Almonty’s Strategic Hand: A New CFO Takes Charge as the Sangdong Machine Whirs to Life
Published on 05/14/2026 at 20:41 | Redaktion boerse-global.de
Almonty Industries is entering its most consequential phase with a freshly installed financial chief, a newly commercial mine in South Korea, and a tungsten market that has more than tripled in price since January. The company is no longer a development story — it is a producer with real cash flow, a relocated headquarters closer to Washington, and a clear line of sight to becoming the West’s dominant non-Chinese tungsten supplier.
Jorge Beristain will take over as chief financial officer on June 1, joining from Ryerson Holding, a NYSE-listed metals service provider with roughly US$5 billion in annual revenue. Beristain is no stranger to the resource sector: he previously led the Americas metals and mining research team at Deutsche Bank Securities as a managing director. The appointment arrives as Almonty transitions from construction to full-scale operations, with Guillaume de Lamaziere, head of development, serving as interim CFO until Beristain’s start date.
The operational centerpiece is the Sangdong mine, which completed Phase 1 commissioning in March 2026 and is now in commercial production. The deposit grades 0.46% tungsten — more than three times the 0.14% grade at Almonty’s Panasqueira mine in Portugal — and the company plans to eventually supply over 80% of the world’s non-Chinese tungsten from this single asset. Phase 2, targeted for 2027, will roughly double processing capacity to 1.2 million tonnes of ore annually, positioning Sangdong to meet about 40% of global tungsten demand outside China. Meanwhile, the Gentung Browns Lake project in the US could begin production as early as the second half of 2026, a timeline that aligns with Washington’s intent to exclude Chinese, Russian, and North Korean tungsten from defense procurement starting in 2027.
Should investors sell immediately? Or is it worth buying Almonty?
The financials show the impact of surging tungsten prices. The APT price — ammonium paratungstate, the benchmark — vaulted from around US$862 per unit at the start of January to roughly US$3,140 by early May, a gain of more than 200%. Almonty’s gross revenue for the first quarter of 2026 hit C$25.4 million, up from C$7.9 million a year earlier. Mine operating profit improved to C$13.0 million from just C$0.8 million, even as output at Panasqueira fell nearly 15%. Operating cash flow turned positive at C$9.7 million, reversing a negative C$4.4 million in the prior-year period. On a net basis, the company reported a loss of C$5.3 million — a dramatic improvement from the C$34.6 million loss in Q1 2025, which had been inflated by a non-cash valuation charge on warrant liabilities. Almonty ended March with US$259.9 million in cash, bolstered by the full drawdown of a US$75.1 million project loan from KfW IPEX-Bank.
CEO Lewis Black presented on Wednesday at the BofA Securities Global Metals, Mining & Steel Conference and is participating in the Critical Minerals Forum in Toronto, where he is delivering a keynote on mining labor shortages and a panel on the geopolitical reshaping of mineral supply chains. Despite the strong operational momentum, the stock has taken a beating in the near term, falling nearly 12% on Wednesday and a further 6.6% Thursday to C$24.98. Over the past 30 days, the shares are down roughly 16%, though they still trade about 108% higher year-to-date.
The company has also physically repositioned itself, moving its corporate headquarters from Toronto to Dillon, Montana, bringing it closer to the Gentung project and to Western government and defense partners. With a cash pile approaching $260 million and no immediate need for external capital, Almonty has the runway to execute the next phase of its expansion — assuming the tungsten market stays hot and Sangdong’s ramp stays on schedule.
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