Commodity Stocks in the Russell 1000: Freeport-McMoRan, Newmont, and Almonty Industries
The inclusion of Almonty Industries in the Russell 1000 signifies far more than a purely technical index effect. The index comprises the 1,000 most valuable publicly traded companies in the US and represents approximately 90% of total US market capitalization. While tech giants like Nvidia, Microsoft, Apple, and Amazon make up the bulk of the index, commodity companies are traditionally rare there and must demonstrate significant market capitalization and institutional relevance. In this sense, the inclusion sends a particularly strong signal for Almonty. Investors increasingly view the company not as a mine developer, but as a strategic commodity supplier for Western industry. Noteworthy is the company’s unique position. While corporations like Freeport-McMoRan or Newmont are established billion-dollar producers of copper and gold, Almonty represents a raw material that has become indispensable for modern defence systems, semiconductor manufacturing, aerospace, and high-performance materials. Inclusion in the Russell 1000 is therefore less a reward for past stock performance and more an indication that Almonty has now entered a new corporate dimension.
CEO Lewis Black commented: “We are honoured to be included in the Russell 3000 and 1000 indices. We believe this reflects the significant operational and financial progress Almonty has made over the past year as we firmly establish ourselves as a cornerstone of the Western tungsten supply chain. With the commissioning of our flagship Sangdong mine in South Korea, the relocation of our corporate headquarters to the United States, and a solid balance sheet supporting our continued growth, we are confident that inclusion in the Russell indices will further increase our visibility within the institutional investor community and broaden our shareholder base as we execute our long-term strategic vision.”
The New Era of Resource Nationalism Is Changing the Rules of the Game
While capital markets have focused on lithium, copper, and rare earths for years, another commodity has emerged in the background as a strategic bottleneck: tungsten. Few metals combine so many critical properties for modern industries. It withstands extreme temperatures, possesses exceptional density, and is virtually irreplaceable for numerous high-performance applications. At the same time, China continues to control the vast majority of global production and processing. What is interesting for investors, however, is the demand side. Defence programs around the globe are being massively expanded, while at the same time the semiconductor industry, with its AI upgrade, requires additional volumes. Added to this are applications in aerospace, energy technology, and specialty materials. Since the physical properties of tungsten are virtually irreplaceable, consumers react only to a very limited extent to rising prices. The result is a market in which even minor supply disruptions can have a significant impact on pricing.
Sangdong: A Major Project Becomes a Production Engine
With the official commissioning of the Sangdong mine in South Korea in early 2026, a milestone was reached that could permanently change the company’s history. Sangdong is one of the largest and highest-grade tungsten deposits worldwide. For Almonty, Sangdong also marks the transition into a new phase of the company. Instead of valuing future potential, the market is now beginning to price in actual production volumes, cash flows, and margins. This is also changing the perception of institutional investors, who increasingly view the company as a strategic raw materials producer rather than a traditional mine developer.
The Numbers Show: The Leverage is Starting to Take Effect
The results from Q1 2026 clearly demonstrate how strongly this transformation is already reflected in the financial figures. Revenue increased by 221% year-over-year to CAD 25.4 million. The main drivers were the significantly higher price levels for tungsten products and the stable performance of the Panasqueira mine in Portugal. Adjusted EBITDA turned from a loss of CAD 2.4 million in the prior-year quarter to a profit of CAD 6.1 million. At the same time, operating cash flow returned to solid positive territory at CAD 9.7 million. The company’s capital position is strong. With nearly CAD 260 million in cash and cash equivalents and working capital of approximately CAD 170 million, the company has sufficient financial flexibility to drive its next growth steps under its own steam. The production ramp-up is thus taking place from a position of strength and not under financial pressure.
CEO Lewis Black explained his strategic positioning at the most recent International Investment Forum. It is worth a listen!
Montana and the Pentagon: Almonty Moves Closer to the Centers of Power
In parallel with the start of production in South Korea, Almonty has made another strategic decision. The company’s headquarters has been relocated from Canada to Dillon, Montana. At first glance, this move appears to be purely administrative. In reality, however, it signals an increasing focus on American industrial, government, and defence customers. The timing hardly seems coincidental. Starting in January 2027, new US procurement guidelines will take effect, intended to significantly restrict the use of tungsten from certain countries in military applications. At the same time, Washington’s interest in independent supply chains for critical raw materials is growing. This opens up a market with enormous strategic potential for producers outside of China. This development takes on additional significance due to the Gentung project in Montana. The historic tungsten property is set to become the group’s North American foothold and to support the supply to security-related industries. Together with Sangdong, this creates a production platform capable of serving both Asian and North American supply chains.
Institutional Capital Discovers the Tungsten Specialist
The picture is also changing on the stock market. After the stock had already posted an extraordinary price performance with a gain of 2,500% since mid-2024, the next valuation level is now coming into focus with the inclusion in the Russell Index. For numerous funds and ETF providers, inclusion in the index automatically increases the stock’s relevance. At the same time, trading liquidity and perception in the North American capital market are improving.
In its late-May update, Cantor Fitzgerald reiterated its CAD 36 price target. However, its valuation model assumes a long-term tungsten price of USD 600 per metric ton unit (MTU). Current prices are above USD 3,000. If tungsten prices remain at these elevated levels and demand continues unabated, Almonty could reach new highs in the near future.
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