From Toronto to Montana: Almonty’s Record Quarter Puts Sangdong Expansion Vote in the Spotlight

Tungsten miner Almonty sees 221% revenue surge but stock falls 25% from peak. Key vote on Sangdong Phase 2 expansion and US relocation ahead.

Shares of Almonty Industries have surrendered more than a quarter of their value from a recent peak, yet the tungsten miner’s business fundamentals tell a very different story. The stock closed at C$24.02 on Friday, down 4.68% on the day, leaving it 25.1% below its record high of C$32.07 and 16.71% lower over the past month. That pullback, however, does little to mask the explosive growth underway: revenues for the first quarter of 2026 jumped 221% year-over-year to US$25.4 million, propelled by a surge in tungsten prices that has reshaped the entire Western supply narrative.

The quarterly result came with a net loss of US$5.3 million, but management attributes that entirely to non-cash accounting effects tied to the revaluation of liabilities. Operationally, Almonty is not burning cash — and with roughly US$260 million in the bank, the company heads into a pivotal summer in a position of financial strength.

The Sangdong decision looms

All eyes will be on the annual general meeting scheduled for June 9 in Toronto, where shareholders will vote on Phase 2 of the Sangdong project in South Korea. The plan calls for doubling processing capacity to approximately 1.2 million tonnes per year by 2027, which would enable Almonty to serve an estimated 40% of global tungsten demand outside China. That target has taken on added urgency as Beijing tightens export controls on the metal, which is critical for armor, munitions, electronics, and industrial tooling.

Before the AGM, CEO Lewis Black will present at the International Investment Forum on May 20, offering investors an update on progress across the company’s portfolio in South Korea, Portugal, and the United States. The timing is deliberate: with the stock cooling after a 100% year-to-date gain and a staggering 545.7% advance over the past twelve months, management faces the challenge of convincing the market that the growth story is far from played out.

US relocation and the Montana wildcard

Almonty has quietly begun shifting its center of gravity southward. The company is moving its headquarters from Toronto to Dillon, Montana, placing it closer to key industrial and defense partners. The move also aligns with the Gentung-Browns Lake project in the same state, where production is slated for the second half of 2026. Mineral resources there stand at 7.53 million tonnes, with an annual output target of 140,000 metric tonne units. Crucially, nearly half of Gentung’s planned production is already earmarked for US buyers under existing agreements.

To steer this geographic and operational pivot, Jorge Beristain assumes the role of chief financial officer on June 1. The former Ryerson Holding executive brings deep commodities experience to a company now juggling two major mine developments and a relocation.

A price environment that rewrites the math

The catalyst behind both the historic revenue jump and the strategic acceleration is a tungsten price rally of rare intensity. Ammonium paratungstate in Rotterdam is trading at US$3,050 per metric tonne unit, a gain of more than 200% since the start of the year. For producers outside China, that changes everything. The US government will ban the use of Chinese tungsten in defense procurement from January 2027, forcing contractors to seek alternative supply chains. Almonty has already locked in long-term offtake deals with Global Tungsten & Powders and a binding agreement with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month.

Institutional investors are taking note. Fidelity recently disclosed a holding of 18.28 million shares, equivalent to a 6.5% stake in the company — a vote of confidence that stands in contrast to the short-term profit-taking gripping the stock.

With the CEO’s forum on May 20, a new CFO on June 1, and the critical shareholder vote on June 9, the next three weeks will test whether Almonty can convert a price-driven windfall into a lasting production story. For now, the raw materials — in the ground, in the bank, and on the spot market — have never looked better.