Almonty's Tungsten Windfall: A 498% Revenue Surge Meets an $800 Million Bet on Sangdong
Published on 08/12/2026 at 13:31 | Redaktion boerse-global.de
The numbers coming out of Almonty Industries' second quarter are the kind that usually accompany a paradigm shift, not a routine earnings report. Revenue hit $43.0 million — a 498% jump from the same period a year earlier — powered by a tungsten price that has gone vertical. The metal fetched $3,075 per MTU in the reporting quarter, more than six times the $453 per MTU Almonty realized in Q2 2025.
That pricing tailwind translated into a net income of $181.8 million, a dramatic swing from the $58.2 million loss posted in the prior-year quarter. The bottom line includes $173.1 million in non-cash gains, so the headline figure flatters the underlying operations. Still, the adjusted EBITDA of $17.6 million — versus a negative $4.8 million a year ago — shows the core business is now firmly in the black, with gross margin at 60.7%. Operating cash flow for the first half reached $31.6 million.
Sangdong's Two-Phase Ambition
The operational story centers on the Sangdong mine in South Korea, which officially commenced operations on July 1, 2026. The facility is now processing stockpiled ore into saleable tungsten concentrate for the first time. Phase 1 is designed to handle 640,000 tonnes of ore annually, with Phase 2 potentially nearly doubling that to 1.2 million tonnes.
To fund that trajectory, Almonty placed a convertible bond due 2031, carrying a 2.25% coupon, that raised $800 million gross. Demand was strong enough that investors exercised the full greenshoe option. The company's cash position stood at $1.2 billion as of June 30.
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The capital raise dovetails with a renegotiated supply agreement with Global Tungsten & Powders, a subsidiary of the Plansee Group. The amended contract, finalized in July 2026, extends the term by six years, increases contracted volumes by 40%, and improves pricing on all volumes by approximately 6.3%. The deal locks in long-term revenue visibility at a moment when tungsten demand is accelerating from defense and electronics end-markets — the metal is critical for armor, munitions, and electronic components.
Market Recognition and a New CFO
Almonty's profile on North American capital markets has risen in tandem with its operational progress. The stock was added to the Russell 1000 and Russell 3000 indices on June 29, 2026, a move that typically drives institutional buying. The company also filed a new shelf registration in August 2026, covering potential future equity issuance and an employee participation plan, signaling management's intent to align its interests with shareholders as it evaluates a tungsten oxide facility in South Korea and project expansions in Montana and Portugal.
The quarter also brought a change in the finance leadership: Jorge Beristain was appointed chief financial officer. Notably, the company delisted from the Toronto Stock Exchange effective July 31, 2026.
The Numbers Behind the Headlines
The earnings release, published August 11, 2026, produced a mixed picture against analyst expectations. Earnings per share of $0.45 crushed the consensus estimate of $0.07, while reported revenue of $31.053 million came in below the $35.038 million analysts had modeled. The discrepancy owes partly to how revenue is recognized, but the year-over-year surge remains the dominant signal for investors.
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Ahead of the results, DA Davidson and Oppenheimer had both raised their price targets on Almonty after tungsten prices had already pierced the $3,200 per MTU level. Following the release, at least one analyst maintains a "Buy" rating with a €33.00 price target.
The picture forming is of a company hitting its stride at precisely the right moment: a booming commodity price, a flagship mine moving into production ramp-up, a fortified balance sheet, and a supply agreement that secures the revenue base. The convertible bond's oversubscription suggests the market sees the same opportunity Almonty's management does — even if the exact timing of Sangdong's full contribution remains the variable to watch.
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