Almonty Industries: Production Doubling, Russell Entry, and a Shareholder Vote Converge for Tungsten Pure-Play
Veröffentlicht: 02.06.2026 um 04:00 Uhr, Redaktion boerse-global.de
China controls more than 80% of the world’s tungsten supply, and its recent export restrictions—coupled with a U.S. ban on Chinese tungsten for defence procurement from 2027—have blown a gaping hole in the Western supply chain. Almonty Industries is racing to fill it. The company, which now operates mines in South Korea and Portugal while developing a new project in Montana, is simultaneously pushing through a corporate governance milestone and a structural index event that could redefine its market presence.
Shareholders have until 5 June at 10:00 a.m. ET to cast their votes for the annual general meeting scheduled for 9 June. The core agenda item is the re-election of the entire board, including CEO Lewis Black. To maximise turnout, Almonty has hired proxy solicitor Sodali & Co at a cost of roughly $37,500. The vote is seen as a rubber-stamp for the company’s audacious expansion plans, but it comes at a time when the stock is technically overheated and capital demands remain high.
The expansion is financed by two U.S. equity raises totalling $219 million: a $90 million Nasdaq IPO in late 2025 followed by a $129 million follow-on offering. Those funds have been deployed in parallel across two continents. In South Korea, the Sangdong mine’s Phase 1 is already generating revenue, processing 640,000 tonnes of ore annually to produce roughly 2,300 tonnes of tungsten concentrate. A Phase 2 expansion, due online in 2027, will double that output to 4,600 tonnes of concentrate from 1.2 million tonnes of ore. At full tilt, Almonty could cover about 40% of global tungsten demand outside China.
On the other side of the Pacific, the company secured full ownership of the Gentung-Browns-Lake project in Beaverhead County, Montana, last year and relocated its headquarters to the United States. First production from that site is expected in the second half of 2026, targeting around 140,000 MTU of tungsten annually, with over 90% already locked in under long-term contracts with U.S. defence and technology customers.
Should investors sell immediately? Or is it worth buying Almonty IndustriesDRC?
The first-quarter 2026 financials show the early payoff from the ramp-up. Revenue surged 221% to $25.4 million, up from $7.9 million in the year-ago period, driven by a 160%-plus spike in the tungsten price through 2025 and steady output from the Panasqueira mine in Portugal. Operating cash flow turned positive at $9.7 million, compared with a negative $4.4 million a year earlier. Net loss narrowed sharply to $5.3 million, or $0.02 per share, from a loss of $34.6 million, or $0.13 per share, in Q1 2025. The latest quarter included $6.4 million in non-cash losses from embedded derivative revaluation and $2.0 million from warrant liability revaluation—book entries with no impact on cash or operations.
Those operational improvements sit alongside a wider net loss for the full fiscal year 2025. The company reported a net loss of $132.56 million on revenue of $296 million, which nonetheless grew 27% year over year. Earnings per share came in at $4.31, reflecting the dilutive effect of the capital raises. Heavy upfront investment in Sangdong and the new US project continues to weigh on the bottom line, but the balance sheet is fortified: cash stood at $259.9 million as of 31 March 2026, with working capital of $169.5 million.
Beyond the AGM, a significant market event looms. Almonty will be added to the Russell 1000 and Russell 3000 indices following the annual reconstitution, effective at the market open on 29 June 2026. Approximately $12.2 trillion in assets are benchmarked to Russell US indices, making the inclusion a powerful magnet for institutional inflows.
Almonty IndustriesDRC at a turning point? This analysis reveals what investors need to know now.
The stock last traded at A$27.16, up 105% year to date and more than 500% above its 52-week low of A$4.49. It has pulled back 16% from an April peak of A$32.51, and the relative strength index sits at 97.4—a level that historically signals extreme overbought conditions. For a company that was still bleeding cash two years ago, the convergence of operational momentum, index membership, and a strategic vote makes June a defining month.
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