Almonty's Korean Catalyst Arrives: Tungsten Miner Posts 498% Revenue Surge as Sangdong Starts Processing
Published on 08/14/2026 at 21:02 | Redaktion boerse-global.de
The long development phase is officially over for Almonty Industries. When the company's Sangdong processing plant in South Korea began throughput operations on July 1, 2026, it marked more than just a milestone for a single mine — it signaled the end of an era where the tungsten producer's story was built on promises rather than production.
The timing couldn't have been better. Tungsten prices have been on a historic tear, and Almonty's second-quarter results, released August 11, captured the full force of that rally.
The Numbers Behind the Turnaround
Revenue for Q2 2026 came in at C$43.0 million, a 498% jump from the C$7.2 million posted in the same period last year. Adjusted EBITDA swung from a loss of C$4.8 million to a profit of C$17.6 million. The engine behind that transformation: European APT prices averaging roughly US$3,075 per metric tonne unit in the quarter, up from US$453 a year earlier — a nearly sevenfold increase.
The headline net income figure of C$181.8 million, or C$0.62 per diluted share, requires some unpacking. The vast majority — C$173.1 million — came from non-cash gains tied to the revaluation of derivatives and warrants. The company was quick to note these accounting effects had no bearing on operations or liquidity. For context, Q1 2026 still showed a net loss of C$5.3 million, though that was a marked improvement from the C$34.6 million loss in the year-ago quarter, helped by the absence of a C$25.8 million warrant-liability revaluation charge.
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Sangdong Comes Online
Panasqueira, the company's Portuguese mine, carried the quarter operationally. But the real narrative shift is happening in South Korea's Gangwon province, where Sangdong's Phase I concentrator is now processing ore at a design capacity of roughly 640,000 tonnes annually. A previously approved Phase II could eventually double that to 1.2 million tonnes per year.
The first meaningful revenue contributions from Sangdong are expected to show up in the Q3 2026 report — the moment of truth for whether the production start can live up to the elevated expectations baked into the stock.
A Fortified Balance Sheet
Almonty's liquidity position has undergone its own transformation. The company ended June 30, 2026, with C$1.23 billion in cash and equivalents, up from C$268.4 million at the end of 2025. The bulk of that increase came from an oversubscribed US$800 million convertible bond offering carrying a 2.25% coupon. Operating cash flow for the first half came in at C$31.6 million, reversing a C$14.9 million outflow in the prior-year period.
That war chest comes with a caveat that analysts have been quick to flag. Should bondholders convert their notes into equity, dilution looms. If they don't, interest payments continue to weigh on the income statement. Investors are left to weigh the operational momentum in Sangdong against that overhang.
Streamlining the Listing Structure
On the corporate front, Almonty is consolidating its public market footprint. The company voluntarily delisted from the Toronto Stock Exchange at the close of trading on July 31, 2026. Its ASX listing is also winding down — formal approval has been granted, with the delisting effective September 1, 2026, and trading in CHESS Depositary Interests set to be suspended after August 28.
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That leaves two venues: Nasdaq under the ticker ALM and Frankfurt under ALI1. Management's rationale is straightforward — lower administrative costs and sharper investor focus on the primary markets. The June 2026 inclusion in the Russell 1000 and Russell 3000 indices has already bolstered institutional visibility.
Contract Certainty
Almonty also locked in more certainty on the offtake side. On July 14, 2026, the company amended its long-term supply agreement with Global Tungsten & Powders, a member of the Plansee Group. The contract term extends by six years, total volume rises 40%, and pricing on all committed tonnage improves by roughly 6.3%.
The stock initially jumped 8.3% on the earnings release, though the gains have partially faded since. Over a three-month horizon, the shares remain down about 22% — a reminder that the recent strength has only clawed back a portion of earlier losses. The market's verdict on Almonty's next chapter will hinge on whether Sangdong's ramp-up can deliver the kind of operating results that justify the current valuation, dilution risk notwithstanding.
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