Almonty Industries: New CFO and Russell Entry Mark Tungsten Producer's Coming-of-Age

Almonty Industries is crossing a strategic threshold. The tungsten developer, whose Sangdong mine in South Korea has just started generating revenue, is simultaneously installing a Wall Street veteran as its finance chief and preparing for inclusion in two Russell indices. The confluence of events signals a company in full transition from explorer to cash-flow producer.

Jorge Beristain will take over as Chief Financial Officer on June 1, 2026. He joins from Ryerson Holding, a NYSE-listed steel services company with $5 billion in revenue, where he served as Vice President of Finance. Prior to that, he spent years at Deutsche Bank Securities as a managing director overseeing Americas Metals & Mining Equity Research. The appointment comes after Brian Fox departed the company with immediate effect; Chief Development Officer Guillaume de Lamaziere has been holding the fort as interim CFO. The timing is no accident — Almonty now needs a finance leader with the deep capital-markets experience required to navigate a rapidly scaling business.

That scaling is already showing in the numbers. First-quarter revenue surged 221% year-on-year to $25.4 million, powered by a rally in tungsten prices that reflects Beijing's export controls and the elimination of Chinese subsidies. The Sangdong mine remains on track to reach full production in the third quarter of 2026. On the other side of the Pacific, the recently acquired Gentung project in Montana is benefiting from existing infrastructure and is expected to begin output in the second half of the year. The combination of two producing assets will make Almonty a meaningful western alternative to China's grip on the tungsten supply chain.

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

Investors have taken notice. FTSE Russell has placed Almonty on the provisional inclusion list for both the large-cap Russell 1000 Index and the broad-market Russell 3000 Index. The additions are scheduled to take effect in June 2026. For a company of Almonty's size, index membership unlocks automatic buying by passive ETFs and raises its profile among institutional investors — a major milestone for its capital-markets standing. The announcement alone pushed the stock up 9.1%.

But the rally has left the shares stretched. Almonty last changed hands at A$28.75, good for a 4% gain on the day, yet roughly 12% below its 52-week high of A$32.51. On a one-year basis, the advance stands at 117%, and over the past twelve months the gain has been an eye-popping 560%. The relative strength index has climbed to an extreme 98.6, indicating a deeply overbought condition that typically precedes a pullback. Analysts remain bullish — nine rate the stock a "Strong Buy" with an average price target equivalent to about $23.62, representing roughly 20% upside from current levels — though that target is well below the intraday highs reached during the rally.

The next few weeks will be pivotal. The annual general meeting in June is expected to provide updates on the Sangdong ramp-up and the timeline for Gentung, while the Russell inclusion later that month will trigger a fresh wave of index-driven demand. With a new CFO about to step in, Almonty must juggle operational execution, leadership transition, and heightened market expectations all at once. The pieces are in place for a defining quarter.

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