Almonty's Two-Pronged Quarter: A $182 Million Net Gain Hides the Real Story in the Balance Sheet
Published on 08/14/2026 at 11:11 | Redaktion boerse-global.de
Tungsten prices have a way of rewriting a miner's narrative, and Almonty Industries just experienced that in spectacular fashion. The Toronto-headquartered producer, which has been steadily repositioning itself as a US-centric supplier, saw second-quarter revenue surge to $43.0 million — a near-sixfold jump from the $7.2 million it booked in the same period a year earlier and a 69 percent advance quarter-on-quarter.
The headline numbers are striking, but they deserve careful unpacking. Almonty reported a net profit of $181.8 million, or $0.62 per diluted share, for the three months ended June 30. Yet $173.1 million of that figure came from non-cash revaluation gains on derivatives and warrants — a technical accounting adjustment rather than money flowing through the till. Strip that out, and the underlying picture still shows a business that has turned a corner: adjusted EBITDA reached $17.6 million, compared with a loss of $4.8 million in the year-ago quarter.
The Price Tailwind Behind the Turnaround
The engine of this operational improvement is unmistakable. The European APT average price for tungsten climbed to $3,075 per metric tonne unit during the quarter, against just $453 in the corresponding period of 2025. That sevenfold increase in the benchmark price has transformed the economics of Almonty's mining operations, pushing operating profit from the mining segment to $26.1 million — a stark reversal from the $0.9 million operating loss posted a year earlier.
Management framed the results as the first tangible proof of the earnings power the company has been assembling over the past decade. The numbers support that claim, though the more consequential development may be what happened on the balance sheet rather than the income statement.
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A War Chest Built in Six Months
Almonty ended the quarter with $1.23 billion in cash and liquid assets, a dramatic escalation from the $268.4 million it held at the close of 2025. The primary driver was an oversubscribed convertible bond offering of $800 million carrying a 2.25 percent coupon, completed in June. Operating cash flow added another $31.6 million in Canadian dollar terms during the first half.
The company is not stopping there. Shelf registrations for common shares worth approximately $246.8 million have been filed, with proceeds earmarked for a slate of simultaneous projects: the Gentung tungsten development in Montana and an expansion of the Panasqueira mine in Portugal.
Debt reduction is also on the agenda. Almonty has fully repaid its KfW loan since the quarter closed, trimming financial liabilities further and freeing up additional headroom for the growth pipeline.
Sangdong Ramp-Up and a Contract That Got Bigger
The centrepiece of Almonty's growth story remains the Sangdong mine in South Korea, which is still in its commissioning phase. Phase I targets an annual ore throughput of 640,000 tonnes, while a fully permitted Phase II would double that capacity to 1.2 million tonnes.
Underpinning those production plans is a revised offtake agreement with Global Tungsten & Powders (GTP), part of Austria's Plansee Group. The contract extension adds six years to the arrangement, lifts committed delivery volumes by 40 percent, and improves pricing across all contracted volumes by roughly 6.3 percent — a meaningful upgrade to revenue visibility in an industry where long-term certainty is prized.
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A Deliberate US Pivot
Almonty's transformation extends beyond its financial statements. In April, the company relocated its corporate headquarters from Toronto to Dillon, Montana, and on June 1 Jorge Beristain took over as chief financial officer, bringing specific expertise for the next growth phase.
The strategic logic is clear: Almonty is positioning itself as a dependable tungsten supplier for the US defence and technology sectors. The late-June addition of the company to the Russell 1000 and Russell 3000 indices, alongside its existing Nasdaq listing, has sharpened its profile among American institutional investors. Analyst consensus pointed to a price target of $21.88 as of August 12, while the company's Chess Depository Interests on the ASX last traded at A$19.59.
Whether the current tungsten price environment persists will determine if this quarter's revenue leap from $7.2 million to $43.0 million marks the beginning of a sustained earnings phase or a one-off spike. With a $1.23 billion cash cushion and multiple expansion projects advancing in parallel, Almonty has bought itself the financial flexibility to find out.
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