Almonty's Tungsten Windfall: A Record Quarter With a Caveat
Published on 08/15/2026 at 14:31 | Redaktion boerse-global.de
The numbers landing on Almonty Industries' second-quarter statement are the kind that usually trigger a double-take. Revenue of 43.0 million Canadian dollars against a year-earlier 7.2 million — a 498 percent surge — and a net profit of 181.8 million Canadian dollars that flips a 58.2 million loss into the rearview mirror. The engine behind that acceleration is unmistakable: the European ammonium paratungstate (APT) price, which climbed to roughly 3,075 US dollars per MTU during the quarter, up from 453 dollars a year ago.
Yet the headline profit figure deserves a closer read. Management itself flags that 173.1 million Canadian dollars of that gain is non-cash, stemming from fair-value adjustments on derivatives and warrants. Strip those out and the operating picture, while healthier, is less dramatic: adjusted EBITDA reached 17.6 million Canadian dollars, reversing a 4.8 million loss in the prior-year period. The earnings per diluted share came in at 0.62 Canadian dollars.
A Balance Sheet Rebuilt for Expansion
What happened off the income statement may matter just as much. In June, Almonty closed an oversubscribed convertible bond offering of 800 million US dollars, carrying a 2.25 percent coupon and maturing in 2031. That pushed cash holdings from 268.4 million Canadian dollars at the end of 2025 to approximately 1.23 billion Canadian dollars by June 30. The war chest gives the company room to run two major projects simultaneously: the Phase II expansion at its Sangdong mine in South Korea and the development of the Gentung tungsten project in Montana.
The liquidity also allowed Almonty to retire its KfW loan in full after the quarter closed. The company's inclusion in the Russell 1000 and Russell 3000 indices on June 29 adds another layer of institutional visibility, a factor that likely contributed to the stock's late-week advance — shares gained between 6.9 and 8.9 percent on Friday, closing the week in a 14.81 to 15.09 US dollar range.
Should investors sell immediately? Or is it worth buying Almonty?
A Renewed Supply Agreement
July brought a significant extension to Almonty's offtake contract with Global Tungsten & Powders LLC (GTP). The revised terms stretch the agreement's duration by six years, boost contracted volumes by 40 percent, and improve pricing by approximately 6.3 percent. For a company positioning itself squarely at the intersection of tungsten supply and US defense and industrial demand, the deal locks in revenue visibility that extends well beyond the current price cycle.
Corporate Housekeeping and the Road Ahead
Almonty has been tidying up its corporate structure alongside its operational ramp-up. Headquarters moved from Toronto to Dillon, Montana, a process that began in April 2026 and is now complete — a relocation designed to deepen ties with US defense agencies and industrial partners as Gentung progresses. Jorge Beristain, formerly head of metals and mining research at Deutsche Bank, stepped in as chief financial officer on June 1, tasked with shepherding global production scaling.
The listing footprint is also shrinking. After voluntarily delisting from the Toronto exchange on July 31, Almonty will exit the Australian Securities Exchange on September 1. Trading will concentrate on the Nasdaq under the ticker ALM and in Frankfurt under ALI1.
Almonty at a turning point? This analysis reveals what investors need to know now.
The second-quarter results, it's worth remembering, still reflect output predominantly from the Panasqueira mine in Portugal. Sangdong only transitioned to revenue-generating operations at the start of July, meaning its first meaningful contribution will show up in the third-quarter numbers. That's when the market gets its clearest read yet on whether the new capacity can sustain the momentum. The stock currently trades slightly below its 50-day average of 15.17 dollars and its 200-day average of 16.82 dollars, while analysts maintain a consensus "buy" rating with a target price near 27 US dollars — roughly double the current level. The 52-week range, from 3.97 to 24.41 dollars, underscores just how much ground the shares have already covered.
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