Almonty Posts Positive EBITDA as It Sharpens Its US Tungsten Strategy
21.05.2026 - 21:41:49 | boerse-global.de
The numbers at Almonty Industries are starting to tell a different story. For the first time in recent memory, the tungsten producer’s adjusted EBITDA swung into positive territory, touching 6.1 million Canadian dollars in the first quarter of 2026. That marks a clear improvement from the 2.4 million-dollar loss a year earlier. Revenue surged 221% to 25.4 million CAD, driven by sharply higher APT spot prices that more than compensated for a temporary dip in output at the Panasqueira mine.
Yet the bottom line still showed red ink. Almonty booked a net loss of 5.3 million CAD, or two cents per share, although that is a stark narrowing from the 34.6 million CAD loss in the prior-year period. Much of the shortfall came from non-cash revaluation charges of 8.4 million CAD, leaving underlying operations on firmer ground. Operating cash flow flipped to positive 9.7 million CAD, compared with a 4.4 million CAD outflow in the first quarter of 2025.
The company is far from idle. Capital expenditure consumed 21.8 million CAD during the quarter, a reflection of its heavy investment in ramping up production. The most advanced project is Sangdong in South Korea, where Phase 1 began commercial mining in December 2025 and the processing plant is now in its ramp-up phase. Once fully operational, Sangdong is expected to supply roughly 40% of the tungsten demand outside China – a politically charged statistic given Beijing’s near-88% stranglehold on global supply.
Should investors sell immediately? Or is it worth buying Almonty?
Shareholders will vote on June 9, 2026 on Phase 2 of the expansion, which would double processing capacity to 1.2 million tonnes per year. The company has said that a positive outcome and favourable market conditions could see the second phase come online as early as 2027. Meanwhile, Almonty is also advancing the Gentung-Browns-Lake project in Montana, targeting production readiness in the second half of 2026 to further anchor its US-focused supply chain.
That pivot to America is accelerating on multiple fronts. The company moved its corporate headquarters from Toronto to Dillon, Montana on April 13, 2026, and CEO Lewis Black highlighted the strategic shift in a keynote address on May 14. Almonty has also hired American Defense International to strengthen its ties with US defence and technology customers, aiming to reduce reliance on Asian sources for the critical mineral. To underline the new direction, a US initial public offering in July 2025 raised roughly 90 million US dollars, followed by a 129.4 million US dollar follow-on offering in December. The cash from those deals helped Almonty build a war chest of 259.9 million CAD as of March 31, slightly down from 268.4 million CAD at year-end but still ample.
A key leadership change rounds out the picture. Jorge Beristain, CFA, takes over as chief financial officer on June 1, 2026, replacing Brian Fox, who left in early May. Beristain brings capital markets and mining experience to a company that is transitioning from developer to large-scale producer. At Panasqueira in Portugal, output fell 14.7% in the first quarter and deliveries dropped 15.5%, but soaring tungsten prices offset the volume decline. The company aims to lift production there to 124,000 MTU per year.
Almonty’s balance sheet remains solid, with total assets of 605.6 million CAD and equity of 356.9 million CAD against long-term debt of 165.3 million CAD. Current liabilities are well covered by working capital of 169.5 million CAD. Management believes available funds will sustain operations for at least 15 months, a key comfort for investors watching the capital-intensive ramp-up. The stock closed at 24.26 Canadian dollars on the Toronto Stock Exchange on Wednesday, up 2.41% and roughly 20% above the quarter-end level of 20.24 CAD, suggesting that the market has already priced in some of the progress. The coming weeks will test whether the company can deliver repeatable results to match those expectations.
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