Almonty’s 221% Revenue Surge Drives $9.7M in Operating Cash Flow as U.S. Relocation Gathers Speed

Almonty CEO Lewis Black reports $9.7M operating cash flow, 221% revenue jump; net loss solely from warrant revaluation. Stock up 733% as Sangdong mine ramps up.

Lewis Black took the stage at the BofA Securities Global Metals & Mining Conference in Miami yesterday armed with a very different set of financials. The Almonty Industries CEO used the platform to showcase a company that has flipped the script from cash burner to cash generator, reporting an operating cash flow of $9.7 million for the first quarter of 2026. The turnaround comes as the tungsten producer benefits from stronger spot prices and the early output from its Sangdong mine in South Korea.

Revenue jumped 221 percent to $25.4 million, fueled by higher tungsten prices and steady production from the Panasqueira mine in Portugal. The adjusted EBITDA also swung firmly into the black at $6.1 million, underscoring the operational shift. Yet the bottom line still printed a net loss of $5.3 million. That red ink is purely a function of accounting: a rapid climb in the company’s share price from C$12.07 to over C$20 during the quarter triggered non-cash losses on the revaluation of outstanding warrants. Neither the cash position nor the underlying operations are affected by this bookkeeping quirk.

Investors have shrugged off the paper loss entirely. Almonty’s stock has surged 733 percent over the past 12 months to trade at C$30.27, just shy of its 52-week high. The company exited March with a cash pile of nearly $260 million, putting it in an enviable position to fund its next growth phase. Administrative costs ticked higher in the quarter, but management expects those to normalize soon.

The Sangdong mine, officially commissioned in March, is now advancing toward full commercial operation of its first phase. Black has already turned his attention to the second expansion stage, which is slated for completion in 2027. When finished, annual processing capacity will reach 1.2 million tonnes, cementing Sangdong as one of the world’s largest tungsten deposits outside China. The war chest of cash and the positive operating cash flow provide solid financing cover for the build-out.

Black is also cementing a deeper relationship with the U.S. defense ecosystem. Almonty is relocating its corporate headquarters from Toronto to Dillon, Montana, placing it closer to both the Gentung tungsten project and key partners in the American military supply chain. Tungsten is a critical mineral for armor, munitions, and advanced manufacturing, and the global scramble for non-Chinese sources is intensifying. The company’s CEO has even launched a contest offering loyal retail shareholders a trip to the Sangdong site, a sign of the grassroots enthusiasm building around the story.

At the Critical Minerals Forum scheduled for tomorrow in Miami, Black will double down on the strategic narrative: Almonty is no longer a developer waiting for permits—it is a producing supplier with growing cash flow and a clear path to scale. The first-quarter results offer the first real evidence that the operational pivot is working.