Almonty Industries Reports Third Quarter 2026 Financial Results
Key Highlights
- ➤Revenue $41.9 million, up 382% year-over-year, driven by higher tungsten pricing
- ➤Net income $50.2 million; adjusted EBITDA reached $14.6 million
- ➤Sangdong produced first tungsten concentrate since 1993 and began commercial operations
- ➤Phase II Sangdong expansion targets throughput up to 1.2 million tonnes annually in 2027
- ➤Cash reached $1.15 billion; Almonty repurchased and cancelled over 3.6 million shares
Expert Statements
Lewis Black, Chairman, President & CEO of Almonty Industries
“The third quarter was the quarter Sangdong became a commercial operation.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“In September 2026, we received the final certificates required to commercially operate the processing plant, produced the first tungsten at Sangdong in 33 years and announced our intention to proceed with a Phase II expansion that is expected to nearly double throughput capacity.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“With more than 90% of Phase I production already contracted, our focus now is on ramping the plant safely and steadily, and we have support on site working alongside our operators to do exactly that.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“All the while, Panasqueira continued to generate strong margins, delivering $26.0 million of income from mining operations in the quarter.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“In addition, we added two short-cycle supply programs through the Los Santos tailings agreement and our recently launched joint venture with the Government of Rwanda.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“Both are designed to bring non-Chinese tungsten to market far sooner than a new mine could, because the material is already above ground in Spain or in the case of Rwanda has already been mined.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“Beginning January 1, 2027, U.S. defense procurement rules will closely scrutinize where tungsten ore was mined, and we believe very few producers can meet that standard with a Western-aligned origin and meaningful scale.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“Sangdong achieves this for Almonty.”
Lewis Black, Chairman, President & CEO of Almonty Industries
“With $1.15 billion in cash at quarter end, our balance sheet allows us to fund our growth, while also returning capital to shareholders through our share repurchase program; under which we have repurchased and cancelled more than 3.6 million shares to date.”
Almonty Industries Reports Third Quarter 2026 Financial Results
Revenue Increases 382% Year-Over-Year to $41.9 Million on Sustained Strength in Tungsten Pricing; Net Income Grew 51% to $50.2 Million, with Adj. EBITDA of $14.6 Million; Cash as of September 30, 2026 totaled $1.15 Billion
Get started
Create a free account to read the full story.