Almonty's Q3: A C$50 Million Bottom Line, a C$47.9 Million Paper Boost, and a Canadian Court Date

Almonty's third-quarter report landed with a headline profit that would flatter almost any miner. Look past the surface, though, and the C$50.2 million net figure rests heavily on accounting revaluations rather than metal sold — a distinction that matters for anyone weighing the company's tungsten supply-chain story.

Revenue for Q3 2026 climbed 382% year on year to C$41.9 million, with management pointing to stronger tungsten-APT prices as the engine behind the surge. Adjusted EBITDA came in at C$14.6 million. The net profit of C$50.2 million included non-cash net gains of C$47.9 million tied to the revaluation of derivative and warrant instruments — a line item that, on its own, accounts for the bulk of the bottom line.

That split gives investors two very different lenses on the same quarter: top-line growth and an adjusted operating measure on one side, a reported surplus dominated by mark-to-market effects on the other. The adjusted figure offers the cleaner read on underlying momentum, provided it holds up in coming periods. The net number deserves scrutiny alongside its components — for a stock with a strategic critical-minerals narrative, the largest profit line is not automatically the most telling one.

Sangdong Turns the Corner

Operationally, there was concrete progress to match the financials. Sangdong produced tungsten concentrate for the first time in September, according to the company, and the initial shipment was loaded for an overseas customer after the quarter closed. The shares added 3.1% in the session following the release.

CEO Lewis Black used his November 8 newsletter to sketch the wider picture, covering the Sangdong commissioning, the Gentung project in Montana, and the push to build Western tungsten supply chains. That framing ties the quarterly numbers to a longer strategic arc — one that only earns its premium if project execution translates into durable earnings.

A Legal Fight North of the Border

Running alongside the operational story is a dispute with Deutsche Rohstoff. The German company said Wednesday it had sued Almonty in Canada, seeking some 3.5 million shares stemming from a conversion as well as repayment of liabilities worth roughly EUR 10 million. Deutsche Rohstoff puts its total claim at around US$67 million.

Almonty has filed a related suit of its own against Deutsche Rohstoff, and the two proceedings have been consolidated. The claims at issue are Deutsche Rohstoff's, and it will fall to the court to decide them.

For investors, the coming quarters offer a clear scorecard: revenue and adjusted earnings trends, confirmed progress on the projects, and the quality of the profit those projects generate. The quarter sets a starting point. Judging Almonty means holding two things together — how the tungsten build-out unfolds, and whether the earnings flowing from it can stand on their own.