Almonty Posts $6.1M Operating Profit, Names New CFO as Korean Twin-Mine Complex Ramps Up

The tungsten producer Almonty Industries has crossed a critical threshold. First-quarter 2026 operating earnings swung to a positive $6.1 million, and the company simultaneously appointed a new chief financial officer as it brings two adjacent Korean mines into production. The developments mark a decisive shift from years of project development into actual revenue generation.

Q1 turnaround obscured by stock?price accounting

Adjusted EBITDA reached $6.1 million, reversing a loss in the year?earlier period. Operating cash flow jumped to $9.7 million. Yet the bottom line showed a net loss of $5.3 million, entirely attributable to a non?cash derivative liability triggered by the company’s soaring share price. That accounting charge totaled $8.4 million and had no impact on liquidity. The underlying business is firing on all cylinders, supported by steady output from the Panasqueira mine in Portugal and a tungsten price above $3,100 per tonne.

Sangdong tungsten mine now live

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

A milestone arrived in mid?March with the official commissioning of the Sangdong tungsten mine in South Korea. The concentrator will process 640,000 tonnes of material annually. Almonty has locked in a 15?year offtake agreement, securing revenues well into the next decade. The deposit’s grade far exceeds the global average, and management expects the mine to operate for decades. Phase one yields 2,300 tonnes of concentrate per year; that capacity is slated to double from next year.

The project carries clear geopolitical weight. Almonty aims to reduce Western reliance on Chinese supplies of tungsten, a critical mineral for the defence sector. In a parallel move, the company relocated its corporate headquarters to Montana in the United States. “The first quarter marks a turning point for Almonty,” said CEO Lewis Black.

New CFO with deep capital?markets pedigree

Effective June 1, Jorge Beristain will take over as chief financial officer, replacing Brian Fox, who left the company immediately. Until Beristain’s arrival, Guillaume de Lamaziere will serve as interim CFO. Beristain joins from US metals distributor Ryerson Holding, where he served as vice president of finance. Earlier he headed commodities research at Deutsche Bank Securities. His appointment comes at a pivotal time, as Western governments scramble to secure independent raw?material supply chains.

Molybdenum project fully permitted and pre?sold

A second, less?heralded asset is also moving forward. South Korean authorities have granted full permits for the Sangdong molybdenum deposit, which lies just 150 metres from the tungsten mine. Almonty plans to start extraction by the end of 2026, targeting a mine life of roughly 60 years. All output – an estimated 5,600 tonnes per year at full capacity – has been contracted to Korean processor SeAH. The proximity of the two deposits allows Almonty to share infrastructure and cut logistics costs, a significant competitive advantage.

Strong balance sheet and analyst conviction

Almonty at a turning point? This analysis reveals what investors need to know now.

Almonty’s financial position remains robust. Liquid assets stood at roughly $260 million (US dollars) at the end of the quarter, with working capital of $169 million and a debt?to?equity ratio of 0.47. The cash cushion allows management to fund the upcoming expansions without external financing.

Wall Street is taking note. A consensus of seven analysts rates the stock a buy, with an average price target of $22.96 – a 32% premium to the current level. D.A. Davidson has a $25 target, Alliance Global sees $26.25, and Bank of America sets a fair value of $23. In Canadian dollars, the stock recently traded around C$24.

Regulatory tailwind from Pentagon ban

A key catalyst looms from January 2027, when the US military will be prohibited from using Chinese tungsten. That rule effectively makes Almonty an indispensable supplier for Western defence contractors. With the Sangdong complex now in operation, a new CFO on board, and a molybdenum project ready to break ground, the company enters the second half of 2026 with two start?ready mines and a balance sheet to match.

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