Almonty’s First Positive Operating Cash Flow Signals End of Development Era as Sangdong Mine Eyes Commercial Output
Published on 05/17/2026 at 16:37 | Redaktion boerse-global.de
The transition from mining developer to producer is never clean, but Almonty Industries has delivered the clearest signal yet that the change is underway. For the first time in recent memory, the tungsten miner generated positive operating cash flow in the first quarter of 2026, while its long-awaited Sangdong project in South Korea officially began production. The dual milestones mark a fundamental shift in how the market should value the company — though the stock’s recent pullback suggests investors are still demanding proof of sustained execution.
Revenue surged 221% to 25.4 million Canadian dollars, up sharply from 7.9 million CAD a year earlier and well ahead of the analyst consensus estimate of 15.44 million CAD. The jump was driven by higher spot tungsten APT prices and consistent output from the Panasqueira mine in Portugal. More telling than the top line was the improvement in cash generation: operational cash flow came in at positive 9.7 million CAD, reversing a 4.4 million CAD outflow in the prior-year quarter. Almonty still posted a net loss of 5.26 million CAD, or 0.02 CAD per share from continuing operations, but the direction of travel is unmistakably improving.
Adjusted EBITDA reached 6.1 million CAD, reflecting the operating leverage now embedded in the business. The balance sheet provides ample runway for the ramp-up ahead: cash and equivalents stood at 259.9 million CAD at the end of March, with working capital of 169.5 million CAD and an equity ratio comfortably above 60%.
Should investors sell immediately? Or is it worth buying Almonty?
The engine of this transformation is Sangdong, one of the world’s largest tungsten deposits outside China. Almonty held a formal commissioning ceremony at the South Korean mine in March 2026, marking the end of the development phase and the start of the transition toward commercial production. Tungsten’s strategic importance — it is critical for defence, industrial tooling, and high-tech applications — gives Sangdong geopolitical weight far beyond its tonnage. A non-Chinese source of the metal is increasingly prized in supply chains that are being reshaped for national security.
That context also explains Almonty’s decision to relocate its corporate headquarters from Toronto to Dillon, Montana. The move positions the company closer to key customers in the US defence and industrial sectors, reinforcing its role as a reliable Western supplier of critical minerals.
Despite the operational progress, the stock has cooled after a blistering rally. Shares closed at 24.02 Canadian dollars on Friday, down 4.68% on the day and roughly 17% lower over the past month. The retreat from an April high reflects profit-taking and heightened sensitivity to any hiccups in the Sangdong ramp-up. Year-to-date, however, the stock is still up 99.67%.
Analysts remain bullish. The consensus rating is buy, with a price target of 23 CAD — a level the current share price has already surpassed. The market’s next focus will be the consistency of ore grades and throughput at Sangdong. If Almonty can stabilise production and keep Panasqueira running reliably, the positive cash flow will gain credibility and the narrative will shift from turnaround story to sustainable growth. Until then, the stock remains vulnerable to further profit-taking as the market waits for the new mine to deliver on its promise.
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Almonty Stock: New Analysis - 17 May
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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