Almonty Books a Paper-Profit Quarter as Sangdong Ships Its First Tungsten
Published on 11/15/2026 at 20:31 | Editorial boerse-global.de
Almonty's first tungsten concentrate has left South Korea, but the headline number from the third quarter of 2026 owes more to accounting than to ore. The company reported a net profit of C$50.2 million for the period, a figure that swelled on the back of non-cash revaluations rather than the mine gate.
Stripping those out, adjusted EBITDA for Q3 2026 came in at C$14.6 million. Investors nonetheless took the results in stride: the stock climbed 8.5% on Friday.
Revenue Triples on Tungsten Prices
Quarterly revenue reached C$41.9 million, up 382% from the same period a year earlier. Almonty credited higher tungsten prices as the principal driver of that growth.
Profit grew more slowly than the top line, rising 51% year on year to C$50.2 million. Embedded in that result were C$47.9 million in non-cash net gains from the revaluation of derivative and warrant instruments. Diluted earnings per share came in at C$0.17, a figure shaped by those same mark-to-market adjustments.
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From First Concentrate to Round-the-Clock Shifts
Operationally, Sangdong produced its first concentrate in September. After the quarter closed, a first container of the material was loaded in Busan for overseas shipment.
The ramp-up has since accelerated. According to CEO Lewis Black, the company moved to round-the-clock operations on 1 November, staffing three shifts. That step followed September's initial concentrate output.
Deutsche Rohstoff Takes the Dispute to Court
Alongside the operating update, a legal fight with Deutsche Rohstoff has moved into the open. On Wednesday, Deutsche Rohstoff said it had filed suit against Almonty in Canada, putting its claims at roughly US$67 million.
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Those claims cover rights to 3.5 million shares stemming from a conversion as well as repayment of outstanding promissory notes. They remain allegations by Deutsche Rohstoff; no court finding on the matter has been disclosed. Deutsche Rohstoff also noted that Almonty has filed its own suit against it, and that the two proceedings have been consolidated.
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