Almonty starts Phase II after first tungsten output: what it means for Almonty Industries stock

Published on 10/01/2026 at 14:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue rose 498 percent to CAD 43.0 million. Almonty Industries stock costs EUR 11.61 on October 1, 2026 after EUR 11.69.

Tagebau-Mine mit gestuften Felswänden und schweren Muldenkippern im Tageslicht — Almonty Industries Inc betreibt Wolfram-Tagebau CA0203987072 mit Stufenwänden und Muldenkippern im Tageslicht, Illustration mit AI erstellt.

Almonty Industries (ISIN CA0203987072) was trading at EUR 11.61 at Lang & Schwarz on October 1, 2026 at 2:33 p.m. CEST, down 0.68 percent from the EUR 11.69 prior close. On September 29, 2026, Business Wire reported that Almonty had produced its first bags of tungsten concentrate at Sangdong and had officially moved Phase II underground development forward.

Production enters its next phase

The milestone follows Almonty's first tungsten production at Sangdong since 1993, announced on September 23, 2026 in an Almonty Industries release. The company said the mill was running 13 hours per day and seven days per week, with a planned increase to 24 hours per day and seven days per week.

Business Wire said Phase II is expected to be completed in 2027, with capacity planned to reach up to 1.2 million tonnes per year and potential output above 460,000 MTU annually. That makes the operational ramp, rather than the mine's construction story, the central execution test for the stock.

Revenue shows the financial shift

Almonty's second-quarter 2026 revenue rose 498 percent year over year to CAD 43.0 million, while income from mining operations reached CAD 26.1 million. InvestorNews reported adjusted EBITDA of CAD 17.6 million, compared with a negative CAD 4.8 million in the second quarter of 2025, and a gross margin of 60.7 percent.

Reported net income reached CAD 181.8 million in the second quarter of 2026, but CAD 173.1 million came from non-cash revaluation gains on derivative and warrant instruments, according to InvestorNews. The comparison therefore favors operating revenue and adjusted EBITDA as cleaner measures of the production transition than headline net income.

Analyst targets remain divided

MarketBeat reported on September 26, 2026 that eight analysts held a Moderate Buy consensus, including five Buy ratings, one Strong Buy and two Holds, with an average 12-month target of USD 24.21. The range from Goldman Sachs at USD 13.00 to DA Davidson at USD 33.00 shows how sharply the valuation debate depends on production execution and tungsten pricing.

Euro quote stays below prior close

Almonty Industries stock was trading at EUR 11.61 at Lang & Schwarz on October 1, 2026 at 2:33 p.m. CEST, down 0.68 percent versus the EUR 11.69 prior close from September 30, 2026. The primary listing is NASDAQ in USD, where the finance quote showed a 52-week range of USD 5.43 to USD 24.41 and a market capitalization of USD 3.7 billion as of September 30, 2026.

The further course of trading is shown by the continuously updated real-time quote of Almonty Industries stock.