Almonty's Quarter Defies Gravity — But the Numbers Tell a Two-Layer Story
Published on 08/15/2026 at 19:11 | Redaktion boerse-global.de
A 498 percent revenue surge in a single quarter would normally dominate the headlines. For Almonty Industries, it's merely the appetizer. The tungsten producer's real growth engine — the Sangdong mine in South Korea — hasn't yet contributed a single dollar of revenue to the figures that just landed.
The company reported second-quarter revenue of 43.0 million Canadian dollars, up from 7.2 million in the same period last year. The catalyst was unmistakable: the European APT price for ammonium paratungstate averaged roughly 3,075 US dollars per MTU, against just 453 US dollars a year earlier. That price shock rippled straight through the income statement, with mining operating income swinging to 26.1 million Canadian dollars from a 0.9 million loss, and gross margins in the mining segment hitting 60.7 percent on production costs of 16.9 million.
The Fine Print Behind the Profit Leap
Net income landed at 181.8 million Canadian dollars, or 0.62 per diluted share, reversing a 58.2 million loss in the prior-year quarter. But here's where the accounting nuance matters: roughly 173.1 million of that figure came from non-cash gains tied to the revaluation of derivatives and warrants. Adjusted EBITDA also turned positive, reaching 17.6 million against a 4.8 million loss a year earlier.
Diamond Equity Research published its updated assessment on August 14, roughly three days after the company's own earnings release on August 11. The research note emphasizes that the quarter's revenue still came predominantly from the Panasqueira mine in Portugal. Sangdong remained in commissioning and ramp-up mode through the end of June, only officially transitioning to revenue-generating operations at the start of July. The second-quarter numbers, in other words, don't yet reflect any contribution from the flagship project.
Should investors sell immediately? Or is it worth buying Almonty?
A War Chest Built for Expansion
The balance sheet tells a story of its own. Operating cash flow for the first half reached 31.6 million Canadian dollars, a dramatic reversal from the 14.9 million outflow in the prior-year period. But the bigger move came from an oversubscribed convertible bond offering of 800 million US dollars, closed in June. Combined with operational cash generation, that pushed cash holdings to approximately 1.23 billion Canadian dollars by June 30 — up from 268.4 million at the end of 2025.
Management now has the flexibility to advance multiple projects simultaneously, including Sangdong's Phase II and the Gentung tungsten project in Montana. The company also used its improved liquidity to fully repay its KfW loan after the quarter closed. The strengthened balance sheet, analysts note, should remove any near-term pressure to return to capital markets.
Consolidating the Listing Footprint
While the operational story unfolds, Almonty has been quietly streamlining its exchange presence. The company voluntarily delisted from the Toronto Stock Exchange at the close of trading on July 31. The Australian Securities Exchange has approved the delisting under Listing Rule 17.11, with trading in CHESS Depositary Interests set to be suspended on August 28 and the ASX listing ending September 1.
The rationale is straightforward: nearly all daily trading volume already flows through the Nasdaq, where the stock trades under "ALM." The CDIs in the Australian registry accounted for just 0.80 percent of issued shares as of July 14. Frankfurt, where the shares trade under "ALI1," and Nasdaq will now be the sole venues.
Contract Improvements and Market Sentiment
Mid-July brought an expanded offtake agreement with Global Tungsten & Powders LLC. The contract extends by six years, increases contracted volumes by 40 percent, and improves pricing for Almonty by approximately 6.3 percent across all committed tonnage. Combined with the cash position, the agreement provides investors with greater visibility on both financing and revenue planning for the years ahead.
Almonty at a turning point? This analysis reveals what investors need to know now.
The market's initial reaction was measured but positive. In the final trading session of the week following the earnings release, the stock gained between 6.9 and 8.9 percent, closing in a range of 14.81 to 15.09 US dollars. The move coincided with the market digesting the quarterly results and the company's recent inclusion in the Russell 1000 and Russell 3000 indices.
Technically, the shares sit just below their 50-day moving average of 15.17 dollars and their 200-day average of 16.82 dollars. Analyst consensus remains a "Buy," with an average price target near 27 US dollars — roughly double the current level.
The real test, however, lies ahead. Panasqueira continues to carry the revenue load while Sangdong's contribution remains absent from the books. The coming quarters will reveal whether the mine's ramp-up translates into tangible output growth — and whether the streamlined exchange structure affects trading liquidity once the delisting process completes in the coming weeks.
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