Revenue Increases 498% Year-Over-Year to $43.0 Million, Driven by Record Tungsten Pricing
Net Income of $181.8 Million Compared to a Loss of $58.2 Million and Adjusted EBITDA(1) of $17.6 Million Compared to ($4.8) Million in Q2 2025
Closes Oversubscribed US$800 Million Convertible Senior Notes Offering; Cash Position of C$1.2 Billion
DILLON, Mont.--(BUSINESS WIRE)--August 11, 2026--
Almonty Industries Inc. ("Almonty" or the "Company") (Nasdaq: ALM; Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced its financial results for the three and six months ended June 30, 2026. All figures are presented in Canadian dollars unless otherwise noted.
All amounts in this news release are in thousands of Canadian dollars except per common share amounts and unless otherwise noted.
Financial Summary:
Three Months Ended June 30,
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2026 2025
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Revenue 42,989 7,192
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Income (loss) from mining operations 26,103 (944)
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General and administrative expenses 8,858 4,088
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Net income (loss) for the period 181,797 (58,209)
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Earnings (loss) per share -- basic $0.64 $(0.30)
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Earnings (loss) per share -- diluted $0.62 $(0.30)
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Adjusted EBITDA (Non-IFRS) 17,564 (4,761)
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Key Second Quarter 2026 & Subsequent Operational Highlights
-- Phase I of the Sangdong tungsten mine (the "Sangdong Mine") in Gangwon
Province, South Korea remains in commissioning and ramp-up. Once fully
operational, targeted ore throughput capacity is expected to reach
approximately 640,000 tonnes per year, with a fully permitted Phase II
expansion contemplated to increase throughput capacity to up to 1.2
million tonnes per year.
-- Subsequent to quarter end, on July 14, 2026, Almonty entered into an
amendment to its long-term offtake agreement with Global Tungsten &
Powders LLC ("GTP"), a member of Austria's Plansee Group, covering
tungsten concentrate produced from Phase I of the Sangdong Mine. The
amendment extends the term of the agreement by six years, increases total
contracted volumes by 40% and improves the pricing payable to Almonty on
all contracted volumes by approximately 6.3%.
-- On June 9, 2026, Almonty closed its oversubscribed offering of 2.25%
convertible senior notes due 2031, generating gross proceeds of US$800
million, including the exercise in full by the initial purchasers of
their option to purchase additional notes.
-- Cash totaled $1.2 billion as of June 30, 2026, as compared to $268.4
million as of December 31, 2025, providing the Company with substantial
financial flexibility to advance its growth pipeline.
-- On June 29, 2026, Almonty joined the large-cap Russell 1000 Index and
the broad-market Russell 3000 Index upon the conclusion of the 2026
Russell indexes reconstitution.
Management Commentary
Lewis Black, Chairman, President & CEO, commented: "The second quarter of 2026 demonstrated a first look at the prospective earnings power that Almonty has spent more than a decade building toward. Revenue increased 498% year-over-year to $43.0 million and 69% sequentially, income from mining operations reached $26.1 million, and Adjusted EBITDA was $17.6 million -- an improvement of more than $22 million from the same quarter last year.
"Just as importantly, we transformed our balance sheet. The US$800 million convertible senior notes offering we closed in June was substantially oversubscribed and leaves us with $1.2 billion in cash -- providing capital that allows us to advance the Phase II expansion at Sangdong, the Tungsten Oxide Facility in South Korea, the Gentung Tungsten Project in Montana and the Panasqueira extension in parallel rather than sequentially. Our inclusion in the Russell 1000 and Russell 3000 indices, together with the amendment to our GTP offtake agreement extending the term by six years while increasing contracted volumes by 40% and improving pricing by approximately 6.3%, reflects how quickly both the market and our customers are recognizing the strategic value of secure, Western-aligned tungsten supply."
Jorge Beristain, CFA, Chief Financial Officer, added: "Our second quarter results show a business with substantial operating leverage. Revenue of $43.0 million converted into $26.1 million of income from mining operations, with gross profit margin at 60.7% of revenue, and we generated $31.6 million of cash flow from operating activities in the first half of the year, compared to a use of $14.9 million in the same period last year.
"Reported net income of $181.8 million includes $173.1 million of net non-cash gains on the revaluation of derivative and warrant instruments, which are a function of IFRS fair value accounting on our convertible instruments and capped calls. We ended the quarter with $1.2 billion in cash, and subsequent to quarter end we repaid our KfW term loan in full. We are well capitalized to fund our development pipeline through to production."
Second Quarter 2026 Financial Results Highlights
Revenue in the second quarter of 2026 increased 498% to $43.0 million, as compared to $7.2 million in the same year-ago quarter, and increased 69% from $25.4 million in the first quarter of 2026. The increase was driven primarily by the significant appreciation in the price of tungsten APT, with the European APT average price rising to US$3,075 per MTU during the second quarter of 2026 from US$453 per MTU in the second quarter of 2025.
Income from mining operations in the second quarter of 2026 was $26.1 million, as compared to a loss from mining operations of ($0.9) million in the same year-ago quarter. Total cost of sales was $16.9 million, or 39.3% of revenue, as compared to $8.1 million in the same year-ago quarter.
General and administrative expenses in the second quarter of 2026 totaled $8.9 million, as compared to $4.1 million in the same year-ago quarter. The increase was primarily attributable to higher salaries and wages as the Company expanded its management team to support its growth trajectory, as well as increased consulting, legal, and operating costs. The Company expects a normalization of general and administrative expenses over time as the organization scales.
Net income in the second quarter of 2026 was $181.8 million, or $0.62 per diluted share, as compared to a net loss of ($58.2) million, or ($0.30) per share, in the same year-ago quarter. Second quarter 2026 results included $173.1 million in aggregate net non-cash gains on the revaluation of derivative and warrant instruments, comprising a $204.4 million non-cash gain on the revaluation of embedded derivative liabilities, partially offset by a $30.7 million non-cash loss on the revaluation of the embedded derivative asset associated with the Company's capped call transactions and a $0.6 million non-cash loss on the revaluation of warrant liabilities. These non-cash accounting items did not impact the Company's operating performance, cash flow, or liquidity position.
Adjusted EBITDA, a non-IFRS measure, was $17.6 million in the second quarter of 2026, as compared to ($4.8) million in the same year-ago quarter, reflecting the substantial improvement in underlying operational performance.(1)
Cash flow provided by operating activities was $31.6 million for the six months ended June 30, 2026, as compared to cash used in operating activities of ($14.9) million in the same year-ago period.
Cash as of June 30, 2026 totaled $1.23 billion, as compared to $268.4 million as of December 31, 2025. The increase primarily reflects gross proceeds of US$800 million from the convertible senior notes offering completed in June 2026, together with positive cash flow generated from operations.
About Almonty
Almonty (Nasdaq: ALM) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten -- a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty's flagship Sangdong Mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to be a major contributor to the global non-China tungsten supply chain upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in the U.S. and Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit https://almonty.com.
Legal Notice
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(1) Use of Non-IFRS Financial Measures