Almonty's Tungsten Engine Fires Up: A Korean Mine Reshapes the Balance Sheet
Published on 08/16/2026 at 11:20 | Redaktion boerse-global.de
The numbers look like a typo, but they are not. Almonty Industries booked a 498 percent year-over-year revenue surge in its latest quarter, a leap that marks the tungsten producer's transition from development-stage promise to cash-generating reality. The market took notice: shares climbed 9.53 percent to roughly $15.17 on the Nasdaq in the trading week through August 14, 2026, following a record quarterly report and a fresh analyst endorsement.
The catalyst sits in South Korea. Almonty's Sangdong mine began processing ore in early July, a milestone that Diamond Equity Research highlighted in an August 14 update as the moment the company exited the pure development-risk phase. The operation is now chewing through a stockpile of roughly 139,700 tonnes of run-of-mine ore grading about 0.25 percent tungsten trioxide (WO?), supplemented by 19,700 tonnes of higher-grade development ore at 0.35 percent WO? extracted in the pre-production second quarter. Management expects the initially lower head grades to serve as feedstock for plant optimization, with grades rising as development advances along the main vein.
The financial transformation is stark. Revenue hit $43 million in the quarter, propelled by a tungsten price surge that lifted the European APT average to roughly $3,075 per MTU from just $453 a year earlier. Net income came in at $181.8 million, though that figure includes $173.1 million of non-cash gains from derivative valuations. Adjusted EBITDA swung to $17.6 million from a $4.8 million loss in the prior-year quarter, while mining gross margin reached 60.7 percent and operating income from mine operations totaled $26.1 million.
Behind the operational ramp sits a war chest. Almonty held $1.23 billion in cash as of June 30, the bulk of it raised through an oversubscribed $800 million convertible bond in June. That capital allows the company to fund Sangdong's Phase II and the Gentung project in Montana simultaneously rather than sequentially. The construction start was also enabled by the full drawdown of a $75.1 million project loan from KfW IPEX-Bank.
Should investors sell immediately? Or is it worth buying Almonty?
The corporate structure is shifting alongside the operations. Almonty is relocating its headquarters from Toronto to Dillon, Montana, a move accompanied by a change in the finance leadership: Jorge Beristain, CFA, took over as chief financial officer on June 1, 2026, succeeding Brian Fox. The relocation follows the company's inclusion in the Russell 1000 and Russell 3000 indices this summer and is intended to strengthen competitiveness as Western industries face tightening regulatory pressure on critical metals procurement. Reports and management commentary point to a closing of the so-called "tungsten loophole" for Chinese materials in US defense procurement rules, expected to be fully sealed by early 2027.
Almonty is also streamlining its exchange footprint. The company voluntarily left the Toronto Stock Exchange on July 31, and trading of its CDIs on the Australian ASX will be suspended on August 28, with a formal delisting slated for September 1. That leaves the Nasdaq under the ticker ALM and Frankfurt under ALI1 as the primary listing venues, a consolidation aimed at concentrating liquidity and cutting administrative costs.
Offtake agreements are being expanded in parallel. The long-term contract with Global Tungsten & Powders has been extended by six years, with volume increased 40 percent and pricing improved by approximately 6.3 percent for Almonty. Longer term, 45 percent of concentrate production is reserved for export to the United States, with the remainder destined for the South Korean domestic market.
Almonty at a turning point? This analysis reveals what investors need to know now.
The stock traded with notable volatility on Friday, ranging between $14.00 and $15.47 on significantly elevated volume, before closing at $15.09, up 8.9 percent. The 52-week range spans from $3.97 to $24.41. Technicians see resistance in the $16.50 to $17.00 zone for the coming week, with support at $14.20. The $15.50 level is expected to draw close attention from traders following the recent advance.
The plant at Sangdong is designed to process 640,000 tonnes of ore annually. Whether the operation converts to saleable concentrate as planned will largely determine cash flow generation in the second half of the year — and whether this quarter's extraordinary numbers become the new baseline rather than a one-off anomaly.
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