Almonty Charts a Crucial June as Tungsten Output Ramps and Russell Index Entry Looms

Almonty Industries joins Russell indices, appoints CFO, and holds shareholder vote as stock surges 134% YTD on record revenues from Sangdong mine.

The next few weeks will test whether Almonty Industries can match operational momentum with corporate governance. The tungsten producer has packed its calendar: a new chief financial officer takes the helm on June 1, shareholders vote on key resolutions on June 9, and the stock is set to join the Russell 1000 and Russell 3000 indices at the end of the month. Each milestone carries weight for a company whose share price has already surged 134.83% year-to-date and 616.10% over the past twelve months.

When markets open on June 29, Almonty will officially trade as a Russell index component. FTSE Russell released the preliminary additions on May 22, with Almonty qualifying based on its market capitalisation as of April 30. Inclusion in the broad Russell 3000 automatically places the company in the large-cap Russell 1000 as well as its growth and value sub-indices. The move is expected to boost liquidity significantly – roughly US$12.2 trillion in assets was benchmarked to Russell indices as of June 2025.

The index news comes just after a management reshuffle. Jorge Beristain, CFA, was appointed chief financial officer on May 6 and will assume the role on June 1, succeeding Brian Fox. Guillaume de Lamaziere, Almonty’s development chief, had been handling finances on an interim basis. Beristain brings more than 25 years of capital markets experience and most recently served as vice president of finance at Ryerson Holding, a metals service centre with US$5 billion in revenue. His CFA designation and background in the raw materials sector fit Almonty’s profile as it scales up two tungsten mines.

Shareholders will have their say on June 9 at 10:00 a.m. Toronto time. Those holding common stock as of April 24 are eligible to vote on the 2025 annual financial statements, a board size of seven members, and the reappointment of Zeifmans LLP as auditor. Almonty has approximately 284 million shares outstanding. A new equity incentive plan covering options, restricted share units and deferred share rights is also on the agenda. The meeting gives management a chance to explain how it intends to finance the parallel development of Sangdong in South Korea and the Montana project in the United States.

The operational story gives those discussions real ballast. In the first quarter, revenue jumped 221% to US$25.4 million, fuelled by record prices for ammonium paratungstate, a key tungsten intermediate. Adjusted EBITDA swung to US$6.1 million from a loss of US$2.4 million a year earlier. Operating cash flow turned positive at US$9.7 million, compared with an outflow of US$4.4 million in the prior-year period. The company ended the quarter with US$259.9 million in cash and working capital of US$169.5 million.

The engine of that improvement is Sangdong. The mine launched its first production phase on March 17, 2026, and commercial production is expected to hit full capacity in the third quarter. At full tilt, Sangdong could meet roughly 40% of global tungsten demand outside China. The deposit is one of the largest and highest-grade outside China and is being operated with an automated processing system.

The next leg comes from Montana. Almonty fully acquired the Gentung Browns Lake Tungsten Project in Beaverhead County during 2025 and is targeting production readiness for the second half of 2026. Long-term potential there is estimated at 140,000 MTUs.

Chief executive Lewis Black described the index inclusion as evidence of Almonty’s operational and financial evolution, pointing to the Sangdong ramp-up, the relocation of corporate headquarters to the United States, and a robust balance sheet. The company also benefits from a powerful geopolitical tailwind: from January 2027, new US Department of Defense DFARS rules will prohibit military procurement of tungsten sourced from China, Russia, Iran and North Korea. China currently controls more than 80% of global tungsten production, making Almonty’s non-China supply chain a strategic asset for western defence and aerospace buyers. The European Union is meanwhile exploring strategic raw material reserves for tungsten, gallium, rare earths, magnesium, germanium and graphite.

The market has already priced in much of that promise. At Thursday’s close of CAD 28.25, the stock sits 11.91% below its recent high. The 50-day moving average is CAD 26.13, while the relative strength index of 85.1 signals an overbought condition in the short term. For a stock that has multiplied more than sevenfold in a year, the technical picture suggests elevated expectations.

With a new CFO arriving, an annual general meeting days later, and an index listing that will force passive fund buying, June is shaping up as a defining month. Almonty has delivered the operational proof – now investors want to see how the company navigates the next phase of growth without overheating.