Almonty's Buyback and Its Q3 Profit Both Hinge on the Same Question: Can Sangdong Deliver?
Published on 11/13/2026 at 07:51 | Editorial boerse-global.de
Almonty's third-quarter report, released after the close yesterday, offers two very different ways to judge the tungsten producer — and neither one leads where a casual reader might expect. The headline number is a C$50.235 million net profit. The more instructive figure may be the C$14.586 million in adjusted EBITDA sitting beside it. And the most consequential decision in the filing has nothing to do with the income statement at all.
Consider the capital allocation first. During the third quarter of 2026, Almonty repurchased and cancelled 2,914,739 shares at a weighted average price of US$16.58 apiece, with further buybacks following the quarter's end. The program's ceiling runs to as many as 14.4 million shares and US$300 million over 36 months. That is a concrete choice about where cash goes, and its merit depends on whether the company keeps enough financial room to fund its production build-out at the same time.
A Profit That Needs a Second Look
Revenue for the quarter came in at C$41.889 million. The net profit of C$50.235 million, however, includes C$47.9 million in non-cash gains from the revaluation of derivatives and warrants, according to the company. Strip that out and the picture changes materially — which is why the adjusted EBITDA figure deserves at least as much weight as the bottom line. For a stock with a strategic raw-materials story attached, the largest number on the page is not automatically the most important one.
The shares fell 6.2% yesterday. Judging the buyback requires a longer yardstick than a single session: repurchases speak in the company's favor provided the remaining funds can carry operational progress forward. Buybacks and the production ramp-up therefore belong in the same assessment rather than separate ones.
Should investors sell immediately? Or is it worth buying Almonty?
From First Concentrate to First Container
At Sangdong, Almonty produced tungsten concentrate for the first time in September. After the quarter closed, the first container for an overseas shipment was loaded in Busan. The long-term offtake agreement covers more than 90% of Phase I output, according to company statements.
That contract is the larger economic thread here. A production project has to travel the whole road from first material to dependable delivery for its customers, and the agreement gives Almonty a foundation for that journey — provided the company can actually supply the committed volumes. Production and loading are tangible steps along the way.
For investors, the test has shifted accordingly. What matters now is the link between operational execution and capital deployment. The buybacks should be measured above all against how well Almonty manages the parallel transition to regular shipments.
Liquidity as the Enabling Condition
As of September 30, 2026, Almonty reported cash of C$1.15 billion. That liquidity argues for financial flexibility, so long as the funds can support both the continuing production ramp and the buyback policy the company has chosen.
Almonty at a turning point? This analysis reveals what investors need to know now.
CEO Lewis Black framed the wider context in his newsletter of November 8, addressing progress on the Sangdong commissioning, the Gentung project in Montana, and Western tungsten supply chains. That places the company's projects in a frame that reaches beyond any single quarterly report. The tension worth watching is this: Almonty pairs a strategic supply-chain narrative with concrete projects and an already-reported adjusted earnings figure. The combination works in the company's favor only if further execution strengthens the economic viability of those projects. A supply-chain story earns its value through operational results.
What the Next Reports Must Show
The yardstick for coming filings is straightforward: revenue and adjusted earnings trends, alongside confirmed project milestones. The quarterly report sets a starting point, not a verdict. Anyone assessing Almonty should hold two levels together — the execution of its tungsten projects and the quality of the earnings those projects generate. The convincing case rests on a durable connection between the two.
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