, Almonty is still a small?cap, but the upcoming index inclusion is expected to boost liquidity and institutional ownership.

Governance Shift and Proxy Vote

June also brings corporate housekeeping. On June 1, Jorge Beristain assumed the role of chief financial officer — a signal that Almonty is transitioning to a more structured, institutional footing as a producer. Shareholders had until June 5 to submit proxies for the annual general meeting held on June 9, at which the re?election of the board is on the agenda.

The company’s recent relocation of its headquarters to Dillon, Montana further underscores its strategic pivot toward US defence and industrial customers. With the Russell?index entry later this month and the Sangdong ramp?up imminent, Almonty enters a defining period where operational delivery and market perception will converge.