Almonty’s US Pivot Accelerates: Cash Flow Turns Positive, $800M Convertible Secured as Russell Entry Nears
15.06.2026 - 06:53:33 | boerse-global.de
The clock is ticking down to a landmark shift in the global tungsten supply chain. From January 2027, the United States will ban imports of Chinese tungsten, a metal critical to defence and high-tech manufacturing. For Almonty Industries, that deadline is a business plan in motion. The company is repositioning itself as the West’s primary alternative source, and the first quarter of 2026 shows the strategy is starting to deliver.
Revenue surged 221% year-on-year to $25.4 million, driven by strong spot prices and robust production at the Panasqueira mine in Portugal. Adjusted EBITDA swung from a loss of $2.4 million to a gain of $6.1 million, while operating cash flow turned positive at $9.7 million. The net loss narrowed to $5.3 million, partly due to the absence of the non-cash valuation charges that had weighed on the prior-year period. Liquidity stood at roughly $260 million at quarter-end.
That cash position will soon be bolstered by a heavy capital injection. Almonty issued a convertible note with a 2.25% coupon that investors oversubscribed to the tune of $800 million, including the full exercise of a $100 million overallotment option. The financing secures the company’s expansion programme, centred on the Sangdong mine in South Korea, one of the world’s largest high-grade tungsten deposits. The first phase of development has been completed, and the mine is now ramping towards full production.
Should investors sell immediately? Or is it worth buying Almonty?
The company’s stock, which had been under pressure earlier this year on dilution fears, has rebounded sharply. Shares closed at C$24.75 on Friday, adding nearly 8% on the week and more than doubling since the start of the year with a gain of about 105%. The 52-week high remains roughly 25% above the current price, leaving room for further upside.
A major catalyst is imminent. FTSE Russell will add Almonty to both the Russell 1000 and Russell 3000 indices at the end of June, with the official entry on 29 June. Passive funds tracking the benchmarks will be forced to adjust their portfolios, channelling fresh demand into the stock. The inclusion had been flagged as a potential support factor in the earlier quarterly report, and investors have already begun positioning for it.
Almonty is also aligning its corporate footprint with its market ambitions. In April it announced plans to relocate its headquarters from Toronto to Dillon, Montana, bringing management closer to Pentagon procurement teams and US defence contractors. Shareholders endorsed the direction at the annual meeting in June, re-electing all seven board members with more than 99% of the vote. Two directors with deep military-supply chain experience, General Gustave F. Perna and Alan Estevez, drew approval ratings above 99%.
At the executive level, the company has brought in Jorge Beristain as chief financial officer, effective early June. His appointment signals a sharpened focus on financial discipline as the group juggles development projects in South Korea, Portugal and Spain. The combination of a fortified balance sheet, index-driven demand and a firm regulatory tailwind puts Almonty in a position to capitalise on the coming western tungsten supply squeeze.
Ad
Almonty Stock: New Analysis - 15 June
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
