The Proxy, the Index, and the Doubling: Almonty’s Triple Catalyst in Focus
02.06.2026 - 20:13:06 | boerse-global.de
Almonty Industries heads into its annual general meeting on June 9 with shareholders being asked to endorse a board that has steered the company through one of the most eventful years in its history. The proxy deadline is June 5 at 10:00 a.m. Eastern Time, and management is urging a vote in favour of retaining all seven director nominees. The meeting in Toronto will also approve the annual accounts to December 31, 2025, and ratify Zeifmans LLP as auditor. Sodali & Co, the proxy solicitation firm, is assisting with the campaign.
The core of the growth narrative lies in South Korea. Almonty’s Sangdong tungsten mine is already in operation, with Phase 1 processing around 640,000 tonnes of ore per year and yielding approximately 2,300 tonnes of tungsten concentrate. But the bigger story is Phase 2, scheduled for 2027, which would double throughput to 1.2 million tonnes and lift annual concentrate output to roughly 4,600 tonnes. At that level, Sangdong could meet about 40 percent of global tungsten demand outside China — a critical threshold given the geopolitical push for supply-chain diversification.
Financially, the company is in a transitional phase. Revenue climbed 13 percent to 32.5 million Canadian dollars in 2025, despite the net loss widening to 161.9 million CAD as ramp-up costs weighed. Analysts still project average revenue growth of 38 percent annually over the next three years. The stock has more than doubled year-to-date and is up nearly sixfold over the past twelve months, trading at 28.33 CAD. A key catalyst arrives on June 29 when Almonty joins the Russell 1000 Index, a move that should trigger passive inflows from the roughly 12.2 trillion dollars in assets benchmarked to Russell US indices.
Should investors sell immediately? Or is it worth buying Almonty?
The geopolitical tailwind is unmistakable. China controls more than 80 percent of global tungsten production, and after Beijing imposed export restrictions last year — coupled with a US ban on Chinese tungsten in defense procurement from 2027 — Western alternatives have become a strategic necessity. The tungsten price surged more than 160 percent in 2025. Almonty has locked in long-term offtake agreements for tungsten oxide destined for US defense applications, providing revenue visibility that underpins the expansion plans.
The market’s enthusiasm is also visible in technical indicators. The stock now trades 73 percent above its 200-day moving average, and the relative strength index has climbed to 91 — firmly in overbought territory. While that signals extreme short-term momentum, it has not deterred investors who see Sangdong as a rare, fully permitted Western tungsten asset at a time when supply constraints are escalating.
Over the past year, Almonty has transformed its corporate structure as well. It completed two US equity placements raising a combined 219 million US dollars, relocated its headquarters to the United States, and acquired the entire Gentung-Browns-Lake project in Montana. Extensive drilling programs are also under way in South Korea and Portugal. The board’s recommendation for continuity reflects confidence that the strategic trajectory — from active mining to index inclusion — is on solid ground.
With the proxy vote, the index entry, and the Phase 2 timetable all converging in the coming weeks, Almonty’s leadership is seeking a clear mandate to execute the next stage. The June 5 proxy deadline will set the stage for a shareholder vote that could either cement the board’s authority or introduce new questions just as the company steps onto a much larger institutional stage.
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