A New Finance Chief and a Pentagon Deadline: Almonty’s Tungsten Moment Arrives

Jorge Beristain is taking over as Almonty Industries’ chief financial officer on June 1, stepping into a role at a company that has suddenly become central to a geopolitical scramble for tungsten. He replaces Brian Fox, who left immediately, with Guillaume de Lamaziere bridging the gap until Beristain starts.

Beristain’s resume reads like a blueprint for Almonty’s current challenges. He was CFO at Ryerson Holding Corp. and previously led metals and mining equity research for the Americas at Deutsche Bank Securities. His first task will be keeping the financing pipeline flowing as the company transitions from developer to producer — and doing so while a seven percent share price drop on Thursday to C$27.08 reminds everyone that management changes and market jitters can coincide.

The stock has still more than sextupled over the past twelve months, trading far above its 52-week low of C$3.46. But the real story is what’s happening in the tungsten market, where China’s grip is tightening and Western governments are scrambling for alternatives.

The 273 Percent Price Surge

China produces roughly 80 percent of the world’s tungsten. Its decision to replace its export quota system with a licensing regime — limited to just 15 state-controlled companies — has sent shockwaves through global supply chains. Ammonium paratungstate (APT), a key intermediate product, has surged about 230 percent since the end of 2024 to roughly $3,000 per tonne. For 99.9 percent pure tungsten, buyers are now paying around $183 per kilogram — a 273 percent increase from a year ago.

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The Pentagon is paying attention. A U.S. government report on April 29 classified reliance on imported critical minerals as a direct threat to national defense capabilities. Starting January 1, 2027, American defense contractors will be required to source tungsten exclusively from non-Chinese suppliers. Russia, Iran and North Korea are also banned.

Almonty is already locked into that supply chain. It holds an exemption from U.S. import tariffs that took effect in early April. Long-term offtake agreements with Global Tungsten & Powders and a binding deal with Tungsten Parts Wyoming — at least 40 tonnes of tungsten oxide monthly for rockets, drones and ammunition — cement its role.

Sangdong’s Data Drop

The company’s flagship Sangdong mine in South Korea completed its commissioning phase in March and is now producing at commercial scale. Phase 1 is designed for 640,000 tonnes of ore annually, with an expected yield of 2,300 tonnes of tungsten concentrate. The ore grade sits at roughly 0.51 percent tungsten trioxide — about three times the global average.

The first hard production numbers are due in the quarterly report, expected in May. Management anticipates that Sangdong will generate meaningful revenue in 2026, marking the shift from pure developer to cash-flow-positive producer.

Shareholders will gather in Toronto on June 9 for the annual meeting. The formal agenda includes electing seven directors and approving the 2025 financial statements, but the real focus will be on operational updates: how fast is production ramping up, and when does Phase 2 begin?

The Accounting Mirage

Almonty reported 2025 revenue of $32.5 million, up 13 percent year-over-year. The net loss of $161.9 million looks alarming until you dig into the details. Roughly $87.3 million of that was a non-cash revaluation of derivative liabilities triggered by the stock’s rally — a paper charge, not a cash drain.

The company has also been stockpiling capital. Since July 2025, Almonty has raised roughly $219 million, including a $12 billion pledge from Western governments for 30 new mining projects announced at the 2026 PDAC conference. The FORGE coalition, involving 54 states, is pushing to strengthen domestic supply chains for critical raw materials.

Almonty has moved its headquarters to Dillon, Montana, positioning itself squarely in the middle of that push. The Gentung project in Montana is being prepared for production, adding another non-Chinese source of tungsten to the pipeline.

Fidelity’s Bet

Fidelity has taken a 6.5 percent stake in Almonty — 18.28 million shares, disclosed in a U.S. regulatory filing. For a tungsten producer that has just transitioned from development to commercial production, that is an unusually strong signal from the institutional world.

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The number of funds holding Almonty shares rose more than 55 percent in the past quarter to 107. Alongside Fidelity, Van ECK Associates holds 11.2 million shares, and newcomers like Encompass Capital Advisors have joined the roster.

The stock has gained roughly 142 percent since the start of the year and more than 700 percent over twelve months. The gap between the current price and the 52-week low of C$3.46 illustrates just how far the shares have traveled in a short time.

Beyond Defense

The reach of China’s export restrictions extends well beyond military applications. Japanese producers have warned Samsung and SK Hynix that supplies of tungsten hexafluoride — essential for 3D NAND chip manufacturing — could run out by mid-year.

That puts Almonty in a position that goes beyond any single sector. The company is now a potential supplier to the semiconductor industry, the defense establishment and the broader industrial economy, all of which are waking up to the fragility of a supply chain that runs through Beijing.

Beristain’s arrival in June will coincide with the first concrete production data from Sangdong. The numbers will be the first real test of whether Almonty’s strategy is working — and whether the stock’s meteoric rise is justified by something more than geopolitical anxiety.

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