Almonty Industries Revenue Rises 498% on Record Tungsten Pricing
The tungsten concentrate producer reported a cash position of C$1.2 billion as of June 30, 2026
Almonty Industries Inc. (ALM), a global producer of tungsten concentrate, reported second-quarter revenue of C$43.0 million, a 498% increase from the C$7.2 million recorded in the same period last year. The company attributed the growth to record tungsten pricing.
Net income for the three months ended June 30, 2026, was C$181.8 million, compared to a loss of C$58.2 million in the prior-year quarter. Adjusted EBITDA rose to C$17.6 million from a loss of C$4.8 million in the second quarter of 2025. The company said the results reflect a substantial improvement in underlying operational performance.
Liquidity increased significantly following the June 9, 2026, closing of an oversubscribed offering of 2.25% convertible senior notes due 2031, which generated gross proceeds of US$800 million. Cash totaled C$1.23 billion as of June 30, 2026, up from C$268.4 million as of December 31, 2025.
Operating expenses rose during the first half of the year. General and administrative expenses for the six months ended June 30, 2026, totaled C$15.99 million, compared to C$7.49 million for the same period in 2025. Within those costs, salaries and wages rose to C$6.35 million from C$1.59 million.
Phase I of the Sangdong tungsten mine in South Korea remains in commissioning and ramp-up. The company expects targeted ore throughput capacity to reach approximately 640,000 tonnes per year once fully operational. A permitted Phase II expansion is contemplated to increase that capacity to 1.2 million tonnes per year.
Subsequent to the quarter end, Almonty took several corporate and financial actions. The company repaid a EUR14,662 KfW term loan in full and delisted from the Toronto Stock Exchange effective July 31, 2026. It also sought approval to delist from the Australian Securities Exchange, which it expects to be effective September 1, 2026.
Almonty also amended its long-term offtake agreement with Global Tungsten & Powders LLC for concentrate produced from Phase I of the Sangdong Mine. The amendment extends the term of the agreement by six years, increases total contracted volumes by 40%, and improves the pricing payable to Almonty on all contracted volumes by approximately 6.3%.