Almonty's Q3: A Tungsten Tailwind, a Stifel Downgrade, and a Canadian Courtroom
Published on 11/14/2026 at 19:20 | Editorial boerse-global.de
Almonty's latest quarterly report lands at an awkward intersection. The tungsten miner posted explosive top-line growth, yet the profit figure rests heavily on accounting marks rather than cash, a sell-side analyst trimmed his price target on cost concerns, and a legal fight with Deutsche Rohstoff is now playing out in Canadian courts. The shares nonetheless climbed 8.5% yesterday.
Revenue for Q3 2026 came in at C$41.9 million, up 382% year over year (reported elsewhere as 381%). Mining operating income reached C$26 million. Net income was C$50.2 million, a 51.2% increase — but C$47.9 million of that stemmed from non-cash gains on the revaluation of derivatives and warrants. In other words, paper gains accounted for the bulk of the headline bottom line. Adjusted EBITDA, a cleaner read on operations, stood at C$14.6 million.
The Price Behind the Numbers
What is driving the top line is tungsten. The European average price for APT in the most recently reported quarter was $2,800 per MTU, a 355% jump from the year-earlier period. That pricing environment has handed Almonty a powerful tailwind — provided the company can convert higher selling prices into operating profit without letting costs eat the difference.
Stifel is watching exactly that tension. The firm cut its price target today, citing higher costs, while keeping its buy rating intact. The combination signals underlying confidence paired with a more cautious valuation. For investors, the pivotal question is whether Almonty can execute its growth plan economically.
Should investors sell immediately? Or is it worth buying Almonty?
Sangdong's Next Chapter
The planned Phase II expansion at Sangdong is designed to nearly double throughput capacity to 1.2 million tonnes per year. According to the CEO, more than 90% of Phase I production is already locked in under contract. That contracted visibility supports the demand side of the story; the expansion adds further potential — if Almonty can run the larger capacity on a sustainable cost structure. Offtake certainty and spending discipline are, in the end, two halves of the same investment case.
Legal Wrangling North of the Border
Running alongside the operational story is a dispute with Deutsche Rohstoff. That company says it has filed suit against Almonty in Canada, pegging its claims at roughly US$67 million. The matters in dispute include claims tied to 3.5 million shares arising from a conversion as well as the repayment of debt.
According to Deutsche Rohstoff, Almonty has filed a related countersuit. The proceedings have been consolidated, and the claims involved are allegations that have not yet been decided by a court.
Almonty at a turning point? This analysis reveals what investors need to know now.
What Has to Hold
The stock's 8.5% gain yesterday reflects enthusiasm, but a durable re-rating will depend on the interplay of three forces: elevated tungsten prices, operating earnings momentum, and controlled expansion costs. Almonty's opportunity lies in pairing a favorable price environment with added capacity. Stifel's cost warning marks the boundary of that outlook wherever rising expenses dilute the earnings contribution of growth. Execution on the economics of the build-out is what matters from here.
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