Almonty's Q3: A C$1.15 Billion War Chest, a 382% Revenue Surge, and a Courtroom Detour

Almonty closed the third quarter of 2026 with C$1.15 billion in cash on hand — a balance sheet cushion that gives the tungsten producer room to maneuver even as a legal spat with Deutsche Rohstoff simmers in Canada. Investors greeted the disclosure by pushing the stock up 8.5% on Friday.

The headline revenue number tells a story of price power. Sales for Q3 2026 came in at C$41.9 million, a 382% leap from the same quarter a year earlier, driven chiefly by higher tungsten APT prices. Adjusted EBITDA swung to C$14.6 million from a C$2.3 million loss in the prior-year period, a metric that strips out interest, taxes, depreciation, amortization and the company's own adjustments.

Below the operating line, though, the picture gets more textured. Almonty booked a net profit of C$50.2 million — but C$47.9 million of that came from non-cash net revaluation gains tied to derivatives and warrant instruments. Strip those out and the profit figure looks considerably more modest, which is why the adjusted operating measure arguably carries more signal about the company's underlying earning power.

Sangdong's Contracted Backbone

What gives the tungsten narrative commercial weight is the sales coverage on Sangdong's first phase. According to the company, more than 90% of Phase I production is locked in under contract. That kind of visibility matters: a favorable price environment can lift the business, but contractually secured offtake supports the sales plan at the same time. The two factors reinforce each other — provided the agreements are executed as written.

That execution question is where the story earns or loses its premium. Contracted volumes become genuinely valuable only when they translate into operating income, not just revenue headlines. The adjusted EBITDA figure offers one gauge of whether that translation is happening; the heavy revaluation component in net profit argues for weighting the two numbers differently.

Deutsche Rohstoff Dispute Casts a Shadow

Reliability also means reckoning with legal obligations, and here the picture is less tidy. Deutsche Rohstoff said Wednesday it has sued Almonty in Canada, claiming roughly US$67 million. The demand includes claims tied to 3.5 million conversion shares as well as repayment of outstanding promissory notes. By Deutsche Rohstoff's account, Almonty filed a related suit of its own; the proceedings have since been consolidated.

These are assertions from one side of a dispute, not court findings. Still, they add a layer of uncertainty that sits alongside the operational story rather than replacing it.

The Three-Part Test

For anyone weighing Almonty here, the tungsten price tailwind is only one leg of the stool. The other two are sales security — the Sangdong contracts — and the legal exposure with Deutsche Rohstoff. Price strength gains durability when all three line up. That alignment, rather than any single quarter's headline profit, is the measure by which the company's progress will ultimately be judged.