Almonty’s Cash Flow Flips Positive as Shareholders Prepare to Double Down on Sangdong
Published on 05/26/2026 at 19:21 | Redaktion boerse-global.de
Almonty Industries has entered a pivotal window. The tungsten producer just posted a quarterly operating cash flow of C$9.7 million – a swing from a loss in the same period last year – and will ask shareholders on June 9 to approve a second-phase expansion that would turn its South Korean mine into one of the West’s largest tungsten sources.
The Q1 results, released in mid-May, showed record revenue of $25.4 million, up 221% from a year earlier, driven by higher ammonium paratungstate prices and steady output from the Panasqueira mine in Portugal. The adjusted EBITDA swung to a positive $6.1 million. Net loss narrowed to $5.3 million from $35 million, weighed down by $8.4 million in non-cash derivative revaluation charges. Almonty ended the quarter with $259.9 million in cash and working capital of $169.5 million.
That liquidity backs the ramp-up at Sangdong, where Phase 1 is already processing 640,000 tonnes of ore annually to produce roughly 2,300 tonnes of tungsten concentrate. The Phase 2 vote would double capacity to 1.2 million tonnes and annual output to around 4,600 tonnes – enough to meet about 40% of global tungsten demand outside China.
Geopolitical Tailwinds Bolster the Case
The vote comes as Beijing has effectively frozen APT exports under a new licensing system restricted to just 15 state-owned firms, stymieing free trade. Starting in January 2027, US defense contractors will be barred from using Chinese tungsten altogether. Almonty has already secured long-term offtake agreements with Global Tungsten & Powders and with Tungsten Parts Wyoming, which takes at least 40 tonnes of tungsten oxide per month for rockets, drones, and munitions. The company also benefits from a US import-duty exemption.
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The grade at Sangdong underpins the economics: the average WO? content is 0.51%, roughly three times the global average, with an expected mine life exceeding 45 years.
New CFO Takes Over Just Before the Vote
On June 1, Jorge Beristain stepped in as chief financial officer. He previously headed metals and mining research at Deutsche Bank Securities and will now steer the next phase of commercial expansion. The annual meeting on June 9 in Toronto will also see shareholders vote on the composition of the seven-member board. Proxy ballots must be submitted by June 5.
Almonty is not betting solely on tungsten. A molybdenum project sits just 150 metres from the Sangdong mine, with all mining and environmental permits in hand. Production is slated to begin by the end of 2026, with full annual capacity of around 5,600 tonnes of molybdenum. An exclusive offtake deal with South Korea’s SeAH M&S covers the entire output over the mine’s roughly 60-year life, including a floor price of $19 per pound.
In Montana, the company’s Gentung project is expected to reach the production-ready stage in the second half of this year. Its first phase will produce about 140,000 MTU of tungsten annually, with 90% already under long-term contracts with US defense and technology customers.
Almonty at a turning point? This analysis reveals what investors need to know now.
Stock Climbs as Market Takes Notice
Almonty shares closed at C$26.95 in Toronto, recouping part of a recent pullback. The stock has more than doubled year to date, rising 124% from the start of 2026, though it remains roughly 21% below the all-time high of C$32.07 reached in April. The Q1 operating cash flow milestone and the strategic value of non-Chinese tungsten supply have fuelled investor interest.
The June 9 vote will test whether shareholders are ready to back the next leap in scale. For Almonty, the aim is clear: become the Western world’s backbone of tungsten supply, with a solid cash base, a new CFO, and a geopolitical environment that increasingly favours sourced production.
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