Almonty Enters a Defining Month With a New CFO, a Cash-Flow Turnaround, and a Korean Mine Nearing Full Output

The tungsten market is watching Almonty Industries closely as the Canadian miner barrels into June with a packed corporate calendar and a balance sheet that has suddenly turned the corner. A new chief financial officer takes the helm on the first day of the month, followed by the annual general meeting of shareholders eight days later. But the real story is underground in South Korea, where the Sangdong mine — dormant for more than three decades — is clawing its way back into commercial production at a time when Western buyers are desperate for a non-Chinese source of the critical metal.

Jorge Beristain will step in as CFO on June 1, replacing Brian Fox, who has left the company. Until then, chief development officer Guillaume de Lamaziere will continue to oversee finance on an interim basis. Beristain joins from Ryerson Holding Corp, a metals service provider with roughly $5 billion in revenue, where he served as vice president of finance. Earlier he ran the metals and mining equity research desk at Deutsche Bank Securities for North and South America — a background that gives him both operational and capital-markets credibility at a pivotal moment for Almonty.

Shareholders will gather in Toronto on June 9 for the annual meeting. The agenda includes approval of the financial statements for the year ended December 31, 2025, the election of seven directors, and the reappointment of Zeifmans LLP as auditor. Record holders of common stock as of April 24 are entitled to vote. The company has roughly 284 million shares outstanding, with about 10.4 million tied up in options, restricted share units, and deferred share units.

The governance moves land on top of a quarter that shifted Almonty’s financial narrative. First-quarter revenue surged 221 percent to $25.4 million, powered by a sharp rise in the spot price for ammonium paratungstate and solid output from the Panasqueira mine in Portugal. Operating cash flow flipped from negative $4.4 million a year ago to positive $9.7 million. Adjusted EBITDA came in at $6.1 million. Net loss narrowed to $5.3 million from $34.6 million in the prior-year period, when a non-cash loss from the revaluation of warrant liabilities weighed heavily. Excluding similar mark-to-market charges — $6.4 million from embedded derivatives and $2.0 million from warrant liabilities tied to the stock’s rally — the underlying improvement is even starker.

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

Liquidity stands at $259.9 million and working capital at $169.5 million. Institutional interest is growing: FMR LLC, the parent of Fidelity, now holds 6.5 percent of the common shares.

All eyes, however, remain on Sangdong in South Korea’s Gangwon province. The first phase of commissioning is complete, with a processing plant designed to handle around 640,000 tonnes of ore a year, yielding roughly 2,300 tonnes of tungsten concentrate. A second phase, targeted for 2027, would double throughput to 1.2 million tonnes and lift annual concentrate production to about 4,600 tonnes — enough to meet an estimated 40 percent of global tungsten demand outside of China. Almonty describes the full complex — mine, tungsten oxide plant, and a nearby molybdenum deposit — as the “Korean Trinity.”

The stock has captured the operational momentum. Shares have climbed roughly 128 percent since the start of 2026 and nearly 600 percent over the past twelve months. On the day of this writing, the price slipped about 2 percent to C$28.04, giving back a fraction of last week’s 6.5 percent gain. The rally reflects more than just a strong quarter: the market is pricing in Almonty’s potential role in a multibillion-dollar supply-chain realignment driven by semiconductors, defense, and artificial-intelligence infrastructure.

Almonty at a turning point? This analysis reveals what investors need to know now.

June also brings a potential catalyst beyond the AGM and the CFO transition. Almonty is expected to join the Russell 1000 and Russell 3000 indices at the close of trading on June 26, effective at the open on June 29. Index-tracking funds will have to adjust their portfolios accordingly, adding a layer of passive demand. But the bigger prize remains the ramp at Sangdong. If Beristain can settle into his new role smoothly and the mine continues its trajectory, the June events will look less like a management distraction and more like the foundation of a new phase for the company.

Ad

Almonty Stock: New Analysis - 29 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 | boerse | 69444609 |