Almonty Charts New Course with US Relocation and Fresh Analyst Backing as Tungsten Boom Fuels Record Revenue

Tungsten producer Almonty shifts to U.S., posts Q1 revenue surge to $13M, eyes Sangdong mine ramp-up; stock dips 10% but analysts see 48% upside.

Almonty Industries is betting heavily on America’s defense appetite. The tungsten producer has shifted its corporate headquarters from Toronto to Dillon, Montana, placing itself squarely inside the supply chain for U.S. military and industrial buyers — a market where tungsten is classified as a critical mineral. To steer that growth, the company has tapped Jorge Beristain, a former Deutsche Bank Wall Street analyst, as its new chief financial officer, effective June. He replaces Brian Fox, who stepped down immediately.

The strategic pivot comes as the company’s financials flash signs of a turnaround. Revenue from mining operations surged to $13.0 million in the first quarter, up from just $0.8 million a year earlier, fueled by record tungsten prices. Ammonium paratungstate (APT), a key benchmark product, skyrocketed from roughly $862 per MTU in January to over $3,140 in early May. At times the spot price for tungsten itself hit above $3,100 per MTU, delivering what the company calls “extreme” operating leverage.

The earnings snapshot carried one blemish: a net loss of $5.3 million. But that loss was entirely tied to non-cash charges on derivatives. Strip those accounting effects out and operating cash flow flipped decisively to positive at $9.7 million. The company ended the quarter with a comfortable cash cushion of nearly $260 million, providing ample firepower for its expansion plans.

Market reaction has been far less cheerful. The stock closed the week at C$24.02, shedding roughly 10% over five sessions and nearly 17% over the past month. Analysts see that as garden-variety profit-taking after a blistering run that has left the shares up almost 100% since the start of the year.

Investment bank Sphene Capital is betting the pullback is temporary. Analyst Peter Thilo Hasler boosted his price target on Friday to C$37.40 from C$20.10, implying upside of about 48% from current levels. His valuation model incorporates both existing mines and future projects, notably the Sangdong mine in South Korea. Other firms are also raising expectations: Bank of America has a Buy rating with a $23 U.S. target, while Alliance Global lifted its price objective to $26.25 U.S. from $19.25. Diamond Equity, in sponsored research, increased its 2026 earnings estimate to $0.72 per share.

All eyes are on Sangdong, which officially started production in March. The first phase is designed to deliver 2,300 tonnes of tungsten concentrate annually, with a second phase slated for 2027 aiming to double that capacity. The mine’s ramp-up is now the critical variable. Investors will be watching whether revenue from Sangdong can quickly offset rising administrative costs, which hit $7.1 million in the latest quarter.

The geopolitical clock is working in Almonty’s favor. New procurement rules expected from 2027 are likely to bar tungsten sourced from China or Russia from Western defense contracts, creating a powerful tailwind for non-Chinese suppliers. If Sangdong hits its production targets on schedule, the company will be positioned to deliver exactly when Western buyers start scrambling for secure sources. For now, the operating rally has outstripped the stock’s momentum — the coming months will test whether the market can catch up.