Almonty’s Cashflow Inflection and Capacity Vote Signal a New Phase for Western Tungsten Supply
23.05.2026 - 04:01:33 | boerse-global.de
Almonty Industries delivered the clearest evidence yet that its long-running development story is shifting into an operational gear. First-quarter revenue surged 221% to 25.4 million Canadian dollars, powered by record tungsten prices, and the company swung to a positive operating cashflow of 9.7 million Canadian dollars — a dramatic reversal from the 4.4-million Canadian dollar outflow in the same period a year earlier. The adjusted EBITDA figure, reported in U.S. dollars at 6.13 million, also flipped from a 2.37-million loss in the first quarter of 2025.
The cashflow turnaround removes a major overhang for a company that had long burned capital as it pushed its flagship Sangdong tungsten mine into production. At the end of March, Almonty held cash reserves of 259.9 million U.S. dollars, with working capital at 169.5 million. That financial cushion gives the company room to execute the next leg of its growth plan without immediate funding stress.
That next leg depends heavily on a shareholder vote scheduled for June 9, when investors will decide whether to double the processing capacity at Sangdong. The mine, which formally began operations in March, is one of the world’s largest and highest-grade tungsten deposits, and expanding its throughput would cement Almonty’s position as the dominant non-Chinese supplier to Western industrial and defense clients. The record date for voting was April 24, and the meeting will also ratify standard items such as the annual accounts, auditors, and a board fixed at seven members.
The vote comes just days after a change in the finance leadership. Jorge Beristain will take over as chief financial officer on June 1, replacing Brian Fox, who stepped down with immediate effect. Beristain brings a background as a former Wall Street analyst and stints at Ryerson Holding and Central Steel & Wire, and joins at a time when the company is juggling rapid growth, capital allocation, and increasing attention from institutional investors. Guillaume de Lamaziere, Almonty’s development chief, had been serving as interim CFO.
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Beyond tungsten, Sangdong holds a second strategic asset. Almonty has an exclusive offtake agreement with South Korean processor SeAH M&S for 100% of the mine’s molybdenum production over a 60-year mine life. The molybdenum project, which already holds mining and environmental permits, is set to start production by the end of 2026. At full capacity, Sangdong is expected to deliver around 5,600 tonnes of molybdenum annually. The offtake contract includes a floor price of $19 per pound, against a current market price of roughly $22, providing a built-in revenue buffer. SeAH is also building a $110-million processing plant in Texas that will supply molybdenum products to SpaceX, the U.S. defense sector, and the aerospace industry.
The progress has not been lost on the analyst community. Eight analysts currently rate the stock a buy, with no sell recommendations. The consensus price target stands at 24.29 Canadian dollars, though the highest estimate reaches 36 Canadian dollars. Alliance Global raised its target to $26.25 U.S., while Bank of America lifted its to $23 U.S. in May. A separate set of analysts from Texas Capital, DA Davidson and B. Riley also rate the shares a strong buy, with an average target of $18.38 U.S. and a range from $6.50 to $25.00.
The stock’s trajectory reflects both the optimism and the volatility typical of a growth-stage miner. On the Toronto exchange, shares closed Friday at 25.36 Canadian dollars — down 20.6% over the past 30 days but still up nearly 600% over the past 12 months. In U.S. dollars, the stock ended May 21 at $18.70, with a year-to-date gain of 113% and a 12-month surge of more than 650%, giving Almonty a market capitalization of roughly $5 billion. The 52-week high in Toronto of 32.07 Canadian dollars sits about 21% above the current level.
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Almonty has also repositioned its corporate footprint to align with its Western supply-chain pitch. The company moved its headquarters from Toronto to Dillon, Montana, aiming to tighten relationships with U.S. government agencies, defense partners, and industrial customers. The relocations supports the broader narrative of building a fully Western-integrated tungsten supply chain.
With commercial output from Sangdong expected in the third quarter and the next quarterly report due August 20, the next few months will test whether the operational execution can match the valuation. The combination of a now positive cashflow, a clear expansion vote, a new CFO at the helm, and a secured long-term revenue stream from molybdenum gives the company a set of concrete catalysts — but the market will want to see the tonnes flow before it fully re-rates the shares.
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