Almonty Recasts Its Leadership Just as Shareholders and Index Funds Take a Hard Look at Sangdong
Veröffentlicht: 02.06.2026 um 05:03 Uhr, Redaktion boerse-global.de
The tungsten developer Almonty Industries has entered a period of compressed deadlines and stacked catalysts. A new chief financial officer took the helm this week, shareholders are being asked to re-elect the board on June 9, and the stock is poised for inclusion in the Russell 1000 and 3000 indices at the end of the same month. Each event feeds into the same operational question: can the Sangdong mine in South Korea deliver commercial output at scale by the third quarter?
Jorge Beristain stepped into the CFO role on Monday, replacing Brian Fox with immediate effect. Guillaume de Lamaziere, the company’s chief development officer, handled finance during the brief gap. Beristain comes from Ryerson Holding, a New York-listed metals service center with $5 billion in revenue, where he served as vice president of finance and helped lift market capitalisation. Earlier in his career he ran equity research for the metals and mining sector at Deutsche Bank Securities on Wall Street. That capital-markets pedigree is no accident. Almonty is racing to transform from a project developer into a reliable supplier for Western tungsten supply chains, and the balance sheet — along with investor communication — will be under scrutiny.
The shareholder meeting on June 9 is the next waypoint. Proxy voting closes at 10 a.m. Eastern Time on June 5. The board is recommending the re-election of all current directors, arguing that strategic continuity is essential while production ramps up and a Nasdaq listing settles in. Almonty has hired Sodali & Co to handle proxy solicitation and shareholder outreach at a cost of roughly $37,500. The company’s headquarters was already moved to the United States last year, and two US equity placements raised a combined $219 million — $90 million from a July IPO and another $129 million from a December follow-on.
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Those funds are financing the ramp-up at Sangdong, one of the largest tungsten mines outside China, which began first production in mid-March. Commercial output is expected to hit full capacity by the third quarter. The first-quarter 2026 results offer a glimpse of the momentum: revenue surged 221% year on year to $25.4 million, adjusted EBITDA swung to $6.1 million from a loss, and operating cash flow reached $9.7 million. The company ended the period with $259.9 million in cash and $169.5 million in working capital.
Beyond Sangdong, Almonty has fully acquired the Gentung-Browns-Lake project in Montana, where first output is targeted for the second half of 2026. Drilling programs continue on high-grade targets in South Korea and Portugal. The strategic driver for all of it is the US Department of Defense’s DFARS 252.225-7052 rule, which from early 2027 will bar certain tungsten powders and alloys sourced from China, Russia, Iran or North Korea. China controls more than 80% of global tungsten production, making western alternatives a priority for defence and industrial buyers.
The stock closed on Monday at C$26.92, down about 16% from its 52-week high of C$32.07 but up 124% year to date and roughly 550% over the past twelve months. The relative strength index sits at 91.2, indicating the shares are heavily overbought. The annualised volatility is above 80%, so sharp swings are built into the narrative.
The next concrete catalyst is the Russell index rebalancing effective June 29. Almonty’s inclusion in both the Russell 1000 and Russell 3000 will force index funds and passive vehicles tracking the roughly $12.2 trillion benchmarked to those indices to buy the stock. Some analysts see a price target of C$25.00, which implies no upside from current levels — the market may have already priced in the early-stage success. The real test will be how quickly Sangdong reaches steady-state production and whether the cash-flow inflection can sustain a valuation that has already run far ahead of historical norms.
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