Almonty’s Sangdong Mine Prepares to Fill U.S. Tungsten Void as Q1 Cash Flow Turns Positive

Almonty Industries swings to $9.7M operating cash flow, revenue up 221% to $25.4M amid record APT prices. Sangdong mine ramp-up ahead of US ban on Chinese/Russian tungsten in 2027.

Almonty Industries has crossed a critical financial threshold: the tungsten producer generated $9.7 million in operating cash flow during the first quarter of 2026, swinging from a negative $4.4 million a year earlier. The cash-flow inflection marks a turning point for the company as it races to ramp up its flagship Sangdong mine in South Korea ahead of a U.S. ban on Chinese and Russian tungsten imports set for January 2027.

Revenue soared 221 percent to $25.4 million, propelled by a historic rally in ammonium paratungstate (APT) prices. The spot price for APT hit roughly $3,140 per metric ton unit by early May — an all-time high. That price strength is flowing directly through to Almonty’s bottom line: adjusted EBITDA reached $6.1 million, while mining operating income climbed to 13 million Canadian dollars.

Under generally accepted accounting principles, Almonty reported a net loss of $5.3 million, but nearly all of that stemmed from non-cash revaluation charges on warrants and derivatives triggered by the rising share price. Without those effects, the company would have been solidly profitable. General and administrative expenses ticked up slightly, tempering corporate-level improvements, but the operational trend is unmistakably positive.

The centerpiece of Almonty’s strategy is the Sangdong deposit in Gangwon Province, which began commercial operations in mid-March. At full capacity, the mine is expected to supply roughly 40 percent of global tungsten demand outside China — a crucial alternative given that Beijing currently controls more than 80 percent of worldwide supply. CEO Lewis Black outlined the company’s expanding role in Western defense and technology supply chains during a presentation at BofA Securities’ conference in Miami last week.

Analysts have responded by lifting their price targets and ratings. D.A. Davidson reiterated its buy recommendation at $25.00, citing a severe primary tungsten deficit. BofA Securities raised its target to $23.00, while Diamond Equity Research increased its APT price assumption for 2026 to $2,850 per tonne unit. Alliance Global set a target of $26.25, and Zacks Investment Research upgraded the stock to a Rank 2 (“Buy”), placing it in the top 20 percent of covered equities.

Investors have already priced in much of the optimism. Almonty’s stock has surged more than 650 percent year-to-date and recently added 5.8 percent in a single session to trade around C$30.27 — well above the C$26.74 level where it was consolidating just below its April highs. The company ended the first quarter with nearly $260 million in cash, providing ample runway for the Sangdong ramp-up without further dilution.

Management is also deepening ties with North American stakeholders. Almonty has moved its corporate headquarters to Dillon, Montana, to align more closely with U.S. industrial and defense partners. For long-term Canadian shareholders, the company is offering a marketing promotion with a trip to the Sangdong mine as the prize. The annual general meeting is scheduled for June 9 in Toronto, where the board will formalize governance plans for what promises to be Almonty’s first full year as a mainstream producer of critical minerals.