Almonty Races Toward a Decisive June Vote on Sangdong Phase 2 as Tungsten Prices Hit $3,050 and Q1 Sales More Than Triple
Published on 05/18/2026 at 06:14 | Redaktion boerse-global.de
The wolfram producer Almonty Industries enters a defining stretch of its calendar. Next week, CEO Lewis Black takes the virtual stage at the International Investment Forum on May 20, armed with quarterly numbers that show revenue tripling and a mine in South Korea that is rapidly approaching commercial output. Barely three weeks later, shareholders will decide whether to sanction Phase 2 of that same asset — a vote that could propel Almonty into becoming a dominant force in Western tungsten supply.
Yet the market’s immediate reaction to the momentum has been a shrug. Shares of the Vancouver-headquartered company closed at C$24.02 on Friday, down 4.68% on the session and 12% from the session after the first-quarter release. The retreat cuts deeper on a monthly basis: a 16.71% slide. But context matters. The stock still trades roughly 100% higher since New Year’s Day, and over the trailing 12 months the gain stands at a staggering 545.70%. Profit-taking after such a run is hardly surprising.
What is underappreciated, analysts say, is the operational transformation underway. Almonty posted first-quarter revenue of US$25.4 million, a 221% leap from the prior year. Adjusted operating income hit US$6 million, while a non-cash net loss did little to dent the balance sheet. The company ended the period with US$260 million in cash, an unusually strong position for a former explorer that is only now scaling up production.
The engine of that growth is the Sangdong mine in South Korea. Phase 1 of the project is designed to process 640,000 tonnes of ore annually and produce an estimated 2,300 tonnes of tungsten concentrate. Phase 2, which goes to a shareholder vote at the annual meeting in Toronto on June 9, would more than double capacity to roughly 1.2 million tonnes per year by 2027. Management believes that, at full build-out, Sangdong could satisfy about 40% of tungsten demand outside China — a critical threshold given Beijing’s tightening grip on exports.
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Almonty is also laying groundwork in Montana. The Gentung-Browns Lake deposit holds 7.53 million tonnes of mineral resources and is slated to begin production in the second half of 2026, targeting 140,000 metric tonne units annually. Almost half of that output is already spoken for by US buyers. The company has a binding offtake agreement with Tungsten Parts Wyoming for at least 40 tonnes of tungsten oxide per month, as well as long-term supply contracts with Global Tungsten & Powders.
These deals are buttressed by a geopolitical tailwind that is only gaining force. From January 2027, US defence contractors will be barred from sourcing tungsten from China. Almonty has responded by moving its corporate headquarters to Dillon, Montana, placing it squarely inside the American supply chain. The price environment is cooperating: ammonium paratungstate (APT) in Rotterdam now fetches US$3,050 per metric tonne unit, an advance of more than 200% since the start of the year and 230% from late 2025 levels.
Institutional investors are taking note. Fidelity holds 18.28 million shares, equivalent to a 6.5% stake. Van Eck is also a significant shareholder. Among sell-side analysts, Alliance Global sees fair value at US$26.25 per share, while both Bank of America and B. Riley have set price targets of US$23.00. The consensus view has shifted from treating Almonty as a developer to recognising it as a fully operational producer.
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The immediate road ahead is packed with milestones. On May 20, the company will present at the International Investment Forum, where the focus is expected to be on Sangdong’s ramp-up and the broader project pipeline. On June 1, Jorge Beristain steps in as chief financial officer. Then comes the shareholder vote on June 9. Until those events pass, Almonty’s stock remains caught between the gravitational pull of a historic rally and the promise of a production story that is just beginning to unfold.
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