Tungsten concentrate producer Almonty Industries has announced its formal inclusion in the large-cap Russell 1000 Index and the broad-market Russell 3000 Index, following the preliminary list released by FTSE Russell on May 22. This inclusion is scheduled to take effect at the market open on June 29, 2026, as part of the annual index reconstitution.
The annual reconstitution of the Russell US Indexes incorporates approximately 4,000 of the largest US stocks by market capitalization as of April 30, ranked by total market value. Selection for the Russell 3000 Index results in automatic inclusion in the large-cap Russell 1000 Index and its corresponding growth and value style indexes.
Lewis Black, Chairman, President, and CEO of Almonty, stated: "We are honored to join the Russell 3000 and 1000 Indexes. 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." He noted that with the commissioning of the flagship Sangdong Mine in South Korea, the relocation of the company's headquarters to the United States, and a strong balance sheet to support continued growth, inclusion in the Russell Indexes will further enhance visibility within the institutional investment community and broaden the shareholder base while executing the long-term strategic vision.
This inclusion coincides with a pivotal development phase for Almonty. The company's Q1 2026 financial report shows revenue increased by 221% year-over-year to CAD 25.4 million, benefiting from record-high tungsten prices. The company generated positive operating cash flow of CAD 9.7 million, and adjusted EBITDA was CAD 6.1 million, a significant improvement from a negative CAD 2.4 million in the same period last year. Crucially, the flagship Sangdong Tungsten Mine commenced commercial production in March 2026. This mine is one of the world's largest and highest-grade tungsten deposits and is expected to become a key source for the non-Chinese Western tungsten supply chain upon reaching full capacity.
Russell Indexes are widely used by investment managers and institutional investors as benchmarks for index fund management and active investment strategies. Data as of the end of June 2025 indicates that approximately USD 12.2 trillion in assets are benchmarked to the Russell US Indexes. Analysts suggest this inclusion is likely to attract increased passive fund inflows to Almonty, further solidifying its recognition among institutional investors.
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