Almonty Plants a Flag in Montana as Sangdong Tungsten Output Reshapes Its Profile
24.05.2026 - 12:12:00 | boerse-global.de
The company that once traded at C$3.56 a share has crossed C$25.80, delivering a gain of more than 600% over twelve months. Yet Almonty Industries is no longer just a story of price appreciation. The Toronto-listed tungsten producer is physically relocating its headquarters to Dillon, Montana — a move that ties its operational footprint directly to the US defense supply chain and its Gentung development project, which is slated to start output in the second half of 2026.
The relocation is the latest evidence of a structural shift that began with the commercial ramp?up of the Sangdong mine in South Korea at the end of March 2026. That asset, now processing 640,000 tonnes of ore annually and yielding around 2,300 tonnes of tungsten concentrate at a grade of 0.51% tungsten trioxide, has already pushed the company into positive operating cash flow. In the first quarter, Almonty generated $9.7 million from operations compared with a $4.4 million outflow a year earlier. Revenue jumped 221% to $25.4 million, adjusted EBITDA came in at $6.1 million, and the net loss narrowed to $5.3 million — helped by the absence of a $25.8 million non?cash warrant revaluation charge that had weighed on the prior?year period.
The balance sheet provides plenty of ammunition for further expansion. Almonty held $259.9 million in cash at the end of March, and working capital stood at $169.5 million. Diamond Equity Research recently lifted its fiscal 2027 earnings per share estimate to $1.68 from $1.43, reflecting confidence that Sangdong can achieve its planned throughput increase.
Management intends to double Sangdong’s capacity to 1.2 million tonnes per year by 2027. At that level, the mine would supply roughly 40% of all tungsten demand outside China — a market that is rapidly decoupling from Beijing’s grip. Ammonium paratungstate (APT), the key traded form of tungsten, has soared from around $900 to more than $3,000 per metric tonne after China switched to a licensing system with just 15 state?controlled exporters. APT exports from China have effectively frozen since early 2026, and from January 2027 US defense contractors will be barred from using Chinese tungsten altogether.
Should investors sell immediately? Or is it worth buying Almonty?
Adjacent to Sangdong sits a molybdenum project with an estimated mine life of roughly 60 years. At full capacity it is expected to deliver about 5,600 tonnes of molybdenum annually, with Korean conglomerate SeAH M&S buying the entire output over the life of the mine at a floor price of $19.00 per pound before processing deductions. Almonty targets initial production from that deposit by the end of 2026.
Meanwhile, the company added a new chief financial officer on 1 June. Jorge Beristain, formerly vice president of finance at NYSE?listed metal service provider Ryerson Holding Corp., takes the helm as the company navigates its next growth phase.
The stock has pulled back roughly 20% from its 52?week high of C$32.07 and the relative strength index sits at 70.4 — technically near overbought territory. One metric drawing attention: the indicative stock?lending fee has climbed to 5.78%, a jump of 1.45 percentage points in a week, often a signal of heightened institutional interest that can also foreshadow short?term volatility.
Almonty at a turning point? This analysis reveals what investors need to know now.
Almonty holds its annual general meeting in Toronto on 9 June. The agenda covers routine items — approval of the 2025 financials, election of seven directors, ratification of auditor Zeifmans LLP — but the gathering carries symbolic weight as the first AGM since the company became a multi?asset producer. Investors will look for clarity on Sangdong’s current throughput rates and the timeline for its Phase 2 expansion, as well as updates on the Gentung project and the broader portfolio that also includes mine assets in Portugal and Spain.
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