Almonty's Record Quarter Underscores Tungsten's Strategic Pivot as New CFO Takes the Reins
Published on 06/16/2026 at 05:45 | Redaktion boerse-global.de
The global race to break free from Chinese tungsten dominance is delivering tangible results for Almonty Industries. The company just posted the strongest quarter in its history, with revenue surging to $25.4 million in the first three months of 2026 — a 221% jump from a year earlier. The driver: higher tungsten prices and robust output from the Panasqueira mine in Portugal, which together pushed adjusted EBITDA to $6.1 million and swung operating cash flow into positive territory at nearly $10 million. The net loss, meanwhile, narrowed sharply.
The numbers land as Almonty accelerates its transformation from a single-asset miner into a linchpin of Western defence supply chains. At the heart of that shift lies the Sangdong mine in South Korea, a historic operation that resumed production in March after more than three decades of dormancy. Its ore grades average 0.51% tungsten — roughly three times the global norm — and management estimates a mine life exceeding 45 years. Stage 1 is already running; Stage 2, slated for 2027, will double processing capacity to 1.2 million tonnes of ore annually, lifting tungsten output to approximately 4,600 tonnes. That would cover about 40% of all tungsten demand outside China.
China, which produces roughly 88% of the world's tungsten, has been tightening its grip. In February 2025 it imposed strict export licensing, and since the start of 2026 only 15 designated companies are allowed to ship tungsten products abroad. The impact is stark: Chinese exports of ammonium paratungstate plummeted from 782 tonnes a year earlier to just 243 tonnes. The Pentagon will compound the pressure by banning the use of Chinese-sourced tungsten from January 2027. Global demand for the metal — prized for its unmatched melting point of 3,422°C and density of 19.25 g/cm³, critical in armour-piercing munitions — could reach 210,000 tonnes by 2035, far outstripping supply from aging mines outside China.
Should investors sell immediately? Or is it worth buying Almonty?
Almonty is positioning itself as the answer. In April it moved its corporate headquarters from Toronto to Dillon, Montana, physically closer to U.S. defence agencies and policymakers. The company has also secured a partnership with American Defense International, a Washington-based advisory firm, and is developing the Gentung Browns Lake project in Montana, expected to start production by the end of 2026. Together, these moves aim to create a tungsten supply chain entirely free of Chinese dependency.
The corporate overhaul extends to the executive suite. Jorge Beristain, a former Deutsche Bank managing director with deep capital-markets experience, became chief financial officer in early June, succeeding Brian Fox. His mandate is clear: finance the ramp-up at Sangdong and the broader U.S. expansion. Shareholders sent a nuanced signal at the annual meeting in June. The two retired U.S. generals on the board received nearly 100% approval, while CEO Lewis Black secured about 79%. Two other directors were re-elected with just over 60% — a clear message from institutional investors that governance must keep pace with the company's growing strategic importance.
Investors have already priced in much of the optimism. Almonty's shares closed at C$24.89 on the Toronto Stock Exchange, representing a 12-month gain of 428% and a year-to-date advance of 107%. The stock hit an intraday record of C$33.35 in April, before pulling back roughly a quarter to current levels. With a relative strength index of 47.8, the stock shows neither euphoria nor panic. The market capitalisation stands at €4.32 billion, reflecting a premium for scarcity rather than cyclical commodity swings.
The stock's trajectory from a low of C$4.67 a year ago to current heights tells a story that goes beyond operational milestones. Tungsten has become a geopolitical barometer, and Almonty holds what may be the West's only major producing mine outside China that can scale quickly. Whether that scarcity premium holds will depend on execution at Sangdong, the success of the Montana project, and the pace at which the Pentagon and NATO allies shift their procurement. But with a new CFO, a renewed board mandate, and a first-quarter that shattered records, the foundation is set.
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