Almonty’s Tungsten Bet Gains Backing as Russell Entry and Cash Flow Swing Set the Stage
Published on 06/14/2026 at 06:26 | Redaktion boerse-global.de
A stock that has doubled since January is about to enter the portfolios of every passive fund tracking the Russell 1000 and 3000 indices. Almonty Industries, the Canadian tungsten miner with a flagship project in South Korea, will join both benchmarks on June 29, a move that FTSE Russell flagged on May 22. The inclusion alone is enough to force systematic buying from institutional investors, but the company arrives with a string of operational wins that justify the rally.
Almonty wrapped up its annual general meeting on June 9 with a clean sweep: all seven board directors were elected, and auditor Zeifmans LLP received over 99% of shareholder votes. The slate included independent directors with backgrounds in US defense and security policy – a deliberate tie to the company’s pitch as a Western supplier of tungsten for military and high-tech applications. A day earlier, on June 1, Jorge Beristain, CFA, had stepped in as chief financial officer, tasked with funding the next stage of growth at the Sangdong mine.
That mine is the engine behind the story. When fully operational, Sangdong is expected to supply more than 40% of the world’s tungsten output outside China. The metal is classified as critical for semiconductors, cutting tools, and armor-piercing munitions, a fact that has drawn institutional interest. Inside the company, confidence runs high: insiders hold roughly 39% of the shares, with institutions owning another 19%. That structure suggests management is playing a long game rather than cashing out after the recent price surge.
Should investors sell immediately? Or is it worth buying Almonty?
Financial turnaround gathers speed
First-quarter results released in May showed a leap in revenue to $25.4 million, up 221% from a year earlier, driven by higher spot prices for tungsten APT and strong production from the Panasqueira mine in Portugal. Operating cash flow swung sharply positive to $9.7 million from a negative $4.4 million in the same period last year. Net loss narrowed to $5.3 million from $34.6 million – the prior-year figure had been inflated by a non-cash valuation charge on option liabilities that did not recur. On a per-share basis, the loss was just $0.02, a level investors appear willing to accept while Sangdong ramps up.
Analysts have taken notice. Oppenheimer’s Ian Zaffino raised his price target to $25 from $22 and reiterated an “Outperform” rating. Texas Capital had already upgraded the stock to “Strong Buy” back in April. The company ended the first quarter with $259.9 million in cash, a cushion built from two capital raisings on US exchanges last year that together brought in $219 million. Almonty has relocated its headquarters to the United States, a move that aligns with its ambition to tap deeper US capital markets.
Consolidation before the next leg
The stock closed last week at C$24.75, a nine percent gain for the week but still roughly 26% below the April high of C$33.35. The pullback followed a convertible note transaction that weighed on sentiment temporarily. The relative strength index now sits at 47.4, putting the shares in neutral territory – neither overbought nor oversold. Against the 200-day moving average of C$17.10, the stock trades almost 45% higher, but it trails the 50-day average of C$26.91 by about 8%. The annualized 30-day volatility of over 100% underscores how much movement remains possible.
With the Russell index entry scheduled for next week and Sangdong’s transition to full production expected in the second half of 2026, Almonty has two powerful catalysts lined up. The near-term trigger is mechanical: passive funds must buy. The longer-term one is fundamental: a mine that could reshape the global tungsten supply chain outside China. For a stock that has already risen 106% year to date, both are reasons to stay focused on what comes next.
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Almonty Stock: New Analysis - 14 June
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