Generals Lead the Charge: Almonty’s $773M Convertible and Defence-Focused Board Reshape Tungsten Supply
12.06.2026 - 18:24:52 | boerse-global.de
Almonty Industries has secured a decisive vote of confidence from shareholders and institutional investors alike, as it pushes ahead with plans to break China’s grip on the global tungsten market. The company’s latest financing — an oversubscribed $800 million convertible bond — is matched by a striking boardroom endorsement: two retired US generals received more than 99% of shareholder votes, underscoring the strategic shift toward defence contracts.
The convertible notes, which carry a 2.25% coupon and mature in 2031, were placed with strong demand. Underwriters exercised the full greenshoe option of $100 million, bringing total gross proceeds to $800 million. After fees, net proceeds amount to roughly $773 million. To protect existing shareholders from dilution, management entered into capped-call transactions that kick in when the share price reaches $41.36.
A significant portion of the funds — $543 million — will be directed into working capital for the Sangdong mine in South Korea, a historic deposit considered one of the highest-quality tungsten assets outside China. The mine began production in March 2026 and is central to Almonty’s ambition of creating an independent Western supply chain for the critical metal. Additional capital may also be deployed for further acquisitions and consolidation of the non-Chinese tungsten market, complementing existing operations in Portugal and projects in Spain and the United States.
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The board elections held at the annual general meeting reflected the company’s renewed focus on defence. CEO Lewis Black received around 79% of the votes, while other directors such as Daniel D’Amato and Mark Trachuk secured just over 60%. In contrast, General Gustave F. Perna and General Alan Estevez — both with deep ties to US military logistics — each garnered more than 99% approval. The result sends a clear signal that shareholders back Almonty’s pivot toward the Pentagon and allied defence contractors. The company reinforced that commitment earlier by moving its corporate headquarters to Montana, a state with strong defence industry links.
The stock has responded enthusiastically to the strategic narrative. On the Toronto Stock Exchange, shares trade at CAD 24.71, a gain of 105% since the start of 2025 and roughly 428% over the past twelve months. Even after cooling from the April peak — the current price sits about 25% below that high — the technical picture remains neutral, with the relative strength index at 47. In Europe, the stock was quoted at €14.76 on Friday.
Almonty now holds one of the largest war chests in the critical-minerals sector, positioning it as the leading supplier of tungsten to Western allies. With Sangdong ramping up and a defence-minded board in place, the company is betting that geopolitical tailwinds will sustain demand for years to come.
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