Almonty's $1.23 Billion War Chest Signals a New Chapter as Sangdong Moves From Build to Production

Almonty's Q2 2026 revenue jumps 498% to C$43M, driven by record APT prices and Sangdong's ramp-up, with cash reserves soaring to C$1.23B.

The tungsten market has a way of concentrating the mind. For Almonty Industries, the second quarter of 2026 delivered a reminder of just how quickly fortunes can turn when a commodity enters a historic rally and a long-gestating mine finally flips the switch to commercial output.

The numbers landing on investors' desks this month are striking by any measure. Revenue for the three months ending June 30 came in at 43.0 million Canadian dollars, a 498 percent leap from the 7.2 million posted in the same period a year earlier. The engine behind that surge: European APT prices for ammonium paratungstate, which climbed to roughly 3,075 US dollars per MTU — a dramatic ascent from the 453 dollars prevailing twelve months prior.

The Fine Print on the Bottom Line

Headline net income of 181.8 million Canadian dollars, or 0.62 dollars per diluted share, marks a sharp reversal from the 58.2 million loss recorded in the year-ago quarter. But the composition of that swing deserves scrutiny. Embedded in the figure are 173.1 million Canadian dollars of non-cash gains tied to the revaluation of derivatives and warrants. Strip those out, and the operational picture still tells a compelling story on its own terms: adjusted EBITDA swung to a positive 17.6 million Canadian dollars from a 4.8 million loss, while mining operating earnings reached 26.1 million and gross margins in the mining business hit 60.7 percent.

A Balance Sheet Transformed

The most consequential development of the quarter, however, may have occurred on the liability side of the ledger. A heavily oversubscribed convertible bond offering carrying a 2.25 percent coupon raised 800 million US dollars gross in June, lifting cash balances from 268.4 million Canadian dollars at the end of December to 1.23 billion Canadian dollars by June 30.

That war chest buys optionality. Management has signaled the capital will allow multiple growth projects to advance in parallel rather than in sequence — most notably the Gentung tungsten project in Montana and the expansion of the Panasqueira mine in Portugal. The company also used its improved liquidity to retire its KfW loan in full after the quarter closed, further streamlining the debt profile.

Sangdong's Arrival

The real inflection point came in July, when the flagship Sangdong mine in South Korea officially transitioned into revenue-generating operations. The Q2 results were still largely a Panasqueira story, as Sangdong spent the period in commissioning and ramp-up. Phase I of the expansion is now underway, targeting 640,000 tonnes of annual ore throughput, with a fully permitted Phase II capable of doubling capacity to 1.2 million tonnes.

The company also extended its offtake agreement with Global Tungsten & Powders LLC, adding six years to the term, boosting volume by 40 percent, and improving pricing by 6.3 percent.

A Streamlined Listing Footprint

Almonty has been tidying up its public market presence with equal determination. After voluntarily delisting from the Toronto Stock Exchange on July 31, the company will exit the Australian ASX on September 1. Trading now concentrates on the Nasdaq under the ticker ALM and in Frankfurt under ALI1.

The consolidation coincides with index inclusion: Almonty joined both the Russell 1000 and the broader Russell 3000 at the end of June, a development that tends to attract institutional investors who track benchmark composition.

Market Reaction and the Road Ahead

The stock responded to the earnings release with a gain of 8.3 percent on Wednesday, August 12, though the shares remain roughly 22 percent below their level three months ago. The recovery has yet to erase the prior pullback, and the equity trades modestly beneath its 50-day moving average of 15.17 dollars and its 200-day average of 16.82 dollars.

Analyst sentiment skews constructive. Diamond Equity Research highlighted the company's clear transition toward actual cash generation, while the consensus rating sits at "Buy" with an average price target of approximately 27 US dollars — though one widely cited target stands at 21.88 dollars. In early August, Almonty also filed shelf registrations for the potential issuance of new common shares worth roughly 246.79 million US dollars, including a component tied to an employee participation plan designed to link management incentives to capital raising.

The third quarter now becomes the true test. With Sangdong officially in production, investors will be watching for the first meaningful revenue contribution from the Korean mine — the moment when the balance-sheet transformation and the operational ramp-up finally converge.