Almonty's Q3: Tungsten Prices Did the Heavy Lifting, Sangdong Did the Rest
Published on 11/15/2026 at 18:51 | Editorial boerse-global.de
Almonty Industries booked a 382% year-on-year jump in third-quarter 2026 revenue to C$41.9 million, a surge the company attributes chiefly to higher tungsten-APT prices. Investors rewarded the print by pushing the stock up 8.5% on Friday. Yet the headline number tells only part of the story: the same quarter saw Sangdong produce tungsten concentrate for the first time since 1993, and the first container of that material loaded at Busan for overseas shipment after the reporting period closed.
What the Price Lever Already Delivers
Management was explicit that pricing, not volume, drove the top line. That distinction matters. A price-led revenue leap demonstrates that Almonty is capturing stronger selling prices for its output; it says nothing on its own about how much tonnage the company is pulling from the ground. Anyone assessing the growth trajectory should treat the two forces separately rather than assuming the mining performance is compounding at the same rate as the sales line.
Adjusted operating earnings before interest, taxes, depreciation and amortization came in at C$14.6 million — a solid operating result in its own right, and a cleaner gauge of the current mining business than the bottom line.
The Profit Line Needs a Closer Read
Reported net income reached C$50.2 million, up 51% from the year-earlier quarter. Embedded in that figure, however, were C$47.9 million in non-cash net gains from revaluations. Those items belong in the reported result, but they are not equivalent evidence of the earning power of an operating tungsten mine. Strip them out and the adjusted operating figure is the more useful starting point. Note too that profit grew more slowly than revenue — a gap worth keeping in view.
Should investors sell immediately? Or is it worth buying Almonty?
From First Concentrate to a Loaded Container
The operational milestones arrived in sequence. Sangdong produced tungsten concentrate in September, ending a hiatus stretching back to 1993. After the quarter closed, the first container of concentrate was loaded in Busan for export. On the plant side, CEO Lewis Black said the company moved to round-the-clock operations on 1 November, staffing three shifts, following the initial concentrate output.
Those steps represent a different quality of progress than a rising market price: they concern the mine's operating development directly. The two strands belong together but should not be fused — the production restart proves a milestone was reached, while the revenue line shows the price lever already at work. Neither can be used to infer the scale of the other.
A Legal Overhang Worth Separating Out
Adding uncertainty is the dispute with Deutsche Rohstoff, which said on Wednesday it is asserting claims of roughly US$67 million against Almonty in Canada. According to Deutsche Rohstoff, Almonty has filed a connected suit of its own, and the two proceedings have been consolidated. These are claims and one litigant's account — not an established payment obligation on Almonty's part. Even so, the conflict stands as a distinct risk factor alongside the operating business.
Almonty at a turning point? This analysis reveals what investors need to know now.
The takeaway: Almonty's growth rests on a genuine operational foundation, but it also bears the clear imprint of higher commodity prices. Keeping price effects, production advances and balance-sheet-driven profit apart is what makes visible what the business is actually delivering.
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