Almonty Doubles Down on Strategic Metals: 60-Year Molybdenum Reserves Confirmed as Tungsten Mine Ramps and Balance Sheet Hits $260M
Published on 06/24/2026 at 08:43 | Redaktion boerse-global.de
South Korea imports more than 90 percent of its molybdenum from China. Almonty Industries has now confirmed that its Sangdong molybdenum project in the same province holds enough reserves to feed domestic demand for over six decades — a timeline that turns a single-mine developer into a multi-metal critical minerals anchor.
The company announced on June 22 that drilling at 26 sites had returned assay results matching historical data, with approximately 37 percent of the program complete. The deposit lies just 150 meters from Almonty's Sangdong tungsten mine, and all necessary permits are already in hand. Production is scheduled to begin before the end of 2026, ramping to an eventual 5,600 tonnes per year, with a binding offtake agreement already in place with SeAH M&S.
The molybdenum news landed in a quarter that had already rewritten the company's financial profile. In the first three months of 2026, Almonty generated $9.7 million in operating cash flow — a sharp reversal from the $4.4 million it burned in the same period a year earlier. Revenue surged 221 percent to $25.4 million, propelled by stronger tungsten-APT spot prices and rising output from the Panasqueira mine in Portugal. Adjusted EBITDA reached $6.1 million. Cash on hand stood at $259.9 million at the end of March, and net working capital came in at $169.5 million.
That cash pile got a further boost when Almonty closed a heavily oversubscribed $700 million convertible bond with a 2.25 percent coupon and a 2031 maturity. The initial purchasers fully exercised their option to add another $100 million, bringing net proceeds to approximately $772.7 million. The company used part of the proceeds for capped-call transactions designed to limit dilution upon conversion — a move that signals management is thinking as much about shareholder structure as about project financing.
Should investors sell immediately? Or is it worth buying Almonty?
The Korean Trinity takes shape
The Sangdong tungsten mine began commercial operations in March 2026, marking the first production at the site in more than 30 years. Phase 1 is now processing roughly 640,000 tonnes of ore annually, yielding about 2,300 tonnes of tungsten concentrate. Phase 2, targeted for commissioning in 2027, will double that capacity to 1.2 million tonnes of ore and 4,600 tonnes of concentrate per year — enough to cover roughly 40 percent of global tungsten demand outside China.
Almonty refers to the three-pillar strategy of tungsten, tungsten-oxide processing, and molybdenum as the "Korean Trinity" — a vertically integrated value chain that turns Sangdong into a global strategic minerals hub. The molybdenum asset alone has a planned mine life of approximately 60 years at full capacity.
The company has also repositioned itself geographically. Headquarters were moved from Toronto to Dillon, Montana, and Jorge Beristain, CFA — formerly managing director and head of Americas Metals & Mining Equity Research at Deutsche Bank Securities — was appointed chief financial officer effective June 1, 2026. Both moves suggest Almonty is gearing up to court institutional capital and US government procurement contracts.
The 2027 deadline that changes everything
Beijing controls more than 80 percent of global tungsten output and introduced export licensing in February 2025 that has systematically tightened supply. The pinch is being felt across semiconductor manufacturing and defense supply chains — tungsten is essential for armor, munitions, and electronics. Washington responded by mandating that all tungsten purchases for defense applications come from non-Chinese sources starting in 2027. That is a hard procurement boundary, not an aspirational target.
Almonty at a turning point? This analysis reveals what investors need to know now.
Almonty's stock has reflected the momentum. The shares have gained roughly 118 percent year-to-date and more than 440 percent over the past twelve months. At the current price of C$26.28, the stock sits about 21 percent below its 52-week high of C$33.35.
Analysts project annual revenue growth of 40 percent and expect the company to reach profitability within three years. But the valuation story is no longer about tungsten price speculation. Almonty has moved from developer to producer to something closer to critical infrastructure — a supplier that Western governments cannot afford to bypass. The proof now lies in delivery: Phase 2 must hit its 2027 target, and the molybdenum ramp needs to stay on schedule. The balance sheet, with nearly $260 million in cash and a $773 million war chest from the convertible bond, gives the company the firepower to execute. The clock is ticking.
Ad
Almonty Stock: New Analysis - 24 June
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
