Almonty Enters Critical Stretch with Inaugural Sangdong Production Figures and a Vote to Double Output
20.05.2026 - 12:16:19 | boerse-global.de
The stars are aligning for Almonty Industries as a confluence of catalysts – first production data, a new finance chief, and a shareholder vote on doubling its flagship mine – arrives over the next three weeks. At the core of the action is Sangdong, the high-grade tungsten asset in South Korea that stands to become a cornerstone of the West’s effort to break free from Chinese dominance of the critical mineral.
Wednesday 21 May marks the first real test: the release of initial production numbers from the Sangdong operation, which entered commercial Phase 1 at the end of March. The plant is designed to process 640,000 tonnes of ore annually, with a tungsten grade that runs three times the global average. That structural cost advantage has DA Davidson analysts forecasting the mine will reach nameplate capacity in the current second quarter of 2026.
The strategic timing could not be better. The price of ammonium paratungstate (APT), the key intermediate product, has more than tripled to over $3,000 per metric tonne, fuelled by what amounts to a de facto Chinese export ban that is already rattling semiconductor supply chains. From January 2027, a further blow will land: US defence contractors will be barred from using any Chinese-sourced tungsten, opening a yawning supply gap that Almonty is racing to fill.
A Fully Stocked War Chest
The company enters this stretch in robust financial health. At the end of March it held nearly $260 million in cash, supplemented by a working capital buffer in the hundreds of millions, giving management freedom to fund its expansion without an immediate trip to the capital markets. That capacity comes on the back of a stunning operational turnaround: first-quarter revenue surged 221% year-on-year to $25.4 million, driven by the tungsten price rally, which added more than 260% between January and May. Adjusted operating profit swung firmly into the black.
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The market has taken note. The stock, which trades around C$24 on the Toronto exchange, has roughly doubled since the start of 2026, despite a slight pullback in recent days. Diamond Equity Research recently lifted its earnings estimates, pointing to declining unit costs as the mine ramps up.
A Second Revenue Stream Takes Shape
A mere 150 metres from the tungsten site, Almonty is advancing an already fully permitted molybdenum project with a targeted production start by year-end 2026. At full tilt the mine is expected to deliver roughly 5,600 tonnes of molybdenum annually for decades. An exclusive off-take agreement with South Korea’s SeAH M&S includes a hard floor price of $19 per pound, providing revenue visibility that is rare in the mining world. SeAH is meanwhile building a multi-million-dollar plant in Texas that will eventually supply SpaceX and the US defence industry.
New CFO and a Defining Vote
Just as the twin-mine complex approaches the next growth phase, the company is refreshing its top financial ranks. Jorge Beristain, an investment banking veteran whose career includes senior roles at Ryerson Holding and Deutsche Bank, takes over as chief financial officer on 1 June. He replaces Brian Fox, who left with immediate effect.
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On 9 June, shareholders gathered in Toronto will vote on the second expansion stage of Sangdong. If approved, the processing capacity will nearly double to 1.2 million tonnes per year by 2027, enabling Almonty to meet an estimated 40% of global tungsten demand outside China. The production data released this week will give investors their first hard evidence on whether the mine can deliver the efficiency needed to turn that ambition into reality.
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