Almonty's Korean Milestone Turns a Decade of Red Ink Into Its First Quarterly Profit
Published on 08/16/2026 at 08:20 | Redaktion boerse-global.de
The tungsten producer that spent years burning through development capital has finally flipped the switch. Almonty Industries posted its maiden quarterly profit in the three months to June 30, 2026, propelled by the commercial ramp-up of its Sangdong mine in South Korea — a facility that has been running at full tilt since July 1.
Revenue surged 498% year-over-year to $43 million, while adjusted EBITDA swung from a negative $4.8 million in the prior-year quarter to a positive $17.6 million. The bottom line tells an even starker story: a net loss of $58.2 million a year ago has become net income of $181.8 million. Record tungsten prices, which have made the strategic metal a focal point for Western buyers seeking alternatives to Chinese suppliers, provided the tailwind.
The market's initial reaction was muted relative to the scale of the turnaround. Shares closed Friday at $15.07 on the Nasdaq, up 7.6% from the session's low, though trading volume of 1.41 million shares ran well below the recent average of 7.54 million. Over the past week the stock has gained ground, yet it still sits roughly 22% below where it traded three months ago — a reminder that the recovery has been uneven.
A Billion-Dollar War Chest and a New Anchor Investor
The earnings release on August 11 landed alongside a piece of corporate news that reshapes the company's financial runway. Almonty closed an oversubscribed $800 million convertible bond offering, carrying a 2.25% coupon and maturing in 2031, with investors also exercising the full overallotment option. Cash on hand ballooned to C$1.2 billion as of June 30, compared with $268.4 million at the end of December 2025.
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Institutional backing has followed the momentum. FMR LLC, the Fidelity arm, disclosed an 11.1% stake — roughly 31.8 million shares — timed with the capital raise. The company has also locked in a longer and larger offtake agreement with Global Tungsten & Powders LLC, giving it visibility on the sales side as production scales.
That war chest comes with strings attached. Should the convertible notes ultimately convert into equity, existing shareholders face dilution. If they don't convert, the company carries recurring interest obligations. Management has outlined plans for the capital: optimizing the first phase of Sangdong, potentially funding a second phase, and advancing a neighboring molybdenum project.
Streamlining the Listing Structure
Almonty is also consolidating its public market footprint. Shares were delisted from the Toronto Stock Exchange at the close of trading on July 31, 2026, and the Australian Securities Exchange has approved a withdrawal effective September 1, 2026. The Nasdaq becomes the company's sole listing — a move designed to cut regulatory overhead and deepen liquidity among U.S. investors, complementing its inclusion in the Russell 1000 and Russell 3000 indices earlier this summer.
In August, the company also filed for a shelf registration program that would permit the issuance of new common shares worth approximately $246.79 million, including a component for employee equity plans. That flexibility is earmarked for the Sangdong ramp-up and adjacent growth projects.
Sangdong's Trajectory and the Road Ahead
The Korean mine sits at the heart of the growth narrative. Phase I remains in commissioning and ramp-up, targeting roughly 640,000 tonnes of ore per year at full capacity. A second, already-approved expansion stage could eventually lift that to as much as 1.2 million tonnes.
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The company's broader portfolio — existing operations in Portugal plus projects in the United States and Spain — positions it squarely within the Western push for secure supply chains in strategic minerals. Tungsten's role in defense and advanced technology applications has only sharpened that demand.
For the week beginning August 17, investors will be watching whether Friday's breakout holds on sustained volume, how quickly Sangdong's recovery rates and throughput improve, and whether the delisting timetable from Toronto and Sydney proceeds without hiccups. The $13 level that emerged as support during the recent rally could offer the next technical test as Almonty transitions from speculative explorer to producer with a track record. The key question now is how efficiently the enlarged balance sheet converts into stable production volumes and margins.
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