Almonty’s Operational Milestones — Cash Flow Positive, New CFO, Doubled Price Target — Can’t Shake Profit-Taking

Almonty Industries is firing on nearly all operational cylinders, yet its stock has taken a sharp step back. The tungsten producer’s first-quarter revenue more than tripled, its cash flow swung into the black, and a top-tier investment bank nearly doubled its price target. None of that prevented a double-digit weekly decline as investors locked in profits following a staggering rally that has seen the shares gain more than 100% since January and nearly 550% over the past twelve months.

The disconnect stems partly from an accounting technicality. Almonty reported a first-quarter net loss of $5.3 million, dragged down by $8 million in non-cash valuation losses tied to the sharp rise in its own share price earlier in the year. Those charges increase the carrying value of outstanding warrants on the balance sheet but have no impact on the company’s operating performance or liquidity. The underlying business tells a more encouraging story: revenue soared 221% to $25.4 million, and operating cash flow reached $9.7 million. The adjusted EBITDA came in at $6.1 million.

That cash flow generation is a direct result of the tungsten price explosion. The spot price for ammonium paratungstate in Rotterdam surged from roughly $900 per tonne earlier this year to above $3,000, while the per-MTU price touched approximately $3,140 in May after starting January at just $863. Almonty’s Panasqueira mine in Portugal, which is running far more reliably than a year ago, delivered most of the revenue lift, contributing $13 million in operating income from mining. Meanwhile, the Sangdong mine in South Korea — one of the world’s largest and highest-grade tungsten deposits — has begun to make its first contributions and is heading toward full commercial production, where it is eventually expected to process around 1.2 million tonnes of ore per year.

Should investors sell immediately? Or is it worth buying Almonty?

The company is reinforcing its leadership for this growth phase. On June 1, 2026, Jorge Beristain will take over as chief financial officer. He brings deep capital-markets experience from his previous roles heading metals and mining research at Deutsche Bank Securities and serving as CFO at publicly traded metals distributor Ryerson Holding, where he helped drive a significant increase in market capitalization. Beristain replaces Brian Fox, who stepped down immediately, with development chief Guillaume de Lamaziere serving as interim CFO until the transition.

The analyst community has responded enthusiastically to the operational momentum. Sphene Capital raised its price target to C$37.40, nearly doubling the previous estimate. Alliance Global lifted its target to C$26.25 from C$19.25, and Bank of America increased its to C$23. D.A. Davidson maintained a buy rating. Diamond Equity Research also updated its earnings forecasts, now projecting $0.72 per share for the current fiscal year and $1.68 for 2027.

Yet the market’s reaction tells a different tale. Almonty’s stock closed at C$24.14 on Friday, down 4.21% on the day and 10.19% for the week. The pullback comes after such an extraordinary run that profit-taking has become the dominant narrative, overriding otherwise positive news flow. The company remains well-capitalized, with C$259.9 million in cash. Investors will next look to the IIF investor conference on May 20, where details on U.S. expansion plans are expected, and to the continued ramp-up at Sangdong as Almonty solidifies its position in the Western tungsten supply chain.

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Almonty Stock: New Analysis - 16 May

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