Almonty’s Record Quarter Is Just the Opening Act – Sangdong Is the Main Event
Published on 05/17/2026 at 13:02 | Redaktion boerse-global.de
The numbers from Almonty’s first quarter tell one story on paper, but a different one in practice. Revenue surged 221% to 25.4 million Canadian dollars, operating cash flow flipped from negative to positive at 9.7 million, and the balance sheet bulged with 259.9 million in cash. By any measure, the wolfram producer has crossed a fundamental threshold. Yet the stock closed Friday at 24.02 Canadian dollars, down 4.68% on the day and 10.64% for the week. The market, it seems, is already looking past the quarterly print to the real catalyst: the ramp-up at Sangdong.
The adjusted EBITDA turned positive for the first time in recent history, landing at 6.1 million Canadian dollars. Net loss narrowed to 5.3 million, largely from non-cash valuation effects on derivatives and warrants. Working capital stood at 169.5 million. Almonty no longer burns cash; it generates it. That marks a clean break with the developer-era narrative that long weighed on the stock.
What makes the quarter deceptive, however, is how little Sangdong actually contributed. The headline revenue growth came almost entirely from the Panasqueira mine in Portugal. The South Korean flagship only began commercial operations in mid-March, meaning its impact on the first-quarter figures was marginal at best. That changes from the second quarter onward. Almonty plans to bring Phase 1 to full commercial production and then launch Phase 2, targeting a capacity of up to 1.2 million tonnes per year by 2027. The true test of the investment case begins now.
Should investors sell immediately? Or is it worth buying Almonty?
The macro environment could hardly be more supportive. Ammonium paratungstate prices in Rotterdam have rocketed from around 900 US dollars per MTU at the start of 2026 to over 3,200 currently. Supply constraints are tightening: China introduced export licensing in February 2025 and stricter dual-use regulations in January 2026. Demand is being driven by defense, semiconductors, AI applications, and fusion research. The tungsten supercycle is real, and Almonty sits at the center of it.
Analysts remain bullish despite the recent pullback. D.A. Davidson raised its price target to 25.00 US dollars, pointing to a severe deficit in primary tungsten supply. BofA Securities sets a target of 23.00 US dollars. On the revenue side, BofA projects roughly 670 million Canadian dollars for the current year, jumping to 1.32 billion in 2027. The stock may have doubled since January and climbed 545.70% over the past year, but the earnings multiples are still catching up to the new operational reality.
Beyond the numbers, management is making strategic moves to embed Almonty deeper into Western supply chains. The company relocated its headquarters to Dillon, Montana, bringing it closer to North American critical-minerals procurement networks. A new CFO, Jorge Beristain, takes over on June 1, and the annual general meeting follows on June 9 in Toronto. Before that, CEO Lewis Black presents at the virtual IIF investor conference on May 20. The market will be listening for any nuance on the Sangdong ramp-up timeline.
The share price cooling after a parabolic run is hardly surprising. But the 17% monthly decline masks a more nuanced picture: the company has transformed from a developer burning cash into a producer generating free cash flow. The next few quarters will determine whether Sangdong delivers the margin expansion and revenue step-change that the current tungsten boom promises. For now, the foundation is laid. The real work begins now.
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