Almonty Heads to the Ballot Box With a 124% Rally, a New CFO, and a Russell Index Seat in Sight
02.06.2026 - 11:53:03 | boerse-global.de
A year that has already seen Almonty Industries more than double in value is about to reach another inflection point. Shareholders must submit their proxies by 10:00 ET on June 5, three days before the annual meeting on June 9, where the board is seeking re-election. The vote caps a period in which the company has transformed from a tungsten explorer into a producer, installed a new chief financial officer, and secured a place in two of the most closely watched equity benchmarks.
To ensure a strong turnout, management has hired proxy solicitor Sodali & Co for approximately $37,500. The board unanimously recommends that all incumbent directors be returned, a bid for continuity after a year of sweeping change. The arrival of Jorge Beristain as CFO on June 1 reinforces that push for stability as Almonty moves into its next operational phase.
The underlying numbers tell the story of that transformation. First-quarter 2026 revenue surged 221 percent to $25.4 million, adjusted EBITDA turned positive at $6.1 million after a year-ago loss, and operating cash flow reached $9.7 million. Those results reflect December’s official production start at the Sangdong tungsten mine in South Korea, which the company bills as one of the largest tungsten assets outside China — a strategic selling point given Beijing’s dominance of the global supply chain.
Should investors sell immediately? Or is it worth buying Almonty?
Financing that shift required serious capital. A Nasdaq initial public offering in July 2025 raised $90 million, followed by a $129 million secondary offering in December, for total gross proceeds of $219 million. The bulk of that cash went into Sangdong’s development and relocating the corporate headquarters to the United States. Debt management also benefited from the capital infusion.
Sangdong is not the only arrow in Almonty’s quiver. The company now owns 100 percent of the Gentung Browns Lake Tungsten Project in Montana and expects first production there in the second half of 2026. Drilling programmes are under way at the Panasqueira mine in Portugal and on molybdenum targets adjacent to the Sangdong site, signalling a steady pipeline of exploration activity.
Wall Street remains broadly constructive. Analyst consensus rates the stock a “Buy” with a 12-month price target of C$25.00 for the Toronto listing. On June 1, Almonty closed at C$26.36 on the TSX and at $19.05 on the Nasdaq, a modest decline from prior sessions. That leaves the stock about 16 percent below its 52-week high of C$32.07, though annualised volatility above 80 percent makes such swings routine.
The next major catalyst arrives on June 29, when Almonty is set to join the Russell 1000 and Russell 3000 indices. With roughly $12.2 trillion in assets benchmarked to the Russell family, inclusion should amplify institutional visibility and trigger automatic buying by index-tracking funds. Some observers note that the current share price already trades above the consensus target, implying that the market has priced in much of the good news. How quickly Sangdong can ramp to full capacity will determine whether that valuation holds or expands.
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