Almonty Industries is moving its corporate headquarters to Dillon, Montana, a strategic pivot that places the tungsten producer squarely in the sights of US defence contractors. The relocation underscores the company’s ambition to build a supply chain free from Chinese dependence, just as Washington prepares to ban the Pentagon from using Chinese-sourced tungsten from January 2027.
The management reshuffle comes at a critical juncture. Jorge Beristain will take over as chief financial officer on 1 June 2026, replacing Brian Fox, who left the company with immediate effect. Until Beristain arrives, Guillaume de Lamaziere will serve as interim CFO. Beristain previously served as vice president of finance at US metals distributor Ryerson Holding and before that led commodities research at Deutsche Bank Securities. His arrival is timed to steer growth as Western governments scramble for secure raw-material sources.
The move to Montana and the change in finance leadership are backed by a robust operating performance. First-quarter revenue surged to C$25.4 million, a 221% leap from the prior year, driven by elevated tungsten prices and strong yields from the Panasqueira mine in Portugal. At quarter-end, the company held cash of nearly US$260 million and generated positive operating cash flow of US$9.7 million. The secondary source also noted that Almonty ended the spring with roughly C$260 million in the bank, underlining a solid liquidity position.
That cash pile is financing the ramp-up of Almonty’s flagship Sangdong tungsten mine in South Korea, which reached a key milestone in March. Management is now gradually moving the facility toward commercial production. The first phase of the mine is designed to produce 2,300 tonnes of concentrate annually, with capacity expected to double next year. The ore grades at Sangdong far exceed the global average, and the mine has an expected lifespan of several decades.
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Alongside tungsten, Almonty is advancing a molybdenum deposit in the same location — just 150 metres from the tungsten mine. Full regulatory approvals have been secured, and the company aims to start extraction by the end of 2026. The molybdenum mine has a planned life of around 60 years and will produce roughly 5,600 tonnes per year at full capacity. Crucially, Almonty has already locked in an offtake agreement with South Korean processor SeAH, which will buy the entire output. The proximity of the two deposits slashes logistics costs and allows the company to share existing infrastructure.
Almonty’s strategic positioning is increasingly attractive to Western investors. From January 2027 the US military will be prohibited from using Chinese tungsten, creating a captive market for alternative suppliers. That regulatory tailwind has drawn analyst attention. D.A. Davidson has a price target of US$25, Alliance Global sees US$26.25, and Bank of America sets fair value at US$23. The stock recently traded around C$24, having rallied strongly this year before entering a period of consolidation.
Investors will get more clarity this week when management presents at the virtual IIF investor conference, followed by a scheduled business update on 20 May. The twin focus is expected to be the US market entry strategy and the commercial ramp-up of Sangdong. With a new CFO at the helm and two mine-ready projects in South Korea, Almonty enters the second half of the year well capitalised and increasingly central to the West’s push for resource independence.
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