Almonty's Q3 Revenue Jump Meets a Cautious Re-Rating
Published on 11/13/2026 at 21:01 | Editorial boerse-global.de
Stifel cut its price target on Almonty today from US$21 to US$18 while keeping its Buy rating, and the reasoning behind that trim says more about the tungsten miner than the headline number does. The broker now values the stock at 11.5 times its estimated 2027 operating profit before interest, taxes and depreciation, down from a multiple of 12.5 previously. The growth story survives; the price the market is asked to pay for it has been marked down.
That recalibration lands one day after Almonty's third-quarter 2026 results, which explain the caution. Revenue reached C$41.889 million, up from C$8.695 million a year earlier, a surge the company attributes mainly to higher tungsten APT prices. Stifel had been looking for C$44.9 million.
Costs Take a Bite Out of the Top Line
The operating picture underneath the revenue beat is more nuanced. Income from mining operations came in at C$26.0 million, while adjusted EBITDA reached C$14.586 million. Against that, sales and administrative expenses ran to C$11.6 million — a cost base that helps explain why the broker tightened its valuation framework even as it reiterated its positive stance.
Net profit was C$50.235 million, but the composition matters: the figure included C$47.9 million in non-cash gains, according to the company. Cash on hand at the end of the third quarter stood at C$1.15 billion, a cushion that gives Almonty room to maneuver — provided it converts that flexibility into durable operating progress.
Should investors sell immediately? Or is it worth buying Almonty?
Sangdong Moves From Blueprint to Shipment
The operational milestones are what give the price story a foundation. Sangdong produced tungsten concentrate for the first time in September, and after the quarter closed the first container was loaded for overseas shipment. Stifel sees roughly C$30 million in revenue contribution from Sangdong in the final quarter and has signalled that a slight slippage into 2027 would not materially alter its investment case. Full production capacity at the mine is targeted for 2027.
Chief executive Lewis Black has framed a tungsten supply chain outside China as strategically vital, and that argument carries weight with investors only to the extent Almonty can serve demand profitably. Strategic relevance and operational execution have to meet in the middle.
A Legal Overhang Worth US$67 Million
One financial unknown hangs over the story. Deutsche Rohstoff on Wednesday put its claims against Almonty at approximately US$67 million, stating that its suit and a related Almonty action have been consolidated.
Almonty at a turning point? This analysis reveals what investors need to know now.
The shares added 6.1% today. Whether that advance holds depends on the same test Stifel has set: higher tungsten prices are worth little unless they travel from the mine through sales and into recurring operating earnings. Sangdong's ramp-up, the cost line, and the outcome of the litigation are the three variables that will decide how much of the strategic premium Almonty ultimately earns.
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