Stifel Backs Almonty as Sangdong's First Tungsten Concentrate Meets a Paper-Profit Quarter
Published on 11/15/2026 at 12:31 | Editorial boerse-global.de
Stifel is sticking with its buy rating on Almonty, and the market offered its own endorsement: the shares climbed 8.5% on Friday, the session after the tungsten producer unveiled third-quarter 2026 results. The headline numbers are striking — revenue of C$41.9 million, up 382% year on year — but the profit line tells a more layered story.
Net income rose 51% to C$50.2 million. Buried inside that figure were C$47.9 million in non-cash revaluation gains tied to derivative and warrant instruments. Strip those out and adjusted EBITDA came in at C$14.6 million — a positive operating metric, though one that casts the net profit in a very different light. Investors weighing the quarter have to decide which number speaks louder.
Sangdong Comes Online
The operational backdrop is what gives the growth spurt its substance. According to Almonty, Sangdong produced tungsten concentrate for the first time in September. More than 90% of Phase I output is locked into contracts, a coverage level that lends visibility to the sales side — provided the agreements translate into dependable operating income.
Strong tungsten prices have been a tailwind throughout, and the combination of a firm pricing environment with contracted offtake is the pairing that matters most for the equity story. Contracted volumes make planning easier; favorable prices make those contracts more valuable. How the two interact will determine whether the revenue surge proves durable.
Should investors sell immediately? Or is it worth buying Almonty?
CEO Lewis Black said on November 8 that the grade of the finished concentrate is approaching 50%, revising upward from the 40% he cited in an earlier circular. He also disclosed a brief operational interruption after the plant moved to round-the-clock operation on November 1.
A Canadian Courtroom Enters the Frame
Reliability, though, extends beyond production and offtake to legal obligations. Deutsche Rohstoff said on Wednesday that it has filed suit against Almonty in Canada, seeking roughly USD 67 million. The claims include rights to 3.5 million shares from a conversion as well as repayment of liabilities.
Deutsche Rohstoff also stated that Almonty has filed a related claim of its own, and that the two proceedings have been consolidated. Details of the claims and the procedural status come from Deutsche Rohstoff — a party to the dispute, not from any court finding.
Almonty at a turning point? This analysis reveals what investors need to know now.
For anyone tracking Almonty, the yardstick now spans three fronts: sales security, operating earnings power, and legal exposure. The tungsten price strength gains real quality only when all three line up. That is where the opportunity sits — and where the company's progress will be judged.
Ad
Almonty Stock: New Analysis - 15 November
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
