Tungsten Rush: Almonty Lands Fidelity as Major Shareholder, Taps Deutsche Bank Veteran as CFO

The global tungsten market has entered a state of profound disruption. China is squeezing exports, the US defense industry faces a looming ban on Russian and Chinese supplies from 2027, and spot prices in Rotterdam have tripled to over $3,000 per metric tonne unit since the end of 2025. All of this plays directly into the hands of Almonty Industries, a Canadian miner that is rapidly transforming itself from a project developer into a full?scale producer. The company’s stock has already priced in much of the optimism, surging more than 500% over the past year, but two major developments this week underline the conviction behind the story.

Fidelity, one of the world’s largest asset managers, has taken a 6.5% stake in Almonty, equivalent to roughly 18 million shares. The block purchase is a clear vote of confidence in a company that is positioning itself to fill the supply gap created by geopolitical tensions. At the same time, Almonty announced a change in its finance leadership: Jorge Beristain will become chief financial officer on June 1, replacing Brian Fox. Beristain, a former managing director at Deutsche Bank, previously helped double the market capitalisation of Ryerson Holding during his tenure as CFO of a subsidiary. His immediate priority will be to support the financial scaling of the Sangdong mine in South Korea, a project widely regarded as one of the most important Western tungsten deposits outside China.

The management shake-up follows a blockbuster first quarter. Revenue soared 221% year?on?year to $25.4 million, driven entirely by the Panasqueira mine in Portugal and a sharp rise in spot tungsten prices. Operating cash flow turned decisively positive at $9.7 million, and operating profit from Panasqueira alone hit C$13 million. Despite the strong top?line performance, the company reported a net loss of $5.3 million. That shortfall, however, was purely the result of non?cash revaluations of warrants triggered by the surge in Almonty’s share price during the quarter. Cash on hand stands at a robust $260 million, providing ample liquidity for the expansion ahead.

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The centrepiece of that expansion is Sangdong, which began processing ore in March at an annual capacity of 640,000 tonnes. Shareholders will vote in June on the next phase, which aims to nearly double capacity to 1.2 million tonnes per year by 2027. If achieved, Sangdong alone could meet up to 40% of tungsten demand outside China. CEO Lewis Black will flesh out the timeline and strategy during a virtual appearance at the International Investment Forum on May 20.

The stock has cooled after its explosive rally. It closed at A$25.20 last Friday, down roughly 10% on the week, and has slipped further to A$24.35 in subsequent trading. That pullback reflects nothing more than profit?taking, analysts argue. The consensus price target stands at $22.93, and the overwhelming majority of covering analysts rate the shares a buy. On a fundamental level, the thesis remains intact: a scarce strategic metal, a high?quality asset coming online, and now two institutional validations in the form of a major shareholder and a seasoned Wall Street finance chief.

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