Almonty Taps Ryerson Veteran for CFO as Korean Mine Complex Nears Twin-Product Output

Almonty Industries is entering a pivotal chapter with two parallel streams of good news. The tungsten producer has officially started up its Sangdong mine in South Korea, while just 150 metres away a fully approved molybdenum deposit is poised to begin extraction by the end of 2026. Overlaying these operational milestones is a reshuffled finance team led by a new CFO accustomed to metals markets and Wall Street research.

Jorge Beristain takes over as chief financial officer on 1 June 2026, succeeding Brian Fox, who left with immediate effect. Until Beristain assumes the role, Guillaume de Lamaziere will run the finance department on an interim basis. The incoming CFO most recently served as a finance vice-president at US metal trader Ryerson Holding and previously headed commodities research at Deutsche Bank Securities – a background that aligns neatly with the producer’s ambition to become a critical supplier to Western defence and technology supply chains.

That ambition rests squarely on the Sangdong tungsten mine, which Almonty officially brought into production in March. The first development stage will yield 2,300 tonnes of concentrate annually, with output expected to double next year. The ore grades at Sangdong are well above the global average, and the mine has an expected lifespan of several decades. Crucially, from January 2027 the US military will be prohibited from using Chinese-sourced tungsten, forcing buyers to seek alternatives such as Almonty.

Bank of America analysts already see the impact. They project revenue will leap from a low double?digit million figure last year to 670 million Canadian dollars in 2026, and then to 1.3 billion Canadian dollars by 2027. Free cash flow, they add, should turn sharply positive and reach a high triple?digit million level. Diamond Equity Research is equally bullish, estimating earnings per share of 0.72 US dollars for 2026, partly on the back of a spot tungsten price that touched around 3,140 US dollars per tonne in early May.

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But Almonty’s growth is not a one?mineral story. The company has secured full regulatory approval for a molybdenum deposit also located at Sangdong, and plans to begin mining there late next year. The entire output has already been contracted to South Korean processor SeAH. At full capacity the molybdenum mine will produce roughly 5,600 tonnes annually, and its 60?year expected lifespan gives the asset a long revenue tail. Because the two deposits lie only a short distance apart, Almonty will share infrastructure, keeping logistics costs low.

Financially, the company starts this expansion phase from a solid base. In the first quarter it generated positive operating cash flow of 9.7 million US dollars, and its balance sheet shows cash reserves of roughly 260 million US dollars. That war chest should allow management to fund near?term capital needs internally rather than go cap in hand to equity markets.

Despite the upbeat fundamentals, the stock has been under pressure lately. Shares slipped nearly five percent last Friday to 24.02 Canadian dollars, as investors focused on a weak quarterly net profit punctured by a one?off accounting charge. The longer?term view, however, draws support from several analyst price targets. D.A. Davidson sees fair value at 25 US dollars, Alliance Global at 26.25 US dollars, and Bank of America at 23 US dollars.

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Almonty has also repositioned its corporate headquarters to Dillon, Montana, a move that puts it closer to US government procurement programmes. The next major catalyst will come in the second quarter, when the first substantial revenues from the Sangdong tungsten mine are due to flow through the books. Those numbers will test whether the aggressive growth forecasts are built on solid ground – and give the new CFO a clear mandate to steer the company through its most ambitious phase yet.

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