Key Highlights
- Almonty Industries reported third-quarter revenue of C$41.9 million, up from C$8.7 million.
- The company said the Sangdong tungsten mine in South Korea produced its first concentrate in September 2026.
- Almonty started a share buyback of up to 14.4 million shares and repurchased 2.9 million in the quarter.
- Cash totalled C$1.15 billion at Sept. 30, 2026, following a US$800 million notes offering.
Almonty Industries Inc. (Nasdaq: ALM; Frankfurt: ALI1) reported sharply higher revenue for the three and nine months ended September 30, 2026, alongside operational updates that included first production at its Sangdong tungsten mine in South Korea.
The company said all figures were presented in Canadian dollars unless otherwise noted. For the third quarter, revenue rose to C$41.9 million from C$8.7 million a year earlier, while net income increased to C$50.2 million from C$33.2 million. Adjusted EBITDA, a non-International Financial Reporting Standards measure, was C$14.6 million versus a loss of C$2.3 million in the prior-year quarter.
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Almonty attributed the revenue increase to higher tungsten ammonium paratungstate pricing, citing an average European price of US$2,800 per metric tonne unit in the third quarter of 2026 compared with US$615 per metric tonne unit in the third quarter of 2025. Income from mining operations was C$26.0 million, or 62.0% of revenue, compared with C$1.3 million, or 14.4% of revenue, a year earlier.
General and administrative expenses totalled C$11.6 million in the quarter, up from C$3.8 million a year earlier and C$8.9 million in the second quarter of 2026. Almonty said the increase was mainly due to higher salaries and wages for an expanded senior management team, higher business and corporate development costs, and spending on systems work including preparation for a planned transition from IFRS to U.S. GAAP starting January 1, 2027.
Almonty said third-quarter net income included C$47.9 million of aggregate net non-cash gains from revaluing derivative and warrant instruments, which it said did not affect operating performance, cash flow, or liquidity.
Sangdong mine production and expansion plans
Almonty reported that the Sangdong Mine produced its first tungsten concentrate in September 2026, which it described as the first tungsten produced at the site since 1993. The company also said that after quarter end it loaded the first container of Sangdong concentrate at the port of Busan for shipment to an overseas customer.
More than 90% of Phase I production is contracted under a long-term offtake agreement with Global Tungsten & Powders LLC, a member of Austria’s Plansee Group, according to the company. Almonty said the agreement was amended in July 2026 to extend the term by six years, increase total contracted volumes by 40%, and improve pricing on all contracted volumes by about 6.3%.
In September 2026, Almonty said it confirmed it is proceeding with a fully permitted Phase II expansion of Sangdong and placed orders for Phase II equipment. The company said Phase II is expected to increase throughput capacity to up to 1.2 million tonnes per year and, subject to Phase I operating performance and prevailing market conditions, is targeted for completion in 2027.
Supply agreements, Rwanda venture and share repurchases
During the quarter, Almonty said it signed a multi-year, take-or-pay supply agreement with a large-scale European customer covering a minimum of about 1,720 tonnes of contained tungsten trioxide to be recovered from retreatment of existing tailings inventory at the Los Santos Mine in Spain.
Almonty also said it entered into a binding agreement with the Government of Rwanda under which the government will receive a 25% interest in Almonty Rwanda Pty Ltd in exchange for contributing the Shyorongi tungsten exploration concession and granting a mineral processing licence for a mobile tailings processing unit to acquire and export ore, pre-concentrate and panning tailings. The company said Almonty Rwanda launched last month with purchase contracts to export more than 100 tonnes of tungsten ore per month.
On August 24, 2026, Almonty said it began a share repurchase program for up to 14.4 million common shares for an aggregate purchase price of up to US$300 million over 36 months. During the third quarter, it repurchased and cancelled 2,914,739 shares at a weighted average price of US$16.58 per share, and it said it repurchased and cancelled an additional 703,053 shares after quarter end.
Cash totalled C$1.15 billion as of September 30, 2026, compared with C$268.4 million at December 31, 2025. Almonty said the increase primarily reflected gross proceeds of US$800 million from a convertible senior notes offering completed in June 2026, along with cash flow from operations, partly offset by investment in mining assets, repayment of a EUR14.7 million KfW corporate term loan in July 2026, and share repurchases. The company also said that after quarter end the Korean government initiated the process to release an agreed KRW10bn subsidy (approximately US$7.5 million) to Almonty.
The original press release is available on stockhouse.com
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