Almonty's Tungsten Windfall: A 498% Revenue Surge Meets an $800 Million Bet on Sangdong
Published on 08/13/2026 at 12:22 | Redaktion boerse-global.de
The tungsten market has been waiting for a challenger to emerge, and Almonty Industries is making its case with a balance sheet that has transformed almost beyond recognition. The Toronto-headquartered miner, which is relocating to Montana, delivered second-quarter results that show just how quickly the commodity cycle can reshape a company's fortunes.
Revenue for the three months ending June 30, 2026, hit $43.0 million — a 498 percent leap from the $7.2 million posted in the same period a year earlier. The engine behind that explosion: record tungsten prices. European average prices for ammonium paratungstate (APT) surged to $3,075 per metric tonne unit, up from $453 a year ago. Sequentially, revenue climbed 69 percent.
Net income swung to $181.8 million, or $0.64 per share, from a loss of $58.2 million in the prior-year quarter. But investors should note the caveat buried in the fine print: $173.1 million of that profit is non-cash, stemming from the revaluation of derivatives and warrants tied to convertible notes. On a GAAP basis, adjusted earnings came in at $0.10 per share — exactly matching the Zacks consensus estimate, versus a $0.05 per-share loss a year earlier. Adjusted EBITDA reached $17.6 million, an improvement of more than $22 million year over year.
A War Chest Built for Parallel Expansion
The numbers tell only part of the story. In June, Almonty closed an oversubscribed $800 million convertible note offering carrying a 2.25 percent coupon. That injection lifted the company's cash position to C$1.23 billion as of June 30 — a more than fourfold increase from the C$268.4 million on hand at the end of 2025.
Should investors sell immediately? Or is it worth buying Almonty?
CEO Lewis Black made clear during Thursday's earnings call that this liquidity is intended to fund multiple large-scale projects simultaneously. Chief among them: the ramp-up of the Sangdong mine in South Korea's Gangwon-Do province and the Gentung tungsten project in Montana. Sangdong remains in the commissioning phase of its first expansion stage, targeting 640,000 tonnes of ore processing capacity per year at full output. A second, already-approved phase could more than double that to 1.2 million tonnes annually.
A New Home Base and a Supply Chain Without China
The corporate moves have been as dramatic as the financial ones. Almonty is shifting its headquarters from Toronto to Dillon, Montana — a relocation designed to strengthen ties with U.S. government agencies, defense contractors, and industrial partners. The company frames the move as cementing its role as a reliable supplier for a transparent, Western-oriented critical minerals supply chain.
The finance department also saw a changing of the guard. Jorge Beristain, CFA, took over as chief financial officer on June 1, 2026, succeeding Brian Fox. Management cited the company's next growth phase — scaling Sangdong while expanding its footprint across the U.S., Portugal, and Spain — as the rationale.
Black has been characteristically direct about the strategic stakes. In an interview Thursday, he said the company is deliberately building assets to break the long-standing tungsten monopoly held by other major powers. The July 14 agreement with Global Tungsten & Powders LLC (GTP) is a key piece of that puzzle: Almonty extended the existing supply contract by six years, increased agreed volumes by 40 percent, and secured improved pricing terms.
Two Exchanges, One Focus
The stock's trading footprint is narrowing even as its operational ambitions widen. Almonty voluntarily delisted from the Toronto Stock Exchange at the close of trading on July 31, and the Australian Securities Exchange has approved a similar move — CDI trading ends August 28, with delisting effective September 1. In both cases, the company cited the comparatively low and declining trading volumes relative to the Nasdaq. Going forward, the shares will trade exclusively on the Nasdaq Capital Market and the Frankfurt Stock Exchange.
The market's response has been robust. On August 12, the stock gained 8.2 percent to close at $14.37. The 52-week range of $3.97 to $24.41 underscores just how volatile sentiment around the tungsten producer has been over the past year.
Almonty at a turning point? This analysis reveals what investors need to know now.
The Valuation Debate
That volatility has fueled a sharp divergence in how the stock is being valued. GuruFocus's GF Value estimate pegs fair value at just $1.34 — implying roughly 972 percent overvaluation at current levels — with a GF Score of 53 out of 100 signaling only average performance. Wall Street sees things very differently. The average price target among eleven analysts covering the stock stands at $16.29, suggesting roughly 22.7 percent upside. That average has been revised upward by 12.4 percent over the past three months, with 84 percent of analysts rating the shares a buy.
DA Davidson is the most vocal bull. The bank raised its price target from $25 to $33 in July and reaffirmed its buy rating following a virtual roadshow with Black. Analyst Matt Summerville pointed to progress at Sangdong, potential U.S. government collaboration, the strengthened balance sheet, and record tungsten prices as catalysts.
For now, the gap between algorithmic valuation models and rising Wall Street targets remains wide — a reflection of how differently the market is weighing Almonty's transition from mine developer to full-fledged tungsten producer. With a billion-dollar cash pile, a new U.S. headquarters, and an expanded GTP contract, the company has laid the groundwork for its next phase. Whether Sangdong Phase II proceeds as planned will likely become clear in the quarters ahead.
Ad
Almonty Stock: New Analysis - 13 August
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
