Almonty's Record Revenue and Cash Flow Turnaround Fail to Impress the Market as Tungsten Rally Hits a Speed Bump
Published on 05/16/2026 at 15:56 | Redaktion boerse-global.de
Almonty Industries delivered a blockbuster first quarter — revenues more than doubled, cash flow swung positive, and a new chief financial officer with deep capital markets experience was brought aboard. Yet the market responded with a shrug, sending the shares lower as profit-taking kicked in after a blistering run.
The tungsten producer reported revenue of $25.4 million for the three months ended March 2026, a 221% surge driven by record spot prices for the strategic metal. APT (ammonium paratungstate) in Rotterdam rocketed from roughly $900 per tonne earlier this year to above $3,000, while the company's Panasqueira mine in Portugal churned out steady production. Operating cash flow turned positive at $9.7 million, a milestone that underscores the transition from development to self-funding.
Despite the operational progress, the stock ended Friday's session at C$24.14 on the Toronto Stock Exchange, a drop of 4.21% on the day and a 10.19% slide for the week. That pulled the shares below their 50-day moving average of C$26.27, a technical retreat from a rally that still leaves the stock up 100.67% year-to-date and an eye-popping 548.92% over the past 12 months. Analysts had pencilled in a higher net profit, but the final number came in at a loss of $5.3 million — an improvement from a much wider deficit a year ago, yet still short of lofty expectations.
A Seasoned Hand Takes the Finance Reins
In a sign that Almonty is gearing up for an aggressive growth phase, the company announced the appointment of Jorge Beristain as CFO effective June 1, 2026. Beristain previously led the metals and mining research team for the Americas at Deutsche Bank Securities and most recently served at Ryerson Holding, a publicly traded metals service group where he helped engineer a significant increase in market value. He replaces Brian Fox, who left with immediate effect; development chief Guillaume de Lamaziere will serve as interim CFO until Beristain arrives.
Should investors sell immediately? Or is it worth buying Almonty?
The timing is sensitive. Almonty is racing to cement its position in Western tungsten supply chains as geopolitical tensions shift sourcing away from China. Financial discipline is critical when capital-intensive mine expansions are underway, and investors will watch whether Beristain can help the company navigate that delicate balance.
CEO Warns: It’s Not the Ore, It’s the People
Beyond the financials, CEO Lewis Black used the Critical Minerals Forum in Toronto to flag a less obvious but potentially crippling risk: a severe shortage of skilled mining labor. “The geopolitical realignment of supply chains is failing not because of a lack of raw materials, but because we don’t have qualified people to extract them,” Black warned. Without a trained workforce, he argued, Western industrial and defense sectors remain vulnerable to supply disruption — even if the commodity itself is available.
That warning adds a strategic dimension to Almonty’s plans. The company now houses its corporate headquarters in Montana, signaling a deliberate pivot toward the U.S. defense market, where tungsten is essential for armor-piercing munitions and other military applications.
Analysts Raise Targets, But the Stock Sells Off
Wall Street has taken note of the improving fundamentals. Alliance Global lifted its price target to C$26.25 from C$19.25, Bank of America bumped its target to C$23, and D.A. Davidson reiterated a buy rating. The upgrades came after adjusted EBITDA reached $6.1 million for the quarter, a sharp reversal from prior periods.
Almonty at a turning point? This analysis reveals what investors need to know now.
Yet the market moved in the opposite direction. The sell-off appears to be classic profit-taking after a parabolic ascent, but the 10% weekly decline has wiped away some of the euphoria. The company still sits on a hefty cash pile of C$259.9 million (roughly $260 million), funds that are being plowed into ramping up the Sangdong mine in South Korea and advancing the Gentung project in the United States.
What’s Next: Sangdong Expansion and Investor Conference
The next major catalyst is the IIF investor conference on May 20, where management is expected to provide more details on the U.S. expansion strategy. Meanwhile, Sangdong’s first phase is approaching full capacity, with the longer-term goal of processing around 1.2 million tonnes of ore annually. With tungsten prices at historic highs and a new CFO in place to manage the financial lift, Almonty has the pieces in place — but for now, the market is taking a breather.
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