Almonty Flips to Positive Cash Flow and Secures Russell Entry as Tungsten Mine Ramp-Up Gathers Speed
04.06.2026 - 10:12:01 | boerse-global.de
Almonty Industries is no longer a story of promise alone. The tungsten producer’s Sangdong mine in South Korea has shifted from development to commercial output, and the numbers are starting to reflect it. The company posted its first positive adjusted EBITDA in the first quarter of fiscal 2026, alongside a 221 percent revenue surge to 25.4 million Canadian dollars. Operating cash flow came in at 9.7 million CAD, while cash on hand climbed to roughly 260 million CAD. A year ago, the same quarter showed an EBITDA loss of 2.4 million CAD. The turnaround is emphatic.
The mine, one of the largest tungsten deposits outside China, is the engine behind the shift. A critical data-collection phase is underway at Sangdong and is expected to wrap up in June 2026, with Phase 1 set to hit full capacity in July. Management is already planning Phase 2, which would double output, targeting 2027 for that expansion. Meanwhile, drilling for the L4 extension at the Panasqueira mine in Portugal continues, with first production penciled in for spring 2027.
The operational progress is landing at a favorable moment in the tungsten market. Ammonium paratungstate (APT), the key tungsten intermediate, has surged from 920 US dollars per metric ton unit at the start of the year to 3,040 US dollars recently. That price tailwind has helped Almonty buck a broader selloff in base metals — while names like Chalco and Tianshan Aluminum lost more than five percent in early June, and IperionX dropped ten percent after a feasibility study, Almonty’s stock has advanced 133 percent year-to-date to around 28 Canadian dollars. On European exchanges the shares traded at 17.24 euros on June 3.
Should investors sell immediately? Or is it worth buying Almonty?
The next catalyst is institutional. Almonty will join the Russell 1000 and Russell 3000 indices on June 29, forcing index-tracking ETFs to add the stock to their portfolios. The timing aligns with the company’s recent relocation of its corporate headquarters to Dillon, Montana — a move designed to sharpen its appeal to North American institutional investors. Cantor Fitzgerald maintains a target of 36 Canadian dollars, citing the mine ramp-up and Almonty’s strategic role as a western tungsten supplier. Oppenheimer raised its price target to 25 US dollars and sees full-year earnings of 0.30 US dollars per share.
The path ahead still has risk: Phase 2 is unproven, and the company must sustain Sangdong’s ramp without hiccups. But for the first time in years, Almonty is producing both metal and cash flow — and the Russell entry ensures a new wave of buyers are about to take notice.
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