Almonty's Tungsten Push Nears a Decisive Shareholder Vote as Phase-2 Expansion Takes Shape
03.06.2026 - 02:52:36 | boerse-global.de
China's tightening grip on global tungsten supply is forcing Western buyers to scramble for alternatives, and Almonty Industries has positioned itself squarely in their path. With its Sangdong mine in South Korea now processing ore for the first time in more than three decades, the tungsten producer is racing to scale up before US defense procurement rules lock Chinese material out entirely.
The company will ask shareholders on June 9 for a mandate to continue that push. At the annual meeting in Toronto, investors will vote on the re-election of all nominated directors, the adoption of fiscal 2025 financial statements, and the reappointment of Zeifmans LLP as auditor. The proxy deadline is June 5 at 10:00 a.m. Eastern — and proxy advisory firm Sodali & Co is already working to secure votes from the company's 283.7 million outstanding common shares.
Sangdong's output doubles in the pipeline
Phase 1 at Sangdong is already running. The processing plant handles roughly 640,000 tonnes of ore annually, yielding about 2,300 tonnes of tungsten concentrate. By 2027, management plans to double that throughput to 1.2 million tonnes per year, lifting concentrate production to roughly 4,600 tonnes. At full tilt, the mine could satisfy approximately 40% of all tungsten demand outside China.
That expansion is backed by a series of binding offtake agreements — including long-term contracts for tungsten oxide destined for US defense applications. These deals lock in revenue visibility and underline the strategic nature of the asset.
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Geopolitical tailwinds intensify
China currently accounts for more than 80% of global tungsten output, but export restrictions are tightening. In late 2025, Beijing limited permitted tungsten exporters for 2026 and 2027 to just 15 companies and cut its own production quotas. The result has been a dramatic price surge: tungsten rose more than 160% in 2025 alone.
The US has already responded. An import ban on Chinese tungsten for defense applications took effect in 2027, and from 2028 onward all defense procurement must source from non-Chinese suppliers. The European Union, meanwhile, added tungsten to its list of critical minerals for a coordinated community stockpile program.
Almonty's own footprint extends beyond Asia. The company moved its corporate headquarters from Toronto to Dillon, Montana, in April 2026 — placing it next to its Gentung Browns Lake project, one of the most advanced undeveloped tungsten assets in the United States. Production at Gentung could begin as early as the second half of 2026. Additional operations in Portugal and Spain round out a geographically diversified portfolio.
Stock momentum meets overheated technicals
Markets have already priced much of the optimism. Almonty shares have surged more than fivefold over the past twelve months, and year-to-date gains stand at roughly 136%. But the rally has pushed the stock deep into overbought territory: the relative strength index sits at 91, and annualized volatility exceeds 80%. At a recent price of C$28.33, the stock trades about 73% above its 200-day moving average and roughly 12% below its 52-week high of C$32.07.
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The company raised US$219 million through two capital raises in the US, providing the financial firepower to fund Sangdong's ramp-up and the potential start at Gentung before the 2028 procurement deadline. The appointment of Jorge Beristain as CFO effective June 1 reinforces that focus — his mandate will be to ensure the capital structure supports both the current production ramp and the Phase-2 doubling.
A board vote with an operational edge
The shareholder meeting comes at a pivotal moment. The board recommends keeping its size at seven members and re-electing all current directors. With the proxy deadline just days away, the vote will determine whether management retains the confidence to execute on its expansive plans. If the mandates hold, Almonty will enter its next phase with a full slate — a new CFO, a site in Montana, and a Korean mine that is already delivering concentrate to a world desperate for non-Chinese tungsten.
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