Highlights

  • Almonty Industries shares rose 4.66% to AUD 28.51 on 12 May 2026 as investors reacted positively to its Q1 2026 financial results.
  • Revenue increased 221% year-on-year to CAD 25.4 million.
  • Adjusted EBITDA improved to CAD 6.1 million from a negative CAD 2.4 million in Q1 2025.
  • Operating Cash Flow turned positive at CAD 9.7 million compared to negative CAD 4.4 million a year earlier.
  • Cash holdings stood at CAD 259.9 million as of 31 March 2026.
  • The company formally commissioned its Sangdong tungsten mine in South Korea during the quarter.

Almonty Industries CDI (ASX:AII) shares moved higher during the morning session on 12 May 2026 after the tungsten producer released quarterly financial results showing a substantial increase in revenue, improved operating performance and positive operating cash flow generation.

The stock traded at AUD 28.51, up 4.66% for the session, continuing a significant upward trend that has seen shares rise approximately 590.31% over the past 12 months.

Investor attention appeared focused on the company’s sharp improvement in quarterly financial metrics, alongside operational progress at its Sangdong tungsten mine in South Korea and continued favourable tungsten pricing conditions.

The latest update highlighted what management described as a major inflection point in Almonty’s financial trajectory as the company continues expanding its role within Western critical minerals and industrial Supply chains.

Almonty Industries is a global producer of tungsten concentrate and operates Mining projects across multiple jurisdictions including Portugal, South Korea, Spain and the United States. The company supplies tungsten, a strategic metal used in defense systems, electronics, industrial Manufacturing and advanced technologies. Growing geopolitical tensions and supply chain concerns have increased investor focus on non-China tungsten supply sources, an area where Almonty continues positioning itself as a key supplier.

Revenue Surges on Higher Tungsten Prices

A major feature of the company’s first-quarter update was the sharp increase in revenue generation during the three months ended 31 March 2026.

Almonty reported revenue of CAD 25.4 million for Q1 2026, representing a 221% increase compared to CAD 7.9 million recorded in the corresponding period last year.

The company attributed the increase primarily to higher spot prices for ammonium paratungstate (APT), a key tungsten product benchmark, alongside continued operational performance from its Panasqueira Mine in Portugal.

The increase in tungsten pricing appears to have provided significant Leverage to Almonty’s operating model during the quarter.

Management noted that Panasqueira continued delivering favourable operational outcomes, contributing materially to Quarterly Revenue Growth.

The tungsten market has attracted increased global attention in recent years due to tightening supply conditions, rising strategic Demand and growing concerns surrounding concentration of global tungsten production.

China currently dominates global tungsten supply, making alternative supply chains increasingly important for Western industrial and defense sectors.

Against this backdrop, Almonty’s existing mining operations and development pipeline have become an increasing area of investor focus.

Adjusted EBITDA Returns to Positive Territory

The company also reported a significant improvement in underlying Earnings performance during Q1 2026.

Adjusted EBITDA reached CAD 6.1 million for the quarter, compared to a negative CAD 2.4 million in Q1 2025.

The improvement reflected stronger operational performance driven by higher revenue and improved mining income during the period.

At the same time, operating cash flow turned positive at CAD 9.7 million compared to negative operating cash flow of CAD 4.4 million in the prior corresponding quarter.

Management described the shift to positive operating cash flow as an important milestone for the Business.

The company’s ability to generate positive cash flow appears particularly relevant as Almonty advances major development projects including Sangdong and Gentung.

The stronger cash generation profile may also provide additional flexibility for future development initiatives and operational expansion.

Despite the favourable operational improvement, Almonty still recorded a net loss of CAD 5.3 million for Q1 2026.

However, this marked a considerable improvement from the net loss of CAD 34.6 million recorded in Q1 2025.

Management stated that the latest quarter’s net loss was heavily affected by non-Cash Accounting charges associated with the Revaluation of derivative and Warrant liabilities.

