221% Growth in Q1
Almonty Industries achieved a significant operational leap in the first quarter of 2026. Revenue surged 221% year-over-year to CAD 25.4 million. It is noteworthy that all of this growth stems exclusively from the Panasqueira mine in Portugal. The Sangdong mine in South Korea, considered one of the most important Western tungsten projects, has not yet made a significant contribution to earnings during the reporting period. This is precisely what will change dramatically starting in the second quarter, catapulting the company’s revenue and profits into a new league.
In Q1, adjusted EBITDA turned from a loss of USD 2.4 million in the prior-year quarter to a profit of USD 6.1 million. Operating cash flow stood at a solid USD 9.7 million, following a negative operating cash outflow of USD 4.4 million in the prior year.
Positive Outlook
Of particular interest to investors, of course, is the outlook. In March 2026, Almonty officially celebrated the commissioning of the Sangdong mine in South Korea. The project is considered one of the largest and highest-grade tungsten deposits worldwide and is expected to play a central role in the West’s future raw material supply. CEO Lewis Black spoke of a “decisive turning point” in the company’s development. So far, the quarterly figures have hardly reflected Sangdong’s production output. That is likely to change starting in the second quarter. As the mine ramps up, revenue, EBITDA, and cash flow should therefore surge.
Added to this is the soaring price of tungsten. In January 2026, the price for one metric ton unit (MTU)—equivalent to ~10 kg—of ammonium paratungstate on the Rotterdam exchange was around USD 900. Today, the price has risen to over USD 3,000 per MTU.
Tungsten is one of the world’s most strategically important industrial metals. This extremely hard, heavy metal has the highest melting point of any element at 3,422 degrees Celsius and is used in the chemical, semiconductor, aerospace, and defence industries, among others. Tungsten is particularly in demand for modern weapon systems such as Tomahawk cruise missiles or Patriot missiles, as the metal’s high density, hardness, and heat resistance make it ideally suited for military applications. According to reports in the “Washington Post”, US stockpiles are said to have fallen to an alarmingly low level following recent military operations in the Middle East. At the same time, demand from the technology sector is also growing rapidly. The semiconductor industry, driven by the AI boom, requires large quantities of tungsten hexafluoride (WF₆), which is used in chip production. According to industry sources, Asian producers are finding it increasingly difficult to procure sufficient tungsten for further processing.
Bank of America Expects Growth and High Margins
Analysts at Bank of America (BofA) foresee a massive growth surge for Almonty Industries in the coming years, driven primarily by the ramp-up of the Sangdong mine in South Korea and significantly higher tungsten prices. Market trends cited include the sharp rise in demand from the defence sector and the ongoing Chinese export restrictions.
Revenue and profit are expected to grow correspondingly strongly in the coming years. According to the study, revenue is set to skyrocket from CAD 33 million in 2025 to around CAD 670 million this year. Analysts are already projecting 2027 revenues of CAD 1.32 billion. At the same time, EBITDA is expected to climb from a negative CAD 24 million last year to CAD 597 million in 2026 and then to CAD 1.21 billion in 2027.
The bank also expects earnings per share to grow significantly. After a loss of CAD 0.73 per share in 2025, Almonty is projected to earn CAD 1.75 per share as early as 2026. For 2027, analysts are even forecasting a jump in earnings to CAD 3.50 per share. Almonty shares are currently trading at around CAD 30. A P/E ratio of less than 10 for what is arguably a unique supplier of a critical raw material seems anything but expensive.
At the same time, free cash flow is expected to rise from a negative CAD 80 million in 2025 to CAD 405 million in 2026 and CAD 871 million in 2027. According to the study, this should quickly transform net debt into a strong net cash position. Overall, BofA views Almonty as one of the few Western tungsten producers in an extremely attractive strategic position.
And there is further upside potential. The analysts also remain highly conservative in their tungsten price assumptions. For 2027, they use a price of USD 2,700 per MTU, while for 228, they assume USD 1,984 per MTU.
Update on May 20, 2026
An update on developments is expected as early as next week. Almonty CEO Lewis Black will then present at the IIF virtual investor conference. Individual investors can also register for the IIF free of charge. Black is likely to have plenty to report. Not only is Sangdong being ramped up, but the mine in Portugal is being expanded, and a third site is currently under construction in the US state of Montana.
The company’s headquarters is now also located in Montana, specifically in the city of Dillon. This brings the company closer to key partners in government, defence, and industry.
Conclusion: Is a new all-time high just a matter of time?
Despite a 150% rally so far this year, Almonty Industries’ stock does not appear expensive. The P/E ratio for 2027 is below 10, and when it comes to the tungsten price, it is not just BofA analysts who are being conservative. The company is just beginning to increase its revenue and profits significantly. Added to this is its importance as virtually the only Western supplier capable of delivering tungsten on a large scale.
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