Three Catalysts Converge for Tungsten Miner Almonty as Russell Entry Looms and Revenue Surges
02.06.2026 - 16:57:55 | boerse-global.de
Almonty Industries enters June with a full slate of corporate events that could reshape its shareholder base and bolster its financial standing. The tungsten pure-play is juggling a shareholder vote, a new chief financial officer, and a long-awaited index inclusion – all while first-quarter revenues more than triple and its flagship Sangdong mine in South Korea starts contributing meaningfully to the top line.
The proxy deadline for the annual general meeting expires at 10:00 a.m. Eastern Time on June 5, with the meeting itself scheduled for June 9. Almonty has retained Sodali & Co, a proxy solicitation and shareholder communications adviser, for an estimated fee of $37,500 plus reimbursable expenses. The board is unanimously recommending the re-election of all nominated directors, arguing that continuity is critical as the company transitions from developer to producer. Investors have until the deadline to submit their votes.
Alongside the governance milestone, the company announced on June 1 that Jorge Beristain would assume the role of chief financial officer. Beristain arrives with a Wall Street pedigree: most recently vice president of finance at NYSE-listed metals distributor Ryerson Holding Corp, which posts annual revenue of $5 billion, and before that CFO of Central Steel & Wire. Earlier in his career, he was a managing director and head of Americas metals & mining equity research at Deutsche Bank Securities, where he ranked among the top three analysts in his sector. The appointment is intended to strengthen Almonty's capital markets expertise as its visibility in the United States grows.
That visibility is about to receive a major boost. FTSE Russell will add Almonty to both the Russell 1000 and Russell 3000 indices at the market open on June 29, based on a preliminary reconstitution list published May 22. With an estimated $12.2 trillion in assets benchmarked to the Russell US indices, the inclusion is expected to trigger automatic buying by index funds and increase institutional awareness of the stock.
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The financial improvement that underpinned the index eligibility was underscored by first-quarter results. Revenue hit $25.4 million, a 221% surge from the prior year, powered by higher spot prices for ammonium paratungstate (APT) and stable output from the Panasqueira mine. Operating cash flow swung from negative $4.4 million to positive $9.7 million, while adjusted EBITDA reached $6.1 million. Almonty reported a net loss of $5.3 million, but that was entirely attributable to non-cash warrant revaluation charges of $8.4 million – a paper cost tied to the stock's dramatic appreciation rather than underlying operations. In the year-ago quarter, the net loss was $34.6 million.
Behind the headline numbers lies the Sangdong mine, where phase 1 processing capacity is running at roughly 640,000 tonnes of ore per year, yielding about 2,300 tonnes of tungsten concentrate. Almonty is positioning itself as a Western alternative in a market where China controls more than 80% of global tungsten supply. Beijing has imposed export restrictions and a ban on dual-use goods, and the United States will prohibit tungsten imports from China for defense procurement starting in 2027. This supply gap is the structural thesis that has driven the stock’s extraordinary run.
The market has priced in a great deal of that optimism. Almonty's shares last traded at 26.63 Australian dollars, giving them a year?to?date gain of 101% and a 12?month gain of 494%. The relative strength index sits at a heavily overbought 97.4, warning that the rally may be stretched. Over the past 30 days, the stock has pulled back 8.5%, though the long?term trend remains sharply upward.
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Management has pointed to a series of milestones achieved in 2025 – the Sangdong production ramp, exploration drilling in South Korea and Portugal, two US capital raises totalling $219 million, the relocation of the corporate headquarters to the United States, and the full acquisition of Montana’s Gentung Browns Lake Tungsten Project. The shareholder meeting on June 9 will test whether investors are willing to keep the current leadership in place to execute the next phase of that strategy. With the Russell reconstitution and a new CFO now in the calendar, the next three weeks will be decisive for Almonty’s transition from development story to blue?chip tungsten producer.
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