Almonty Turns the Corner: Positive Cash Flow, a New CFO from Wall Street, and Tungsten Prices That Tripled — Yet Shares Slide 17%

A 17% drop in Almonty Industries’ shares over the past month might suggest trouble, but beneath the surface the tungsten producer is firing on all cylinders. The company posted record revenue, swung to positive operating cash flow, and named a new chief financial officer with deep Wall Street roots — all while its flagship Sangdong mine in South Korea has barely begun to contribute.

First-quarter revenue surged 221% year-over-year to US$25.4 million, driven largely by soaring tungsten prices. Adjusted EBITDA turned positive at US$6.1 million, compared with a loss of US$2.4 million a year earlier. Operating cash flow reached US$9.7 million, a sharp reversal from the negative US$4.4 million in the prior-year period. The company booked a net loss of US$5.3 million, but roughly US$8.4 million of that stemmed from non-cash revaluation of derivative and warrant liabilities — leaving the underlying business solidly profitable on an operational basis. Cash and equivalents stood at nearly US$260 million at quarter-end, and the equity ratio sits above 60%.

The Sangdong mine came online in mid-March, marking Almonty’s transition from developer to producer. Although the mine contributed little to first-quarter revenue, the ramp-up is accelerating against a backdrop of historically high tungsten prices. Ammonium paratungstate (APT) prices surged from around US$862 per metric tonne unit (MTU) in early January to over US$3,140 by early May — a gain of more than 260% in just a few months. The mining operating result jumped accordingly from C$0.8 million to C$13.0 million. While it remains to be seen whether prices will hold at these levels, the structural tailwinds — particularly Western efforts to reduce dependence on Chinese supply chains — appear durable.

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

On the executive front, Jorge Beristain, CFA, will take over as chief financial officer on June 1, 2026. Beristain joins from Ryerson Holding Corp, a NYSE-listed metals distributor with roughly US$5 billion in annual sales, where he served as a senior advisor. Previously, he was a managing director and head of Americas Metals & Mining Equity Research at Deutsche Bank Securities, where he was consistently ranked among the top analysts in his field. Until Beristain arrives, Chief Development Officer Guillaume de Lamaziere will act as interim CFO. Management framed the appointment as a strategic move to guide the company through its next growth phase as Western governments increasingly prioritize non-Chinese tungsten sources.

In a parallel strategic shift, Almonty relocated its corporate headquarters to Dillon, Montana, positioning itself closer to North American critical minerals supply chains. The company also revealed that its molybdenum project at Sangdong has received full permitting and is expected to start production later in 2026 — an additional diversification leg that appears largely overlooked by the market.

Despite the operational momentum, the stock ended the week at C$24.02 on the Toronto Stock Exchange, down 17% over the past 30 days. Even after the pullback, the shares have roughly doubled since the start of the year. Analysts remain broadly bullish: a consensus of eight analysts rates the stock a buy with an average price target of C$24.29, while another research report sets the objective at C$23. The current price is essentially at or just above those targets, suggesting limited upside from here unless the company delivers on its production guidance.

CEO Lewis Black is set to present at the virtual International Investment Forum on May 20, where investors will be looking for updated Sangdong production guidance and timetables for the Phase 2 expansion. The stabilization of ore grades and throughput volumes in the coming weeks will be critical to proving the mine’s consistency and underpinning a re-rating. For a company that has just flipped from red ink to record cash generation, the next chapter depends on turning a pilot mine into a steady stream of strategic metal.

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