Almonty’s Revenue Surges 221% on Tungsten Price Explosion, Yet Shares Slide as Investors Eye Sangdong Ramp-Up

Almonty's revenue jumps 221% on tripled APT prices; stock pulls back as Sangdong ramp-up and Western defense procurement shift drive long-term growth.

The price of ammonium paratungstate (APT) has more than tripled since January, catapulting Almonty Industries into a new financial era. From around $862 per tonne at the start of the year to over $3,140 in early May, the rally in the key tungsten intermediate has transformed the miner’s top line. First-quarter revenue hit $25.4 million, a 221% leap from the $7.9 million posted a year earlier, and operating cash flow swung from negative $4.4 million to positive $9.7 million. Adjusted EBITDA reached $6.1 million.

Despite that operational surge, the stock skidded 4.68% on Friday to close at C$24.02 in Toronto. Over the past month the shares have shed 16.71%, though they remain up 99.67% year to date. The pullback reflects a classic case of profit-taking after a parabolic run, with the market now pricing not just the current quarter but the next production milestone.

That next milestone is the Sangdong mine in South Korea, one of the world’s largest and highest-grade tungsten deposits. Almonty completed the development phase in March and is now pushing toward commercial operation. The first stage is designed to produce 2,300 tonnes of tungsten concentrate annually, with a second phase slated to double capacity from 2027 onward. Successfully executing that ramp-up is the key variable behind the earnings estimates that analysts have started raising.

Diamond Equity, which produces commissioned research, lifted its second-quarter EPS forecast to $0.14 from $0.12 and now expects full-year 2026 earnings of $0.72 per share. Alliance Global more aggressively boosted its price target to $26.25 from $19.25, while Bank of America initiated coverage with a Buy rating and a $23 target. For fiscal 2027, Diamond projects earnings of $1.23 per share, a jump that hinges on Sangdong’s ability to convert production into reliable cash flow.

The geopolitical tailwind is unmistakable. From 2027, new procurement rules are expected to bar tungsten sourced from China or Russia from Western defence contracts, creating a structural demand shift for non-Chinese supply. Almonty is positioning itself to fill that gap, and its recent decision to move its corporate headquarters from Toronto to Dillon, Montana, underscores the strategic pivot. The new base brings the company closer to its Gentung project and to U.S. government, defence and industrial customers.

To steer this growth phase, Almonty has hired Jorge Beristain as its new chief financial officer, effective June 1. The former Deutsche Bank metals and mining analyst replaces Brian Fox, who resigned immediately. Beristain’s Wall Street background should help the company navigate the financial complexities of scaling up, especially with roughly $260 million in cash on hand to fund the expansion.

For now, the stock sits in a tug-of-war between operational momentum and elevated expectations. The Panasqueira mine in Portugal continues to churn out strong cash flow, and the APT price remains near record levels. But Sangdong is the real swing factor. If the ramp-up sticks to schedule, the current analyst upgrades will start to look conservative. Any hiccup, however, and the recent retreat may prove to be more than just a healthy consolidation.