Almonty Industries: A Triple-Digit Revenue Surge and a Russell Elevation Meet a 14% Pullback

Almonty's revenue tripled, cash flow turned positive, and Russell inclusions loom. Yet the stock is down 18% in a month, creating a potential catalyst for passive fund buying.

The numbers coming out of Almonty Industries look like a textbook growth story — revenue tripling, operating cash flow turning positive, and two strategic metals projects advancing in Korea. Yet the stock closed Friday at C$23.00, roughly a third below its April peak and down 18% in the past month alone. That disconnect sets up a pivotal week for shareholders, with the company's Russell 1000 and 3000 inclusions taking effect Monday, forcing passive funds to scoop up shares.

The Korean Trinity Gains a Second Pillar

Almonty’s strategy in South Korea is built around what management calls the “Korean Trinity” — tungsten, molybdenum, and a tungsten oxide processing plant sharing one mining lease at Sangdong. The tungsten operation is already rolling. Phase 1, designed to process 640,000 tonnes of ore annually into 2,300 tonnes of tungsten concentrate, is expected to reach full capacity in July. Phase 2, slated for 2027, would more than double that output to 4,600 tonnes — enough to cover nearly 40% of global tungsten demand outside China.

Alongside that, the molybdenum programme is accelerating. Of the 26 planned holes totalling 12,000 metres, 37% have been completed, with assay results so far matching historic grades. South Korea faces an acute supply gap for molybdenum — national reserves are insufficient — and the government has publicly urged private companies to secure supply chains. Almonty, which already holds full mining and environmental permits for the project, plans first molybdenum production by the end of 2026. The mine carries a projected 60-year life with annual capacity of around 5,600 tonnes.

The commercial foundation is equally firm. Almonty has an exclusive offtake agreement covering 100% of molybdenum output for the entire mine life with SeAH M&S, a unit of the SeAH Group. The contract includes a floor price of $19.00 per pound.

Commodity Prices Are Lending a Hand

The macro backdrop is cooperating. Molybdenum spot prices have climbed roughly 23.5% over the past twelve months. Tungsten has done even better: in North America, the price per kilogram jumped from $19.35 in the first quarter of 2025 to $34.17 in the same period this year, a gain of 76.6%.

China’s export restrictions and dwindling stockpiles are the primary drivers. Washington has set a hard deadline of January 1, 2027, after which the U.S. Department of Defense may not source tungsten from China, Russia, Iran, or North Korea. Substitution is difficult for most industrial uses, and recycling capacity cannot ramp up quickly enough to fill the gap.

Q1 Results Confirm the Trajectory

The financials are already reflecting the operational ramp. In the first quarter of 2026, Almonty posted revenue of $25.4 million, a 221% year-on-year surge. Adjusted EBITDA swung to $6.1 million from a loss of $2.4 million in the prior-year period. Operating cash flow hit $9.7 million. The net loss of $5.3 million was largely driven by non-cash valuation charges linked to the rising share price.

The balance sheet is well stocked. As of the end of March, the company held approximately $260 million in cash, providing plenty of runway for the expansion plans.

Technicals and What to Watch This Week

From a chart perspective, the correction has pushed the stock 14% below its 50-day moving average of C$26.78, while the 200-day line at C$18.04 sits comfortably lower, more than 27% beneath Friday’s close. The relative strength index is hovering around 40.9, placing it in the lower end of the neutral band.

Monday’s Russell index reshuffle will force institutional funds to buy Almonty shares as they align portfolios with the new composition. Whether that buying pressure is enough to halt the slide near C$23 is the immediate question. If support holds, the current pullback could prove a short-lived pause in a longer-term trend that has already delivered a 296% gain over twelve months.

Looking ahead, the next major operational catalyst will be the remaining 63% of the molybdenum drilling programme. Assay results from those holes will provide the clearest indication yet of the size of the Sangdong molybdenum deposit — and whether the “Korean Trinity” has the scale to justify its strategic billing.