Almonty’s June in the Spotlight: A New Finance Chief and an Index Seat Converge

Jorge Beristain steps into the chief financial officer role at Almonty Industries on 1 June, taking over an interim leadership that had been in place since Brian Fox’s departure. Beristain arrives from Ryerson Holding, a metals-industry services firm, where he served as vice president of finance — a background that aligns neatly with Almonty’s transition from developer to producer. The appointment brings an end to the temporary arrangement under chief development officer Guillaume de Lamaziere, and it comes as the company navigates the ramp-up of its Sangdong mine in South Korea and the early-stage Gentung tungsten project in Montana.

If the CFO switch is an internal signal of maturing governance, the second catalyst is pure market mechanics. On 28 May, Almonty announced its inclusion in the Russell 1000 and Russell 3000 indices, effective at the open on 29 June. Passive funds that track these benchmarks will need to rebalance, funnelling institutional demand into a stock that only recently graduated from project developer to operating miner. The index promotion is more than a symbolic ribbon — it forces a wave of buying from funds that previously could not hold the name.

The operational and financial data provide the substance behind the market story. First-quarter revenue surged 221% year-over-year to $25.4 million, driven by higher spot prices for tungsten-APT and steady output from the Panasqueira mine in Portugal. Adjusted EBITDA turned positive at $6.1 million, reversing a loss of $2.4 million in the year-ago period. Operating cash flow hit $9.7 million compared with a negative $4.4 million a year earlier, and the balance sheet holds roughly $260 million in cash. Bank of America now pencils in full-year 2026 revenue of $670 million CAD, a staggering jump from just $33 million in 2025.

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

The macro tailwind is undeniable. Tungsten prices have roughly nine-folded over the past twelve months, with APT Rotterdam trading near $3,185 per metric tonne unit. Supply constraints from Chinese export licensing are tightening further under a looming regulatory deadline: from 1 January 2027, the DFARS rule bans Chinese-origin tungsten from all U.S. defense supply chains. Western producers with operational mines are suddenly sitting on a strategic premium that keeps expanding.

Sangdong, one of the world’s largest and highest-grade tungsten deposits, was officially commissioned in March, and the company expects it to become a material contributor to output this year. Meanwhile, the stock has run hard to reflect that optimism. Shares closed on Friday at C$27.34 in Toronto, down 4.4% on the day but up 127% since the start of 2025. The relative strength index sits at 85, flashing an overbought warning that some traders will take seriously.

Analysts remain largely bullish — nine of ten rate the stock a buy, with Alliance Global lifting its price target to $26.25 US. But the valuation debate is heating up. With the Russell inclusion poised to bring fresh buyers and a seasoned CFO now in place to manage the financial complexity of a multi-mine ramp, Almonty enters June with two clear catalysts. Whether the share price has already discounted them is the question that will separate the believers from the cautionary voices in the weeks ahead.

Ad

Almonty Stock: New Analysis - 31 May

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’S | boerse | 69457840 |