From Developer to Producer: Almonty Rewrites Its Story With a 221% Revenue Surge and a Move to the US

Almonty's Sangdong mine launch boosts Q1 revenue 221% and yields first positive EBITDA, but stock slides 10% as market awaits consistent ore grades to validate valuation.

The tungsten boom is reshaping Almonty Industries, but the market is taking a measured view of the company's long-awaited transition from developer to commercial producer. While first-quarter results delivered a 221 percent revenue jump and the first positive adjusted EBITDA in recent history, the stock has given back some of its earlier gains, underscoring a widening gap between operational milestones and investor sentiment.

Almonty’s flagship Sangdong mine in South Korea formally started production in mid-March, propelling revenue to 25.4 million Canadian dollars in the first quarter of 2026. The mine’s ramp-up underpinned a leap in profitability metrics: the company posted a positive adjusted EBITDA of 6.1 million US dollars and generated operating cash flow of nearly 10 million US dollars. The net loss narrowed to 5.26 million Canadian dollars, while the balance sheet remained solid with roughly 260 million Canadian dollars in cash and cash equivalents and an equity ratio above 60 percent.

Analysts at DA Davidson expect Sangdong to reach full capacity as early as the second quarter, a milestone that would position Almonty to capture a significant share of the non-Chinese tungsten market. Strategic tailwinds are building: from January 2027, US defense contractors must source tungsten exclusively from outside China, and Almonty already supplies Global Tungsten & Powders in Pennsylvania under a long-term contract. The company reinforced its commitment to Western supply chains by relocating its headquarters to Dillon, Montana, and appointing Jorge Beristain as chief financial officer in early May. Beristain’s Wall Street background is intended to sharpen capital-markets strategy as the company scales up.

Despite these developments, the stock has failed to sustain its earlier momentum. Shares closed at 24.02 Canadian dollars, marking a 10.6 percent decline over the past seven days and a roughly 17 percent drop over the past month. The annualized volatility of 97 percent highlights the extreme price swings that have characterized the stock since the beginning of the year, even as it remains up nearly 100 percent year-to-date.

Analyst opinion remains broadly bullish. Alliance Global lifted its price target to 26.25 Canadian dollars, and Bank of America raised its target to 23 Canadian dollars. The current share price has already breached the lower target, reflecting the market’s reluctance to fully price in the production ramp-up and the strategic premium from US defense exposure. The next catalyst will be confirmation of consistent ore grades at Sangdong, which would validate the mine’s commercial viability and provide a firmer foundation for the company’s valuation.