Almonty Industries Reports 221% Revenue Growth – Tungsten Positions the Company as a Strategic Western Supplier

Tungsten's Key Geopolitical Role for Defence and Industry

Tungsten is one of the most critical raw materials of our time. With the highest melting point of any metal and an enormous density, tungsten has established itself as a key element in the defence industry. In times of global conflict, particularly due to the wars in Ukraine and Iran, demand has risen massively. But also due to rearmament and the expansion of defence budgets in many countries. The raw material is essential for the production of ammunition, heavy armour, and military electronics. Given US defence procurement bans and export restrictions imposed by China, which controls over 80% of the market, the West faces a dangerous supply shortage. Yet tungsten is not only vital for the military. Civilian industries, too, cannot function without this rare metal. The raw material is in high demand in the aerospace and automotive sectors. Recent developments show that tungsten is also ideally suited for electric vehicle batteries, significantly improving energy density and ensuring optimal thermal control. Since there are hardly any alternatives outside of China, Almonty Industries is taking center stage as a conflict-free supplier. The company has already been officially recognized by the US Congress for this strategic contribution.

"Financial Turning Point" in the First Quarter of 2026

The financial results for the first quarter of 2026 demonstrate that this strategic direction is bearing fruit. Almonty has reached an operational turning point. Revenue surged 221% year over year, reaching USD 25.4 million. This growth was driven by high global tungsten prices and the performance of the Panasqueira mine in Portugal. The mine generated nearly all of the quarterly revenue on its own and tripled its result from the prior year. Adjusted EBITDA also turned strongly positive, reaching USD 6.1 million, after posting a loss of USD 2.4 million in the same period last year. Another clear sign of the company's fundamental strength is the positive operating cash flow of USD 9.7 million. With liquidity of USD 259.9 million in cash and USD 169.5 million in working capital, Almonty enjoys strong financial flexibility. The reported net loss of USD 5.3 million is primarily attributable to non-cash accounting effects totalling USD 8.4 million, resulting from the rise in the share price during the quarter.

Focus on the CEO and the Operational Growth Pipeline

A deeper look into the company's operations reveals why analysts are celebrating Almonty. Experts unanimously justify their optimistic price targets by noting that Almonty is no longer an exploration company, but an operational producer with a clear growth pipeline. Anyone who follows the management's presentations, such as in the video below, will quickly recognize the strategic foresight.

https://youtu.be/H83MeXYqbA4

CEO Lewis Black sums up the significance of current developments. He emphasized that the first quarter of 2026 represents an absolutely pivotal moment and that the results speak for themselves. Black explained: "As we ramp up Sangdong to full commercial throughput and advance the Gentung Tungsten Project toward production, we are building the foundation for a long-term, high-margin platform that directly addresses the West's most pressing critical mineral vulnerabilities."

A milestone was the grand commissioning ceremony for the Sangdong mine in South Korea on March 17, 2026. Sangdong is considered one of the world's largest tungsten deposits and is expected to account for over 80% of supply outside of China. Capacity stands at 640,000 tons of tungsten ore per year. Production costs are quite low, estimated at USD 126.8 per unit. In addition, a 15-year off-take agreement secures revenue. To take full advantage of its proximity to US authorities, Almonty relocated its headquarters to Dillon, Montana, where the newly acquired, 100% owned Gentung project is also located. This initiative is bolstered by high-profile hires, including the new CFO, Jorge Beristain and board member Alan Estevez, who previously served as US Under Secretary of State.

Technical Analysis Indicates Entry Opportunity

From a purely technical perspective, Almonty Industries stock currently offers an extremely interesting entry scenario for investors. The price was recently hovering around CAD 24. This latest correction followed a sharp rise from a high of approximately CAD 32 to the current level. It is precisely in this CAD 24 range that the previous breakout level lies, as well as the starting point of the last dynamic rally, which was triggered by the significant announcement on April 13, 2026. From a technical analysis perspective, a solid bottoming process could now begin here, or perhaps just a brief test followed by a V-shaped formation. This assumption is supported by the fact that the long-term uptrend line also runs very close to this zone (visible in the chart below). If momentum shifts from falling to rising again, the price should quickly regain momentum. The next surge in a new upward wave could lift the stock above the previous high of CAD 32 toward CAD 38 to 40. Once the CAD 32 mark is sustainably broken, there will be no further technical resistance on the upside after reaching a new all-time high. As long as the long-term uptrend remains intact, an attractive entry opportunity could present itself right now. Especially given the extreme prices for tungsten, which recently traded above USD 3,100 per MTU, anything is possible on the stock market.

Conclusion

In summary, Almonty Industries faces a promising future. The company has successfully transformed itself from a pure developer into a profitable producer. With strong liquidity, first-class large-scale projects such as Sangdong, and a clear foothold in the US defence sector, the company holds all the cards for sustainable growth. For long-term investors, the current price level offers a potentially solid foundation to benefit from the rising global demand for the rare key metal tungsten.