Almonty’s Cash Flow Inflection Points to a Producer’s Payoff as Tungsten Prices Jump 900%
27.05.2026 - 20:01:40 | boerse-global.de
The shift from developer to producer is rarely seamless, but Almonty Industries has made the transition with timing that borders on serendipitous. First-quarter results released in 2026 show the Canadian miner’s operating cash flow swinging from negative US$4.4 million to positive US$9.7 million, a turnaround driven by the first revenues from its flagship Sangdong mine in South Korea.
That mine started phase?1 commissioning on March 17, 2026, and its output is already capturing a tungsten market that has been fundamentally redrawn. Ammonium paratungstate (APT) in Rotterdam now trades at roughly US$3,185 per metric tonne unit, a twelve?month surge of about 900%. The catalyst is a twin force: tightening Chinese export controls and a looming U.S. regulatory deadline that will block Chinese, Russian, Iranian and North Korean tungsten from defense supply chains from January 1, 2027.
Sangdong’s Capacity and Financial Firepower
At full capacity, Sangdong is expected to supply around 40% of the world’s tungsten demand outside China, a claim that carries unusual weight given the scarcity of non?Chinese sources. Almonty’s gross revenue for the first quarter jumped 221% to US$25.4 million, and adjusted EBITDA climbed from negative US$2.4 million to positive US$6.1 million.
The net loss narrowed sharply to US$5.3 million from US$34.6 million a year earlier, though that still reflects non?cash charges of US$6.4 million on embedded derivatives and US$2.0 million on warrant liabilities — both triggered by the stock’s dramatic ascent. As of March 31, the company held US$259.9 million in cash and US$169.5 million in working capital, giving it ample runway to ramp up operations.
Should investors sell immediately? Or is it worth buying Almonty?
A New CFO to Steer the Growth Curve
To manage the next chapter, Almonty appointed Jorge Beristain as chief financial officer effective June 1, 2026. Beristain, a former Wall Street metals and mining analyst and ex?finance executive at Ryerson, replaces Brian Fox. Chief Development Officer Guillaume de Lamaziere served as interim during the transition. The hire signals a push toward sustainable profitability and deeper institutional investor engagement.
The stock has responded in kind. At C$27.82, shares have advanced about 619% over twelve months and more than doubled year?to?date, trading well above the 200?day moving average of C$15.92. The relative strength index of 74.5 suggests the equity is technically overbought in the near term, but the 52?week high of C$32.07 remains roughly 13% away. On May 27, the stock also fetched US$19.77 in New York and €16.93 on Tradegate, reflecting a two?year total return of around 2,500%.
Beyond Sangdong: A Pipeline of Projects and Local Roots
Almonty is not resting on one mine. In Portugal, it is planning to reopen the Los Santos operation, while in Montana the Gentung project is under development. In Canada, the company may benefit from the CMETC tax credit authorized by Bill C?15, which received Royal Assent in March 2026 and grants a 30% tax credit on tungsten exploration.
Almonty at a turning point? This analysis reveals what investors need to know now.
The company’s South Korean subsidiary also demonstrated local engagement after winning the Danjong Culture Festival in Yeongwol, donating the 800,000 Won prize to the Sangdong Community Safety Council to fund meal programs for elderly residents living alone in a town that shrank to roughly 1,000 people after the historic mining downturn.
With the DFARS deadline ticking, western buyers are scrambling for alternatives. Almonty is one of the few producers now delivering.
Ad
Almonty Stock: New Analysis - 27 May
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
