The tungsten producer Almonty is heading into a defining shareholder vote next week, but the immediate catalyst has less to do with underground drills and more with the boardroom. With the stock surging more than 135% year-to-date and over 500% in the past twelve months, governance has taken centre stage as management asks investors to endorse the current leadership lineup.
Shares closed recently at C$28.34, after earlier touching C$26.36 on June 1. That rally has pushed the relative strength index to 91.2 and left the stock trading 73% above its 200-day moving average — levels that normally invite scrutiny of corporate structure. Almonty’s market capitalisation now stands at roughly C$7.48 billion, based on 283.7 million shares outstanding, making the upcoming proxy vote far more than a procedural formality.
Proxy Deadline Looms on June 5
Shareholders must submit their votes by 10:00 a.m. Eastern Time on June 5, ahead of the annual general meeting scheduled for June 9 in Toronto. The company has warned that beneficial owners holding through brokers or banks may face earlier internal cutoff dates, and it is actively urging participation.
On the agenda are the re-election of all seven proposed directors, ratification of the auditor, approval of audited financial statements, and setting board size at seven members. The board has unanimously recommended voting in favour of each nominee, framing the election as a show of support for continuity at a time when Almonty is transitioning from a development-stage explorer into a full-fledged producer.
Independent Slate and Board Refresh
Four of the seven director candidates are classified as independent: Mark Trachuk, Andrew Frazer, General Gustave F. Perna, and Alan Estevez. The remaining three — Lewis Black, Daniel D’Amato, and David Hanick — are considered non-independent. Dr. Thomas Gutschlag is not standing for re-election.
Under Canadian majority voting rules for uncontested elections, each director must receive more votes cast for than against to retain their seat. While incumbent directors can technically remain in office under certain legal provisions, Almonty has made clear it views a clean sweep as essential to maintaining investor confidence. The board composition has been tailored to match the company’s expanding footprint: two independent directors were added in recent months, and several senior executives were brought in as Almonty builds out its US headquarters and deepens its presence in critical-minerals supply chains.
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External Proxy Campaign Underway
To ensure a strong turnout, Almonty has hired Sodali & Co as proxy solicitor and shareholder communications adviser. The firm will receive approximately US$37,500 plus customary expenses — a modest fee relative to the hundreds of millions the company has raised in the capital markets over the past year. The move signals that management is not leaving the outcome to chance, especially with a broader and more dispersed shareholder base than the company had during its earlier development phase.
Almonty’s fundraising track record adds weight to the request for board re-election. The company completed a Nasdaq initial public offering that raised more than US$90 million and followed it in December with a US$129 million public placement. Those capital injections, combined with the start of active mining at Sangdong in South Korea, expansive drilling programs at Sangdong Molybdenum and Panasqueira in Portugal, and full ownership of the Gentung Browns Lake project in Montana, have transformed Almonty’s asset base and market profile.
Strong Operational Metrics, One Blemish
First-quarter results provide the board with a clear narrative of progress. Revenue jumped 221% to US$25.4 million, driven by record tungsten prices and strong output from Panasqueira. Adjusted EBITDA came in at US$6.1 million, while operating cash flow reached US$9.7 million. The balance sheet shows US$259.9 million in cash and US$169.5 million in working capital as of March 31.
The quarter was not without a warts: Almonty posted a net loss of US$5.3 million, which the company attributes to non-cash revaluation of derivatives and warrants. Still, the overall financial trajectory supports management’s contention that the company is on the right path.
What the Vote Means for the Next Phase
Tuesday’s AGM will effectively serve as a referendum on whether shareholders believe the current leadership can continue to oversee the multi-project ramp-up, capital-market presence, and US political positioning that Almonty has staked its future on. The company is no longer a junior explorer trading on hope — it is a billion-dollar enterprise with real production, a Nasdaq listing, and a strategic role in Western supply chains for critical metals.
With the proxy deadline on June 5 and the formal vote three days later, all eyes will be on how many shares are cast in favour of the slate. A strong mandate would give the board breathing room to focus on operations; a weak one could reignite questions about the pace of delivery, especially given the stretched technical indicators. For now, Almonty is betting that its story of transformation — from explorer to producer, from obscure to institutional — will carry the day.
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