Almonty’s Q1 Operating Strength: $6.1M EBITDA and $9.7M Cash Flow as Tungsten Prices Lift Revenue
Published on 05/14/2026 at 07:12 | Redaktion boerse-global.de
The tungsten market’s price surge is now ripping through Almonty Industries’ income statement in a way that few commodity stories can match. Revenue more than tripled in the first quarter, operating cash flow swung decisively into positive territory, and the headline net loss – still red at $5.3 million – owes everything to accounting adjustments rather than any weakness in the mine.
Revenue jumped 221% to $25.4 million, powered by a spot price for ammonium paratungstate (APT) that more than trebled between early January and early May. APT went from roughly $862.50 per metric tonne unit to about $3,140 over that stretch, a move that Diamond Equity Research flagged as the clearest evidence of tight supply outside China. The Panasqueira mine in Portugal also delivered stronger production, with mine operating profit surging to 13.0 million Canadian dollars from just 0.8 million a year earlier.
The swing in adjusted EBITDA is the number that Almonty’s management is leaning on most heavily. It came in at $6.1 million compared with a negative $2.4 million in the prior-year period, what chief executive Lewis Black called a “decisive turning point” for the company’s financial trajectory. Operating cash flow followed suit, reaching $9.7 million after a $4.4 million outflow in Q1 2025. That cash generation is particularly significant given that Almonty has historically been viewed as a capital-intensive developer burning through investor funds.
The net loss narrowed sharply from $34.6 million a year ago to $5.3 million, but the residual deficit was driven entirely by non?cash items. Revaluation charges on embedded derivatives and warrant liabilities totalled $8.4 million, triggered by the rise in Almonty’s own share price during the quarter. General and administrative expenses did increase to 7.1 million Canadian dollars from 3.4 million, with the company citing higher salaries, legal fees and shareholder communications costs. Even so, the cash position remains robust: $259.9 million in cash and equivalents and a working capital surplus of $169.5 million.
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Those financial buffers are set to underwrite the next chapter at the Sangdong tungsten mine in South Korea’s Gangwon province. The formal commissioning ceremony was held on 17 March, bringing a deposit back into production after more than three decades of inactivity. Almonty is already planning a second expansion stage that should be completed in 2027, lifting the annual processing capacity to 1.2 million tonnes. For Western supply chains that are increasingly anxious about China’s dominance of critical minerals, Sangdong is emerging as a strategic asset rather than just another mine.
The corporate relocation announced after the quarter’s close underlines that shift. Almonty is moving its head office from Toronto to Dillon, Montana, a decision designed to align the company more closely with American industrial and defence customers. CEO Lewis Black has been making the rounds this week, presenting at BofA Securities’ Global Metals, Mining & Steel Conference and speaking at the Critical Minerals Forum on Thursday.
Analysts have taken note. Alliance Global lifted its price target to $26.25 from $19.25 on 13 May, and D.A. Davidson reiterated its buy rating the same day. Diamond Equity Research, in a report paid for by the issuer, calculated an illustrative valuation of $31.80 per share, though it cautioned that this depends on successful execution of the company’s plans.
Almonty at a turning point? This analysis reveals what investors need to know now.
The market has already priced in much of the optimism. Almonty’s stock closed at 26.74 Canadian dollars on Wednesday, a 122.28% gain since the start of the year despite a pullback of 10.81% over the past 30 days. The real test now is whether Sangdong can start churning out cash in a commercially meaningful way and whether the company can sustain this operating momentum even if the tungsten price rally loses steam.
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