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TORONTO - Tungsten producer Almonty Industries Inc. (NASDAQ:ALM) (TSX:AII) (ASX:AII), which has seen its stock surge over 280% year-to-date according to InvestingPro data, announced Tuesday the appointment of Brian Fox as Chief Financial Officer, effective August 25, 2025.
Fox, who most recently served as Chief Financial & Operating Officer at CBIZ Marks Paneth, will succeed Mark Gelmon, who has held the CFO position since 2017. Gelmon will remain with the company as a financial consultant.
The new CFO brings over 25 years of operational leadership experience, including roles at Loureiro Engineering and United Subcontractors. Fox holds a Master’s degree in Management from Harvard University and a Bachelor of Science in Accounting from the University of Connecticut.
Lewis Black, Chief Executive Officer of Almonty, described the appointment as a "deliberate and strategic move" aligned with the company’s U.S. redomiciling strategy following its $90 million public offering and Nasdaq listing.
Almonty describes itself as a supplier of tungsten, a metal used in defense and technology sectors. The company’s main asset is the Sangdong Mine in South Korea, with additional operations in Portugal and projects in Spain. Despite current negative earnings, analysts tracked by InvestingPro expect the company to turn profitable this year, with revenue growth forecast at 184%. InvestingPro subscribers have access to 12 additional insights about Almonty’s financial outlook.
The appointment comes as Almonty positions itself to address tungsten supply concerns amid growing geopolitical tensions. The company stated in its press release that the Sangdong Mine is expected to supply over 80% of global non-China tungsten production when operating at full capacity.
In other recent news, Alliance Global Partners initiated coverage on Almonty Industries with a Buy rating, setting a price target of $6.75. The research firm highlights Almonty’s significant position in the tungsten market, emphasizing its potential to become the largest producer of tungsten outside of China. These developments suggest a positive outlook for Almonty Industries in the eyes of Alliance Global Partners. The firm’s analysis reflects confidence in Almonty’s strategic positioning within the industry. Investors may find this information noteworthy as it comes from a reputable source within the financial sector. The focus on Almonty’s role in the tungsten market underlines its importance in the global supply chain. The initiation of coverage by Alliance Global Partners marks a significant step for Almonty Industries in gaining investor attention.
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