Almonty Revenue Up 382% as Sangdong Mine Yields First Tungsten Since 1993

Almonty Industries posted third-quarter revenue of C$41.9 million, up 382% from C$8.7 million a year earlier, as the European ammonium paratungstate price averaged US$2,800 per metric tonne unit against US$615 in the third quarter of 2025. The company also confirmed its Sangdong mine in South Korea produced its first concentrate in September, the site's first tungsten since 1993.

Income from mining operations, all of it from the Panasqueira mine in Portugal, rose to C$26.0 million from C$1.3 million. That equals 62% of revenue. Revenue came in slightly below the second quarter's C$43.0 million because Almonty sold 3.9% fewer units: some September shipments reached customers in October, leaving C$5.9 million in deferred revenue to be booked in the fourth quarter.

Net income was C$50.2 million, or 17 Canadian cents a diluted share, up from C$33.2 million. But C$47.9 million of that figure came from net non-cash gains on revaluing derivative and warrant instruments. Adjusted EBITDA was C$14.6 million, against a loss of C$2.3 million a year earlier. All figures are in Canadian dollars unless noted.

What does the Sangdong restart change?

Sangdong, historically one of the world's largest and highest-grade tungsten deposits, shipped its first container from Busan after the quarter closed. The processing plant is in commissioning and ramp-up during the fourth quarter. The company targets roughly 640,000 tonnes of ore a year at Phase I.

Phase II, already permitted, would lift capacity to as much as 1.2 million tonnes and is targeted for 2027. More than 90% of Phase I output is committed under an offtake with Global Tungsten & Powders, part of Austria's Plansee Group. That deal was extended by six years in July, with 40% more volume and about 6.3% better pricing.

Chairman and CEO Lewis Black pointed to U.S. defense procurement rules that take effect Jan. 1, 2027, and will "closely scrutinize where tungsten ore was mined." He said few producers can meet that standard at scale with Western-aligned origin.

Why prices stay elevated

China's export curbs have pushed tungsten prices up across the supply chain, including in AI circuit-board drill bits. The Pentagon's stockpile plans have also run short of the metal. APT stood at about US$2,650 per unit as of Nov. 6, the company said.

The price backdrop turns Sangdong's timing into a commercial advantage: Almonty is adding Western-aligned mine supply into a market where the largest producer has restricted exports and defense buyers face origin scrutiny from 2027.

How is the balance sheet positioned?

Cash stood at C$1.15 billion at Sept. 30, up from C$268.4 million at the end of 2025. The increase came mainly from US$800 million of convertible notes sold in June.

Almonty bought back and cancelled 2,914,739 shares in the quarter at an average price of US$16.58, under a program of up to US$300 million. It repurchased 703,053 more shares after quarter end. The company also signed a take-or-pay deal to supply a European customer with at least about 1,720 tonnes of WO3 from the Los Santos tailings in Spain, and formed a joint venture with the government of Rwanda.

Sangdong's ramp toward 640,000 tonnes a year, the permitted Phase II expansion in 2027 and the enlarged Plansee offtake together set the terms for Almonty's revenue growth as U.S. origin rules tighten the market for non-Chinese tungsten.