Almonty’s Tungsten Bet Pays Off: Q1 Cash Flow Positive, Stock Soars 733%

Almonty Industries has delivered its first taste of positive operating cash flow, a milestone that sent its shares surging to C$30.27 — just shy of the 52-week high and up 733% over the past year. The company generated $9.7 million in operating cash flow during the first quarter, reversing a cash burn in the same period last year and validating the ramp-up of its flagship Sangdong mine in South Korea.

Revenue more than tripled to $25.4 million, a 221% jump powered by surging spot tungsten prices and a steady performance from the Panasqueira mine in Portugal. Adjusted EBITDA swung to $6.1 million from a negative reading a year earlier, giving management solid numbers to present at today’s BofA Global Metals Conference in Miami and tomorrow’s Critical Minerals Summit in Toronto.

That headline net loss of $5.3 million tells a different story — but one rooted in accounting mechanics rather than operational weakness. The red ink stems entirely from non-cash mark-to-market losses on warrants, whose value rose along with Almonty’s soaring stock price. Investors have largely shrugged off the paper charge, focusing instead on the underlying cash generation and the strategic shift under way.

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The centerpiece of that shift is the Sangdong deposit, one of the largest tungsten reserves globally, which officially entered commercial production in mid-March. Almonty is now driving the first phase toward full capacity while laying groundwork for a second expansion phase that should wrap up in 2027. When complete, the mine’s annual throughput will hit 1.2 million tonnes, cementing Almonty’s role as a non-Chinese tungsten supplier to Western defense and industrial customers.

To reinforce that positioning, the company is moving its headquarters from Toronto to Dillon, Montana — closer to U.S. defense contractors and its own Gentung project. General and administrative costs jumped to $7.1 million in the quarter as the company expanded its management team and hired consultants, but the board expects those expenses to normalize for the rest of the year.

Chief executive Lewis Black has been on a publicity blitz, using the conference circuit to pitch Almonty’s story. In a clever piece of investor relations, he is even raffling off a trip to the Sangdong mine for long-standing Canadian retail shareholders. With $260 million in liquidity and a clear growth path, Almonty is betting that the Western push for critical minerals will keep demand — and its stock — climbing.

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