Almonty’s $260M War Chest Marks a Pivot from Developer to Consolidator

Almonty Industries, with $260M cash, shifts to multi-asset tungsten producer, targeting acquisitions. Q1 revenue up 221%, stock up 113% in 2026.

Almonty Industries is no longer content to bet its future on a single South Korean mine. The tungsten specialist has amassed nearly $260 million in cash and is now actively hunting for acquisitions and joint ventures, signalling a strategic shift from project developer to multi-asset producer. Chief executive Lewis Black has made clear that a chunk of that liquidity will be directed toward “highly profitable” tungsten assets outside the company’s existing portfolio, as the group seeks to cement its role in Western supply chains for critical minerals.

The financial firepower comes on the back of a dramatic operational turnaround. Almonty generated positive operating cash flow of $9.7 million in the first quarter of 2026, reversing a cash burn of $4.4 million a year earlier. Revenue surged 221% to $25.4 million, while adjusted EBITDA climbed to $6.13 million from a negative $2.37 million in the same quarter of 2025. The company held working capital of $169.5 million as of March 31. Those numbers have not gone unnoticed on Bay Street: the stock has gained 113% since the start of 2026 and more than 650% over the past twelve months, trading recently at $18.70 in New York (C$25.56 in Toronto) with a market capitalisation of approximately $5 billion.

Production momentum is building across three continents. Almonty formally commissioned the Sangdong mine in South Korea in March, one of the largest and highest-grade tungsten deposits outside China. Commercial-scale mining is slated to begin by year-end, and once fully ramped up the operation is expected to supply roughly 40% of the non-Chinese tungsten market. In the United States, the Gentung project in Montana, acquired in 2025, is on track to start production in the second half of 2026. That site is strategically positioned to serve America’s defence industry. Meanwhile, the Panasqueira mine in Portugal is churning out cash thanks to record spot prices for tungsten, providing a steady income stream during the ramp-up phase.

The market is betting that Almonty can deliver. Analysts at Texas Capital, DA Davidson and B. Riley all rate the stock a strong buy, with an average price target of $18.38 and a range stretching from $6.50 to $25.00. Their conviction is underpinned by long-term offtake agreements and the company’s status as the West’s most credible non-Chinese tungsten supplier. But the stock’s rally has also attracted short sellers: securities lending fees for Almonty shares recently jumped to 5.78%, reflecting heightened demand for borrows.

Corporate governance is being reshaped to handle the next growth phase. Jorge Beristain officially becomes chief financial officer on June 1, and on June 9 shareholders in Toronto will vote on a new seven-member board that will determine exactly which acquisition targets the cash pile is deployed against. Almonty has already relocated its head office from Toronto to Dillon, Montana, a move designed to bring it closer to US government agencies and defence partners as it builds a fully Western-integrated tungsten supply chain. The next quarterly report is due August 20, when investors will get their first look at whether Sangdong’s output figures match the hype.