Almonty's Sangdong Mine Delivers $9.7M in Operating Cash Flow as US Tungsten Import Ban Reshapes Supply Calculus

Almonty Industries has crossed a financial milestone that changes the narrative around the Canadian tungsten developer. For the first time in years, the company generated positive operating cash flow – $9.7 million in the first quarter, against a shortfall of $4.4 million a year earlier. The trigger lies in South Korea: the Sangdong mine, formally commissioned on March 17, is now feeding cash into the business rather than draining it.

That operational shift comes at a moment when Washington is redrawing the tungsten supply map. Starting January 1, 2027, the United States will ban imports of tungsten from China and Russia for defence applications. Almonty is positioning itself as the chief alternative: once Sangdong reaches full capacity, it is expected to supply more than 80% of the world’s tungsten production outside China. The timing could hardly be more deliberate.

Revenue in the first quarter jumped 221% to $25.4 million, driven by a sharply higher spot price for tungsten and steady production from the Panasqueira mine in Portugal. Adjusted EBITDA turned positive at $6.1 million, compared with a $2.4 million loss in the prior-year period. The net loss shrank to $5.3 million from $34.6 million, helped by $8.4 million in non-cash revaluation charges. On a per-share basis, the loss improved to C$0.02 from C$0.13. Almonty ended the quarter with $259.9 million in cash, giving it ample runway for the ramp-up ahead.

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Sangdong is the centrepiece of the strategy, but the company is also building out its institutional infrastructure. General and administrative expenses rose to $7.1 million in the quarter as Almonty added staff and bore the costs of listing on four international exchanges. The corporate domicile is shifting to Dillon, Montana, a move that aligns with the growing focus on North American critical-minerals supply chains. On June 1, Jorge Beristain takes over as chief financial officer from Brian Fox, a hire meant to steer the financial foundation just as Sangdong enters its revenue phase.

CEO Lewis Black is taking that message on the road. On May 13 he presents at the BofA Securities Global Metals Conference in Miami, focusing on tungsten’s role in US defence readiness. The following day he speaks at the Critical Minerals Forum in Toronto, where the conversation will centre on supply-chain reordering and the industry’s skills shortage. In an unusual outreach move, Almonty is also running a contest that lets long-time Canadian shareholders win a trip to the Sangdong mine.

The market has enthusiastically repriced the stock. Shares in Toronto closed at C$29.81 on Tuesday, bringing the twelve-month gain to roughly 760%. Texas Capital initiated coverage with a Buy rating and a $25 US target, citing further project progress and elevated tungsten prices as catalysts. The next test for the equity will be whether the positive EBITDA trajectory can be sustained as Sangdong scales – and whether the Pentagon’s looming ban accelerates the timeline for western buyers to lock in supply.

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