Almonty Industries: Tungsten Pure-Play Faces a Make-or-Break AGM as New CFO Steps In and Pentagon Deadline Nears
03.06.2026 - 06:32:25 | boerse-global.de
The clock is ticking for Almonty Industries. With the US Department of Defense set to ban tungsten purchases from China, Russia, North Korea and Iran in January 2027, the small-cap miner is racing to position itself as the West's primary alternative source. The DFARS mandate creates a supply vacuum that Almonty aims to fill, and the company has already locked in a binding supply agreement with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month — the raw material used in munitions, drones and missiles. To cement its presence in the US procurement chain, Almonty has relocated its headquarters to Dillon, Montana, and acquired the Gentung-Browns-Lake project in the same region.
The operational centerpiece of the strategy, however, lies in South Korea. Almonty's Sangdong mine features a fully automated flotation plant capable of producing high-grade tungsten concentrate. CEO Lewis Black describes it as the most technologically advanced facility of its kind in the Western world, with proprietary mixing techniques and a modern water treatment system. Phase 1 is already running, and at full capacity Sangdong is expected to supply roughly 40% of the global tungsten output outside China. The company is now seeking shareholder approval for Phase 2, which would double processing capacity by 2027 — just in time for the Pentagon's ban to take effect.
The market environment is working in Almonty's favour. China has replaced its former quota system with a state-controlled licensing regime, tightening supply and pushing ammonium paratungstate (APT) prices toward record highs. Intellectia AI has raised its tungsten price forecasts for the second half of 2026 and for 2027. Almonty's first-quarter EBITDA came in slightly above the market consensus, reflecting the early benefits of the ramp-up.
Should investors sell immediately? Or is it worth buying Almonty IndustriesDRC?
That operational momentum has been reflected in the stock price. Almonty's shares have more than doubled year to date and surged roughly 446% over the past twelve months. The stock currently trades near its 50-day moving average at A$26.63, about 18% below the April all-time high of A$32.51. But the rally has come with signs of exhaustion — the 14-day relative strength index stands at 97, deep in overbought territory, while annualised volatility hovers around 70%. The company raised US$90 million in a Nasdaq initial public offering in December 2025, followed by a US$129 million follow-on offering, providing the financial firepower to fund the expansion.
Amid the production push, Almonty has installed a new chief financial officer. Jorge Beristain, CFA, took the role on 1 June 2026, arriving from Ryerson Holding, a US metals services company with roughly US$5 billion in annual revenue, where he served as Vice President of Finance. He previously led the finance function at Ryerson subsidiary Central Steel & Wire, a US$800 million-revenue business. Beristain replaces Brian Fox, who departed earlier, with Guillaume de Lamaziere having served as interim CFO in the gap. Almonty explicitly ties the appointment to the next growth phase — the Sangdong expansion and the broader positioning of the Western tungsten supply chain across South Korea, the US, Portugal and Spain.
All eyes now turn to the annual general meeting on 9 June 2026. Shareholders must submit their proxies by 5 June at 10:00 a.m. Eastern Time. The agenda includes the election of directors — the board unanimously recommends re-electing all nominees — and approval of the Phase 2 plan at Sangdong. The vote is framed as a continuity signal, with the company emphasising board composition, independence and diversity as it seeks to match governance standards with its rising capital markets profile.
The next major test will be whether Almonty can deliver the capacity doubling before the DFARS deadline. If Phase 2 comes online on schedule, the company will be one of the few Western tungsten suppliers in a structurally strong position when the Pentagon's ban locks in. But with the stock already pricing in much of that optimism, Beristain's first public communication as CFO and the outcome of the shareholder vote will set the tone for the next leg of the story.
Ad
Almonty IndustriesDRC Stock: New Analysis - 3 June
Fresh Almonty IndustriesDRC information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
