Almonty Ships Its First Tungsten Container — and Stifel Trims the Price Target Anyway
Published on 11/14/2026 at 20:50 | Editorial boerse-global.de
Almonty Industries has crossed a line that matters more than any single quarter: tungsten concentrate from its Sangdong mine is no longer just being produced, it is being sent to a customer. The company loaded its first export container in Busan after the quarter closed, a milestone it disclosed alongside its third-quarter results on Thursday. Investors responded by pushing the shares up 8.5% the following session.
The shipment gives the ramp-up a commercial edge. Until now, the story was about whether Sangdong could make concentrate at all; from here, the question shifts to whether Almonty can turn that output into repeatable deliveries. Management confirmed the mine produced its first tungsten concentrate in September.
Revenue Takes Off as Tungsten Prices Surge
The economics behind the quarter were powered by a tungsten market that has turned sharply in producers' favour. European APT averaged $2,800 per MTU in the most recently reported quarter, up 355% year on year. That tailwind lifted Almonty's revenue to C$41.889 million in Q3 2026, a gain of 382% from the prior-year period.
Operating profit from the mining business came in at C$26 million, while adjusted EBITDA reached C$14.586 million. The combination of top-line growth and a positive adjusted operating result points to genuine operational traction — the kind that carries weight for valuation only if Sangdong can sustain it at the earnings level.
Should investors sell immediately? Or is it worth buying Almonty?
A C$50 Million Bottom Line With a Paper Cushion
Net profit totalled C$50.235 million, up 51.2% year on year. Strip out the accounting and the picture changes: the figure included non-cash revaluation gains of C$47.9 million, according to the company. That makes the operating line the more meaningful yardstick for anyone weighing whether earnings can hold up in the next phase. Revenue, costs and adjusted operating profit need to be read together.
Stifel's move on Friday fits that framework. The broker cut its price target to $18 from $21 while keeping its buy rating, citing quarterly revenue that fell short of its estimate as well as cost pressures. The combination is telling: conviction in the investment case survived, but the valuation bar came down.
Phase II and the Cost Question
Cost discipline now sits at the centre of the equity story. The planned Phase II expansion at Sangdong is designed to nearly double throughput capacity to 1.2 million tonnes a year. More than 90% of Phase I production is already contractually committed, according to the CEO — a signal on the demand side that stands alongside the expansion's potential, provided Almonty can run the larger capacity on a workable cost base.
Almonty at a turning point? This analysis reveals what investors need to know now.
A Canadian Courtroom in the Background
The legal dispute with Deutsche Rohstoff belongs in the same valuation picture. The company said on Wednesday it is asserting claims of roughly $67 million against Almonty in Canada. By its account, Almonty has also filed suit, and the two proceedings have been consolidated.
So operational progress and a financially significant fight sit side by side. The first container makes the route to customer revenue more tangible; what would make it convincing is further shipments accompanied by solid operating results. That is the test by which the post-rally optimism should be measured.
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Almonty Stock: New Analysis - 14 November
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