These included CAD 6.4 million in non-cash losses linked to embedded derivative liabilities and CAD 2.0 million related to warrant Liability revaluations.

According to the company, these accounting impacts were largely driven by appreciation in Almonty’s share price during the quarter, which rose from CAD 12.07 at the end of December 2025 to CAD 20.24 at 31 March 2026.

The company emphasised that these non-cash accounting charges did not affect underlying operating performance, Liquidity or cash flow.

Sangdong Mine Reaches Key Milestone

Operationally, one of the most significant developments during the quarter was the formal commissioning ceremony held at the Sangdong tungsten mine in South Korea on 17 March 2026.

Management described the event as marking the completion of development activities and the transition of the project toward commercial operations.

The Sangdong mine is regarded as one of the world’s largest and highest-grade tungsten deposits.

Once operating at full capacity, the mine is expected to become a significant contributor to non-China tungsten supply for Western industrial and defense markets.

The project has attracted considerable market interest given the growing geopolitical importance of critical minerals supply chains.

Recent export restrictions and procurement policies affecting strategic minerals have further increased focus on diversified tungsten supply outside China.

Almonty believes Sangdong will play an important role in addressing these supply vulnerabilities over the longer term.

The company also continues advancing its Gentung Tungsten Project, which management identified as another future contributor to production growth.

Cash Position Supports Growth Strategy

Almonty ended the quarter with cash holdings of CAD 259.9 million and Working Capital of CAD 169.5 million.

Although cash balances declined slightly from CAD 268.4 million recorded at the end of December 2025, management said the company remains well-capitalised to continue advancing its broader development pipeline.

The sizeable liquidity position provides support for operational ramp-up activities at Sangdong and future development work across other projects.

Investors often closely monitor Balance Sheet strength among mining development companies due to the significant capital requirements associated with project construction and operational scaling.

Almonty’s current liquidity position may therefore remain an important Factor supporting investor confidence as the company transitions toward larger-scale commercial operations.

Corporate Relocation Aligns with Strategic Positioning

Subsequent to the quarter, Almonty also announced the relocation of its corporate headquarters from Toronto, Canada to Dillon, Montana in the United States.

The company said the move aligns its operations more closely with U.S. industrial and defense Stakeholders while positioning the business nearer to its Gentung Tungsten Project and strategic partners.

The relocation reflects Almonty’s increasing emphasis on supplying critical materials into Western defense and industrial supply chains.

Given growing geopolitical competition surrounding strategic minerals, companies operating outside dominant Chinese supply networks have attracted increasing interest from governments and industrial groups seeking supply chain Diversification.

Management Commentary Reflects Positive Outlook

Chairman, President and Chief Executive Officer Lewis Black described Q1 2026 as a pivotal period for the company.

Management highlighted the combination of sharply higher revenue, positive Adjusted EBITDA and positive operating cash flow as indicators of operational transformation across the business.

The company also pointed to the commissioning of Sangdong and rising tungsten prices as factors supporting Almonty’s long-term positioning.

Interim Chief Financial Officer Guillaume de Lamaziere stated that the quarter demonstrated the Operating Leverage inherent within the company’s business model during periods of strengthening tungsten prices.

Management reiterated that underlying operational performance remained favourable despite reported accounting-related non-cash charges.

What This Means for Investors?

Almonty Industries’ latest quarterly update highlighted substantial revenue growth, improving operating performance and continued progress toward large-scale tungsten production.

The company’s transition to positive Adjusted EBITDA and operating cash flow appeared to be among the key drivers supporting today’s share price movement.

At the operational level, the commissioning of the Sangdong mine marked an important milestone as the project moves closer to commercial throughput.

The combination of rising tungsten prices, increased strategic demand for non-China supply and Almonty’s expanding production platform continues positioning the company within an area of growing geopolitical and industrial importance.

While mining development projects still involve operational, pricing and execution risks, today’s market reaction suggests investors responded favourably to the company’s latest financial and operational progress.