Almonty's Montana Move: A $1.23 Billion Bet on Breaking China's Tungsten Grip
Published on 08/14/2026 at 14:51 | Redaktion boerse-global.de
The numbers landing on investors' desks this week tell two very different stories about the same company. Almonty Industries booked a net profit of $181.8 million for the June quarter — a swing of nearly $240 million from the $58.2 million loss it posted a year earlier. Yet the headline figure flatters to deceive: roughly $173.1 million of that gain came from non-cash revaluations of derivatives and warrants, leaving the adjusted EBITDA of $17.6 million as the truer measure of what the Sangdong mine in South Korea is actually contributing during its ramp-up.
That operational heartbeat is quickening, though. Revenue for the three months to end-June reached $43 million, up 498 percent from $7.2 million in the same period of the prior year, propelled by a record European APT average price of $3,075 per MTU. The previous year's quarter had delivered a negative adjusted EBITDA of $4.8 million; this time around, the figure was solidly positive.
A Balance Sheet Transformed in Six Months
The more consequential shift, however, has happened above the income statement. Almonty ended June with roughly $1.23 billion in cash, a staggering leap from the C$268.4 million it held at the close of 2025. The bulk of that war chest arrived via an oversubscribed $800 million convertible note completed in June, supplemented by C$31.6 million of operating cash flow generated in the first half.
Management is not letting the money sit idle. Shelf registrations for common shares worth around $246.8 million have been filed, and the capital is earmarked for simultaneous development across multiple fronts: the Sangdong expansion, the Gentung tungsten project in Montana, and an upgrade of the Panasqueira mine in Portugal. For a mining house traditionally forced to sequence projects one at a time due to capital constraints, the ability to run several workstreams in parallel marks a strategic departure.
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A Deliberate Pivot Toward Washington
The relocation of Almonty's headquarters from Toronto to Dillon, Montana — completed in April — is no mere administrative formality. The region carries a historical tungsten pedigree, and the move aligns the company squarely with US efforts to secure critical minerals outside Chinese control. That positioning was reinforced late June with inclusion in the Russell 1000 and Russell 3000 indices, adding visibility on top of the existing Nasdaq listing.
The leadership shuffle accompanying the transition saw Jorge Beristain take over as chief financial officer on June 1, succeeding Brian Fox. His mandate: steward a balance sheet that has changed beyond recognition and guide the next growth phase.
Sangdong Ramps, Phase II Looms
At the operational heart of the story sits Sangdong, where the newly commissioned processing plant has been converting stockpiled ore into saleable tungsten concentrate since June. Phase I targets an annual throughput of 640,000 tonnes of ore, but the fully permitted Phase II — which would roughly double capacity to 1.2 million tonnes — is already under active consideration.
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Demand visibility has also improved. Almonty renegotiated its long-term offtake agreement with Global Tungsten & Powders (GTP), part of Austria's Plansee Group, extending the term by six years, lifting contracted volumes by 40 percent, and securing a roughly 6.3 percent price improvement across all contracted tonnage.
DA Davidson maintained its buy rating and $33 price target following the results, citing the prospective earnings power that CEO Lewis Black has been emphasizing. Whether the freshly minted liquidity translates into tangible production milestones will become apparent in the coming quarterly reports from the Korean ramp-up. At the ASX, the company's Chess Depository Interests last traded at A$19.59.
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