Almonty Lands a Heavyweight Investor and a New Finance Chief Just as Its Korean Mine Starts to Deliver

The stars are aligning for Almonty Industries. The tungsten developer has secured a marquee institutional backer, recruited a new chief financial officer with a track record of doubling market caps, and is on the cusp of generating first revenue from its flagship Sangdong mine in South Korea — all within a matter of weeks.

Fidelity, the global asset management behemoth, has taken a 6.5% stake in the company, acquiring 18.28 million shares. The filing with US regulators marks one of the most significant votes of confidence yet in Almonty’s pivot from a development-stage miner to a producing supplier of non-Chinese tungsten. The timing is no coincidence: China’s export restrictions on strategic metals have sent tungsten prices into orbit. Ammonium paratungstate (APT) has surged roughly 230% since the end of 2025, with a metric ton now fetching around $3,000.

A New CFO for the Next Chapter

Effective June 1, Jorge Beristain will take over as chief financial officer, replacing Brian Fox, who has left the company. Guillaume de Lamaziere, currently chief development officer, will serve as interim finance chief until Beristain’s arrival. The appointment is a deliberate move for a company on the verge of a transformation.

Beristain brings a rare combination of skills. At Ryerson Holding Corp, a company with roughly $5 billion in annual revenue, he served as vice president of finance and helped double the market capitalization. Before that, he led metals and mining equity research for the Americas as a managing director at Deutsche Bank Securities. CEO Lewis Black described Beristain as the right executive to guide Almonty through its next growth phase — bringing Sangdong into production and positioning the company as a Western alternative to Chinese tungsten suppliers.

Sangdong’s Countdown to Cash Flow

The Sangdong mine completed its first commissioning phase in March and is now ramping up output. Management expects the operation to generate meaningful revenue in 2026, marking Almonty’s transition from a pure developer to a cash-flow-generating producer. That shift is already being priced into the stock.

For the 2025 fiscal year, Almonty posted revenue of $32.5 million, up 13% year-over-year, though it recorded a net loss of $161.9 million. The company’s market capitalization currently stands at roughly $5.7 billion.

Should investors sell immediately? Or is it worth buying Almonty?

A Stock on a Tear

The market has been rewarding the strategic pivot. Almonty’s shares have surged about 142% since the start of the year — or roughly 139% depending on the pricing point — and have more than 700% over the past twelve months. The stock closed recently at C$29.13, about 11% above its 50-day moving average but still roughly 9% below its 52-week high of C$32.07. After the Fidelity news, the shares ticked up to C$28.77.

Analysts remain broadly bullish. The consensus among seven analysts is a “Strong Buy” rating, with an average price target of C$23.71 and a high estimate of C$36.00. The fact that the current share price already exceeds the consensus target underscores how much of Sangdong’s potential has been baked into the valuation. Some discounted cash flow models peg the fair value as high as C$44.

Pentagon Pivot and a New Home Base

Almonty is also repositioning itself geographically and strategically. In mid-April, the company moved its corporate headquarters from Toronto, Canada, to Dillon, Montana. The relocation is aimed squarely at winning contracts from the US defense industry, which is desperate for secure, non-Chinese tungsten supplies. The acquisition of the Gentung tungsten project in Montana reinforces that push into North American government circles.

What’s Next

On June 9, management will host the annual general meeting in Toronto. Shareholders will vote on the election of a seven-member board and approve the previous year’s financial statements. But the real focus will be on operational updates — specifically, how the ramp-up at Sangdong is progressing and what the second expansion phase looks like.

With Fidelity’s stamp of approval, a seasoned CFO arriving just as production begins, and a tungsten market in the grip of a supply crisis, Almonty has three concrete catalysts lined up for the second half of 2026. Whether the stock can hold its lofty valuation will depend on how smoothly the Sangdong ramp-up unfolds.