Almonty Faces a June Gauntlet: A Proxy Vote and a Russell Index Seat Could Redefine Its Trajectory

Two events in the space of three weeks are putting Almonty Industries squarely in the spotlight. On June 9, shareholders will cast their ballots on the re-election of the entire board. Twenty days later, on June 29, the tungsten miner is set to join the Russell 1000 and Russell 3000 indices — a change in status that typically funnels billions of dollars in passive money toward a stock. The shares closed on Monday at C$26.92, roughly 16 percent below their 52-week high of C$32.07, but still up more than 550 percent over the past twelve months and about 124 percent since the start of 2026.

The proxy deadline for postal voters falls on June 5 at 10:00 a.m. New York time. Management is asking for continuity in the boardroom after a year that saw Almonty recast itself from an explorer into a producing tungsten company. To guide its proxy solicitation, Almonty hired Sodali & Co at a cost of roughly US$37,500. The vote is effectively a referendum on the strategic shift that has already delivered a string of operational milestones.

Financing that transformation required deep capital markets access. A Nasdaq IPO in July 2025 raised US$90 million, and a follow-on offering in December added another US$129 million, for a total of US$219 million in fresh equity. That war chest allowed Almonty to take full control of the Gentung-Browns-Lake project in Montana and to fund extensive drilling programs in South Korea and Portugal. The crowning achievement was the start of production at the Sangdong mine in South Korea in December 2025 — one of the largest tungsten operations outside China. First-quarter 2026 results underlined the progress: revenue jumped 221 percent to US$25.4 million, adjusted EBITDA swung to US$6.1 million from a loss, and operating cash flow reached US$9.7 million.

Should investors sell immediately? Or is it worth buying Almonty?

The geopolitical tailwind behind that growth is hard to ignore. China imposed export restrictions on tungsten in 2025, triggering a scramble for critical minerals among Western buyers. The United States responded in February with "Project Vault," a US$12 billion program to stockpile strategic reserves. At least 18 mining companies are seeking a US stock exchange listing in 2026. Almonty itself moved its headquarters to the United States, positioning its South Korean and North American assets as a China-free supply chain for defence-grade tungsten.

Even after the rally, the valuation remains a talking point. The market capitalisation stands at around C$7.7 billion, against annual revenue of US$50 million and a net loss of US$132 million. Cash reserves after the capital raises amount to roughly US$260 million. Nine analysts cover the stock, all with a "buy" rating. The average price target sits at C$27.44, implying only about 4 percent upside, while some analysts set a target of C$25.00 — suggesting the market has already priced in much of the good news. The relative strength index of 91.2 points to an overbought condition, and the stock’s annualised volatility exceeds 80 percent, leaving little room for error as Sangdong ramps to full capacity.

The impending Russell index inclusion adds a fresh catalyst. More than US$12.2 trillion in assets are benchmarked to the Russell indices, and the effective date of June 29 will force passive funds to accumulate Almonty shares. Combined with the board vote on June 9, the next few weeks will gauge whether investor conviction matches the story Almonty is telling — a story that has already turbocharged the share price and now faces its first test of operational substance.

Ad

Almonty Stock: New Analysis - 2 June

Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Almonty analysis...

en | CA0203981034 | ALMONTY | boerse | 69468676 |