Almonty Industries Posts Record Revenue as Tungsten Prices Soar

Almonty Industries, a tungsten producer, has reported a significant turnaround in its financial performance for the second quarter of 2026. Revenue soared to $42.99 million Canadian dollars, a staggering 498% increase from the same period last year. Net income swung to $181.8 million Canadian dollars from a loss of $58.2 million Canadian dollars in the prior-year quarter.

However, the company's net result is heavily influenced by non-cash gains tied to the revaluation of derivatives, which accounted for approximately 173.1 million Canadian dollars of the net income. When this is stripped out, adjusted EBITDA reached $17.6 million Canadian dollars, reversing a negative $4.8 million Canadian dollars in the same period last year.

The revenue explosion can be attributed to market conditions, particularly the significant increase in European prices for ammonium paratungstate, which averaged $3,075 per MTU in the second quarter. This pricing tailwind coincided with the operational startup of the Sangdong mine in South Korea, which began processing stockpiled ore into saleable tungsten concentrate on July 1, 2026.

Almonty has also made significant strides in its financial position, issuing a convertible bond worth $800 million US dollars in early June. The proceeds are earmarked for optimizing Phase 1 production at Sangdong and preparing the groundwork for a potential Phase 2 expansion, which could nearly double the company's annual ore processing capacity.