Almonty Reports 498% Revenue Surge Amid Tungsten Price Shifts

Almonty Industries Inc. reported second-quarter 2026 revenue of C$43.0 million, a 498% increase from the same period last year. The company attributed this growth to record tungsten pricing and operational improvements at its Panasqueira Mine in Portugal. Income from mining operations reached C$26.1 million, while Adjusted EBITDA swung to a positive C$17.6 million from a loss of C$4.8 million a year earlier. CEO Lewis Black described the results as an early demonstration of the earnings potential the company has cultivated over the past decade.

The quarter's financials were heavily influenced by non-operating items. Almonty reported net income of C$181.8 million, which included C$173.1 million in non-cash gains from the revaluation of derivative and warrant instruments. Despite the high net income figure, the core business generated a gross margin of 60.7%. Black emphasized that the company avoided using high prices to mask inefficiencies, instead focusing on cost discipline during previous periods of lower market valuations.

Balance Sheet Strengthens With Convertible Notes

Almonty’s cash position expanded significantly to C$1.227 billion as of June 30, up from C$268.4 million at the end of 2025. This increase resulted primarily from the June closing of a US$800 million offering of 2.25% convertible senior notes due 2031. The notes carry an initial conversion price of approximately US$27.40 per share. To manage potential dilution, the company structured capped-call transactions with an initial cap price of US$41.36, which offsets certain cash payments upon conversion.

To further mitigate dilution, Almonty authorized the repurchase of up to 14.4 million common shares, representing approximately 5% of shares outstanding. The program allows the company to buy back shares for an aggregate price of up to US$300 million over 36 months, ending in August 2029. Black stated that the buyback could be funded partly by earnings from the Sangdong mine and noted that executive compensation is not tied to short-term share-price performance.

Long-Term Offtake Agreement Secures Production

The operational focus remains on the Sangdong Tungsten Mine in South Korea. In July, Almonty extended its Phase I offtake agreement with Global Tungsten & Powders LLC, a member of the Plansee Group, from 15 to 21 years. The amendment increased the contracted volume by 40% to 4.41 million metric tonne units and improved pricing across all contracted volumes by approximately 6.3%. This agreement now covers about 90% of anticipated Phase I production, providing significant revenue visibility for the upcoming years.

Market Listings Streamlined To Nasdaq

Almonty has consolidated its public market presence by delisting from the Toronto Stock Exchange and the Australian Securities Exchange. The TSX delisting took effect after trading closed on July 31, while the ASX removal occurred after trading closed on September 1. The shares continue to trade on Nasdaq and the Frankfurt Stock Exchange. Black indicated that trading activity has migrated overwhelmingly to Nasdaq, making the administrative costs of maintaining additional listings difficult to justify.