Almonty Industries Delivers Landmark Quarter: Operating Cashflow Turns Positive, Sangdong Mine Starts Production

Almonty Industries has turned a corner. The tungsten producer posted its first quarter of positive operating cashflow in Q1 2026, fueled by record spot prices for ammonium paratungstate and a strong performance from its Panasqueira mine in Portugal. The shift from cash burn to cash generation marks a critical inflection point for the company.

Revenue surged 221% year-over-year to 25.4 million Canadian dollars, compared with 7.9 million in the prior-year period. Adjusted EBITDA swung from a loss of 2.4 million dollars to a gain of 6.1 million. Operating cashflow reversed a 4.4 million dollar outflow to produce an inflow of 9.7 million dollars. The net loss narrowed to 5.3 million dollars, or 0.02 dollars per share, from 0.13 dollars a year earlier — though that figure was dragged down by non-cash revaluations of derivatives and warrants totaling 8.4 million dollars, linked to the sharp rise in the company’s share price during the quarter. Without that accounting hit, the bottom line would have been closer to breakeven; analysts polled by FactSet had expected a small profit of 0.01 dollars per share.

Sangdong moves from development to production

The most consequential development of the quarter was the formal startup of Almonty’s Sangdong mine in South Korea in March 2026. Among the largest and highest-grade tungsten deposits globally, Sangdong is the centerpiece of the company’s strategy to become the dominant tungsten producer outside China. The shift from development to commercial operations ends years of capital outlay and begins the revenue generation phase. Western governments and industrial buyers, keen to reduce dependence on Chinese supply for a metal critical to electronics, defense, and industrial applications, are watching closely.

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The balance sheet provides ample runway for the ramp-up. At quarter-end, Almonty held 259.9 million Canadian dollars in cash and equivalents, with working capital of 169.5 million dollars. While the cash position dipped slightly from the end of December, the company remains well-funded to execute its project pipeline. In a symbolic and strategic move, Almonty relocated its corporate headquarters from Toronto to Dillon, Montana, bringing it closer to the Gentung project — which is on track for production in the second half of 2026 — and to U.S. industry and government partners.

Stock price reflects the momentum

Markets have taken note. At the time of reporting, Almonty’s shares traded at 28.38 Australian dollars, up 4.19% on the day and 114.35% year-to-date. The stock has rallied roughly sevenfold from its 52-week low of 3.90 Australian dollars, though it remains below the April high of 32.51 dollars. The relative strength index sits at 67, and annualized volatility hovers near 90% — a reminder of the stock’s propensity for sharp swings. Every operational update is now scrutinized for signals on whether the rally has further to run.

The quarter validated Almonty’s transition from developer to producer. But execution risks remain. Sangdong must achieve a smooth ramp-up, Gentung must hit its timeline, and the extraordinary tailwind from APT prices cannot fade abruptly. If the company can deliver on those fronts, the operational turnaround will rest on a much firmer foundation.

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