Almonty Industries stock: Q3 revenue jumps as Sangdong starts output

Published on 11/13/2026 at 22:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Almonty Industries stock gained as third-quarter revenue rose 382%. Sangdong produced its first tungsten concentrate, while adjusted EBITDA reached C$14.6 million.

Sangdong drives Almonty growth

Almonty reported its first tungsten concentrate from Sangdong in September 2026, followed by the first shipment container after quarter-end.
More than 90% of Phase I Sangdong production is covered by a long-term offtake agreement.
The permitted Phase II expansion targets throughput of up to 1.2 million tonnes a year in 2027, subject to operating performance and market conditions.

Almonty Industries, CA0203987072, Illustration mit AI erstellt.

Almonty Industries said on Thursday, November 12, 2026, that third-quarter revenue rose 382% year over year to C$41.9 million as the company began commercial operations at its Sangdong tungsten mine in South Korea. The results were published by Almonty Industries.

Almonty Industries stock traded at 7.45 euros on Lang & Schwarz at 22:29 CET on Friday, November 13, 2026.

Sangdong begins commercial production

The Sangdong Mine produced its first tungsten concentrate in September, the first output at the site since 1993. After the quarter ended, the first container was loaded at the Port of Busan for shipment to an overseas customer.

More than 90% of Phase I production is covered by a long-term offtake agreement with Global Tungsten & Powders, a member of Austria's Plansee Group. Almonty said the agreement was amended in July to extend its term by six years, raise contracted volumes by 40% and improve pricing by approximately 6.3%.

Revenue benefits from tungsten prices

Income from mining operations reached C$26.0 million, or 62.0% of revenue, compared with C$1.3 million, or 14.4%, a year earlier. Adjusted EBITDA, a non-IFRS measure, was C$14.6 million after a loss of C$2.3 million in the prior-year quarter.

Net income rose to C$50.2 million from C$33.2 million. The result included C$47.9 million in aggregate net non-cash gains from revaluing derivative and warrant instruments, which did not affect operating performance, cash flow or liquidity.

Expansion remains targeted for 2027

Almonty is proceeding with the fully permitted Phase II Sangdong expansion and has ordered equipment. The project is expected to raise throughput capacity to up to 1.2 million tonnes a year, with completion targeted for 2027 subject to Phase I performance and market conditions.

The company also signed a multi-year, take-or-pay agreement covering at least approximately 1,720 tonnes of contained WO3 from Los Santos tailings in Spain. In Rwanda, a binding agreement gives the government a 25% interest in Almonty Rwanda in exchange for an exploration concession and a processing license.