Almonty's Twin-Mine Gambit: A Shareholder Vote, a New CFO, and a Western Supply Chain Reboot
Published on 05/19/2026 at 06:42 | Redaktion boerse-global.de
Almonty Industries is charging into a defining stretch of the year. On June 9, shareholders will decide whether to greenlight the second expansion phase at the Sangdong mine in South Korea — a move that would catapult the company's tungsten output to over 460,000 MTU annually, capturing roughly 40% of the non-Chinese market. The vote arrives just eight days after Jorge Beristain takes over as chief financial officer on June 1, bringing metals and mining experience from Ryerson Holding and Central Steel & Wire. His predecessor, Brian Fox, left immediately, with development chief Guillaume de Lamaziere holding the fort in the interim.
The Sangdong site is already delivering. Phase 1 has reached an annual production rate of 2,300 tonnes of concentrate. But the real prize sits 150 metres away: a molybdenum project that should begin output by the end of 2026 and boasts an expected mine life of roughly 60 years. Exclusive offtake terms have been signed with South Korea's SeAH M&S, covering the entire projected volume of about 5,600 tonnes per year. The contract includes a floor price of $19.00 per pound after processing deductions — insurance against any downturn in the molybdenum market.
Shared infrastructure, short distances and existing technical know-how should keep development costs in check, a crucial advantage for a company in full scale-up mode.
A Surge in Tungsten Prices and a Pile of Cash
The tungsten market has given Almonty powerful tailwinds. Ammonium paratungstate (APT) prices have shot from $862.50 per MTU to around $3,140, a six-fold increase over the past year. The catalyst: China, which controls more than 80% of global tungsten output, has shifted from export quotas to a licensing system limited to just 15 state-controlled firms. Western buyers are scrambling for non-Chinese supply, and the Pentagon will ban Chinese tungsten from its supply chains as of January 2027.
Should investors sell immediately? Or is it worth buying Almonty?
Almonty has already secured a long-term offtake agreement with Tungsten Parts Wyoming, locking in demand for its output. The company's relocation of its headquarters to Dillon, Montana, is no mere administrative move — it puts the group on the doorstep of the US defence and high-tech industries, shortens logistics routes and underscores its Western supply chain credentials.
The financials reflect the momentum. In the first quarter of 2026, revenue climbed 221% to C$25.4 million. The balance sheet is flush: cash and equivalents stood at roughly US$260 million as of March 31, with working capital of US$169.5 million. That war chest gives management room to fund the Phase 2 expansion without immediate financing strain.
The Market Takes a Breather
After an extraordinary run — the stock has more than doubled year to date and gained over 900% on a 12-month basis — Almonty's shares hit a rough patch. They closed at C$24.02 on Friday, down 4.68% on the day and 10.64% on the week. Analysts view the pullback as a normal consolidation. Their price targets, all in US dollars, range from Alliance Global at $26.25 and D.A. Davidson at $25.00 to Bank of America and B. Riley at $23.00 each. The majority rate the stock a buy.
Almonty at a turning point? This analysis reveals what investors need to know now.
The next big catalyst is clear: the June 9 shareholder meeting in Toronto at 10:00 a.m. local time. If the Phase 2 vote passes, Sangdong's processing capacity would jump to 1.2 million tonnes per year by 2027, turning Almonty into a dominant non-Chinese tungsten supplier. The molybdenum project adds a second revenue stream at a site that already has the infrastructure and expertise in place.
Between the new CFO, the pending vote, the locked-in offtake deals and the US relocation, Almonty has stacked a series of milestones that will define its trajectory — and test whether it can deliver on the promise of filling the gap left by China's tightening grip on critical minerals.
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