Almonty’s Q1 Cash Flow Breakthrough and New CFO Herald a Producer’s Era
Published on 05/28/2026 at 07:12 | Redaktion boerse-global.de
Almonty Industries is crossing a threshold that few junior miners ever reach. After years of development spending and red ink, the tungsten producer’s operating cash flow has flipped decisively into positive territory — just as a Wall Street veteran steps into the finance chief role to manage the next phase of growth.
The Q1 results land against a backdrop of record metal prices and a looming US defence procurement deadline that effectively mandates western-sourced tungsten from 2027. For Almonty, the timing is a political and operational tailwind that has already driven the stock to a 628.92% gain over twelve months.
Cash flow turns the corner
In the three months to March 31, 2026, revenue jumped 221% to US$25.4 million, propelled by soaring prices for ammonium paratungstate, the benchmark tungsten intermediate. Adjusted EBITDA came in at US$6.1 million — a swing from a loss of US$2.4 million a year earlier. More importantly, operating cash flow reached US$9.7 million, compared with a negative US$4.4 million in the prior-year period.
The net loss narrowed to US$5.3 million from US$34.6 million, mainly because a non-cash charge related to warrant revaluation fell away. That leaves Almonty with a cash pile of US$259.9 million and working capital of US$169.5 million at quarter-end, providing ample runway for both mine ramp-ups and project expansions.
Should investors sell immediately? Or is it worth buying Almonty?
New finance chief from the Street
Effective June 1, 2026, Jorge Beristain becomes chief financial officer. He arrives from Wall Street, where his network among institutional investors is expected to lift the company’s visibility as it shifts from developer to producer. The appointment comes just weeks after Sangdong officially entered Phase 1 on March 17, with commercial production targeted for the third quarter of 2026.
Sangdong sits at the heart of Almonty’s strategy. The South Korean mine is among the largest and highest-grade tungsten deposits globally, with Phase 1 processing 640,000 tonnes of ore per year to yield roughly 2,300 tonnes of tungsten concentrate. Ore grades average 0.51% tungsten trioxide, well above the global mean. When fully ramped, Phase 2 could boost capacity to 1.2 million tonnes annually by 2027, potentially supplying more than 460,000 MTU per year — enough to cover about 40% of tungsten demand outside China.
A regulatory hammer drops in 2027
The most powerful catalyst sits 19 months away. From January 1, 2027, the US Department of Defense’s updated DFARS 252.225-7052 rule will prohibit defence contractors from buying tungsten powder and alloys sourced from China, Russia, Iran or North Korea. Since China controls over 80% of global tungsten output, the rule creates an enforced scarcity for western supply chains.
Almonty’s assets in South Korea, Portugal and Spain fall squarely outside the banned zones. The company has already locked in binding offtake agreements with hard floor prices for tungsten oxide used in US defence applications, giving revenue visibility once production stabilises.
Montana and beyond
In the US, Almonty is advancing the Gentung-Browns Lake project in Montana, which holds a resource of 7.53 million tonnes. First production is scheduled for the second half of 2026, targeting 140,000 MTU of tungsten annually — more than 90% of that volume is already under long-term contract. If delivered on schedule, it would mark the first commercial tungsten mining in the United States in nearly a decade.
Almonty at a turning point? This analysis reveals what investors need to know now.
Europe is also paying attention. The EU is exploring strategic stockpiles for tungsten along with gallium, rare earths, magnesium, graphite and germanium, adding another political layer to demand.
Analyst take: execution is now the test
D.A. Davidson maintains a buy rating with a US$25.00 price target, pointing to Sangdong’s approaching commercial ramp. Alliance Global lifted its target to US$26.25 from US$19.25. Both acknowledge the shares have run hard — the relative strength index sits at 75.0 and annualised monthly volatility is 83.33%. At CAD 28.10, the stock trades 76% above its 200-day moving average and within 12% of its 52-week high of CAD 32.07.
Almonty has the financial means, the political tailwind and the operational milestones in sight. The task now is to turn those prospects into reliable tonnes and positive earnings — quarter after quarter.
Ad
Almonty Stock: New Analysis - 28 May
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
