Almonty Heads to Miami Armed with Positive Cash Flow as Tungsten Narrative Strengthens

This week, Lewis Black is taking Almonty Industries’ story on the road — and for the first time in years, the numbers back him up. The chief executive will address investors at two mineral conferences in Miami, but the strongest selling point may already be in the rearview mirror: the Sangdong mine in South Korea has flipped the company’s operating cash flow into positive territory.

Almonty reported operating cash flow of $9.7 million for the first quarter of 2026, a swing from negative $4.4 million a year earlier. Revenue surged 221% to $25.4 million, fuelled by the formal commissioning of Sangdong on March 17. Adjusted EBITDA also turned positive at $6.1 million, compared with a loss of $2.4 million in the prior-year period. The net loss narrowed dramatically to $5.3 million, or C$0.02 per share, from a loss of $34.6 million a year ago — a figure that had been inflated by a non-cash warrant revaluation.

Black takes this track record to the BofA Securities Global Metals, Mining & Steel Conference in Miami on Wednesday, May 13, where he will hold one-on-one investor meetings and join a panel discussion on tungsten. The following day he delivers a keynote at the Critical Minerals Forum titled “No Team, No Tungsten, No Time: The Mining Human Capital Crisis.” A separate appearance at the Critical Minerals Institute Summit in Toronto is also on his schedule.

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

The mine at the heart of all this attention is designed to process 640,000 tonnes of ore annually, yielding roughly 2,300 tonnes of tungsten concentrate. The project’s strategic importance has only grown with the announcement that the United States will ban tungsten imports for defence purposes from China, Russia, Iran and North Korea starting January 1, 2027. Almonty is positioning Sangdong as a key link in a tungsten supply chain less dependent on Beijing.

Investors have already priced in much of the optimism. The stock closed at C$28.62 in Toronto on the day of the earnings release, a gain of 6.47%, before easing to C$28.14 by Tuesday. That still leaves the shares up 134% year-to-date and roughly 590% over the past twelve months. The 52-week high of C$32.07 is only about 12% above the current level. Texas Capital initiated coverage with a Buy rating and a $25 price target, citing further project progress and elevated tungsten prices.

Almonty is also reshaping its corporate structure to match its ambitions. The company has appointed Jorge Beristain as chief financial officer and is moving its headquarters to Dillon, Montana — a shift that aligns with the growing focus on North American critical minerals policy. To cultivate long-term loyalty, Almonty is running a contest offering eligible Canadian shareholders who have held their stock for at least three years a trip to the Sangdong mine. Applications close at the end of May.

The company ended the first quarter with $259.9 million in cash, providing ample runway for the ramp-up. But the market’s patience for promises has worn thin after a near-eightfold rise in the share price over one year. The next test is not another conference appearance — it is whether Sangdong can sustain the early momentum in revenue and cash flow, turning a positive surprise into a consistent trend.

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