Almonty’s Q1 Operating Surge and New CFO Set Stage for Twin Korean Mine Complex

Almonty reports 221% revenue surge to $25.4M, Sangdong tungsten mine ramps up in South Korea, molybdenum project set for 2026, and appoints Jorge Beristain as CFO.

Almonty Industries is entering a defining phase as both its tungsten and molybdenum projects in South Korea converge on production, backed by a sharp operational turnaround and a fresh face in the finance department. The company reported a dramatic swing in first-quarter earnings, while simultaneously announcing that Jorge Beristain will take over as chief financial officer on June 1.

Beristain, most recently finance vice president at US metals distributor Ryerson Holding and previously head of commodities research at Deutsche Bank Securities, replaces Brian Fox, who left with immediate effect. Guillaume de Lamaziere will serve as interim CFO until Beristain’s arrival. The change comes just as Almonty transitions from a development story to a producing miner with two revenue streams in the works.

The operational pivot was underlined by Almonty’s Q1 numbers. Revenue surged 221 percent to $25.4 million, propelled by higher tungsten prices and expanded output at the Panasqueira mine in Portugal. Adjusted EBITDA swung to a positive $6.1 million from a loss of $2.4 million a year earlier, while operating cash flow reached $9.7 million. The bottom line still showed a net loss of $5.3 million, but that included $8.4 million in non-cash charges tied to the recent share price rally. The balance sheet remains strong: cash stood at $259.9 million and working capital at $169.5 million.

Sangdong Tungsten Mine Ramps Up

Almonty’s flagship growth asset, the Sangdong tungsten mine in South Korea, began operations on March 17. The facility is designed to process 640,000 tonnes of ore annually at an estimated unit cost of $126.8. An offtake agreement spanning 15 years gives the company predictable revenue in a market where tungsten is increasingly prized for defense applications. The US military will be barred from using Chinese tungsten from January 2027, a regulatory shift that positions Almonty as a critical alternative supplier.

The first phase of Sangdong will deliver 2,300 tonnes of concentrate per year, with capacity set to double next year. The ore grade is well above the global average, and the mine’s expected life stretches multiple decades. Almonty recently moved its headquarters to Dillon, Montana, and added Alan Estevez, a former US undersecretary of state, to its board to strengthen ties with Western buyers.

Molybdenum Project Adds a Second Leg

Adjacent to the tungsten operation, just 150 metres away, lies Almonty’s fully approved molybdenum deposit. Mining is slated to begin by the end of 2026, with a projected mine life of around 60 years. South Korean processor SeAH has committed to buying the entire output, which at full capacity will reach roughly 5,600 tonnes annually. The proximity of the two sites allows Almonty to share existing infrastructure, sharply reducing logistics costs.

Market Reaction and Analyst Outlook

Investors welcomed the quarterly report. Almonty’s shares climbed 6.2 percent on Xetra to €2.90, with 288,238 shares changing hands — nearly three times the average daily volume of the past month. Technically, the stock has stabilised after correcting from C$32 to around C$24, and the next target zone sits between C$38 and C$40. The current price remains well above the 200-day moving average of €1.81, though it has yet to reclaim the 50-day line at €3.08.

Analyst price targets reflect the growing confidence in Almonty’s strategic shift. D.A. Davidson sees the stock at $25, Alliance Global at $26.25, and Bank of America set a $23 target. With a market capitalisation of roughly €837 million, the company is no longer valued purely as a project developer. The near-term operational proof point will be the smooth ramp-up at Sangdong and the eventual startup of molybdenum production — milestones that could cement a re-rating on a far more solid footing.