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
DILLON, Mont. – 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 nine months ended September 30, 2026. All figures are presented in Canadian dollars unless otherwise noted.
Financial Summary:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| (in thousands of Canadian dollars, except per share amounts) | 2026 | 2025 | 2026 | 2025 |
| Revenue | 41,889 | 8,695 | 110,278 | 23,795 |
| Income from mining operations | 25,984 | 1,254 | 65,097 | 1,062 |
| General and administrative expenses | 11,634 | 3,772 | 27,626 | 11,266 |
| Net income (loss) for the period | 50,235 | 33,191 | 226,768 | (59,640) |
| Earnings (loss) per share – basic | $0.17 | $0.15 | $0.80 | $(0.30) |
| Earnings (loss) per share – diluted | $0.17 | $0.13 | $0.72 | $(0.30) |
| Adjusted EBITDA (Non-IFRS) | 14,586 | (2,285) | 38,279 | (9,412) |
Key Third Quarter 2026 & Subsequent Operational Highlights
- The Sangdong Mine produced its first tungsten concentrate in September 2026, the first tungsten produced at the site since 1993, and subsequent to quarter end, the first container of Sangdong concentrate was loaded at the port of Busan for shipment to an overseas customer. More than 90% of Phase I production is contracted under the Company’s long-term offtake agreement with Global Tungsten & Powders LLC (“GTP”), a member of Austria’s Plansee Group. 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 approximately 6.3%.
- In September 2026, Almonty confirmed that it is proceeding with the fully permitted Phase II expansion of the Sangdong Mine, which is expected to increase throughput capacity to up to 1.2 million tonnes per year, and placed orders for Phase II equipment. Subject to Phase I operating performance and prevailing market conditions, Phase II is targeted for completion in 2027.
- During the quarter, Almonty signed a multi-year, take-or-pay supply agreement with a large-scale European customer, covering a minimum of approximately 1,720 tonnes of contained WO3 to be recovered from retreatment of the existing tailings inventory at the Los Santos Mine in Spain.
- Almonty also entered into a binding agreement with the Government of Rwanda, which will receive a 25% interest in Almonty Rwanda Pty Ltd (“Almonty Rwanda”) in exchange for contributing the Shyorongi tungsten exploration concession and granting a mineral processing license for a mobile tailings processing unit to acquire and export ore, pre-concentrate and panning tailings. Almonty Rwanda launched last month with purchase contracts to export more than 100 tonnes of tungsten ore per month.
- On August 24, 2026, Almonty commenced a share repurchase program for up to 14.4 million common shares, for an aggregate purchase price of up to US$300 million, over a 36-month period. During the third quarter, the Company repurchased and cancelled 2,914,739 common shares at a weighted average price of US$16.58 per share and, subsequent to quarter end, repurchased and cancelled an additional 703,053 common shares.
Management Commentary
Lewis Black, Chairman, President & CEO, commented:
“The third quarter was the quarter Sangdong became a commercial operation. 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. 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. The same partner is supplying Phase II equipment, including new mills.
“All the while, Panasqueira continued to generate strong margins, delivering $26.0 million of income from mining operations in the quarter. 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. 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.
“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. Sangdong achieves this for Almonty. 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,” concluded Black.
Third Quarter 2026 Financial Results Highlights
Revenue in the third quarter of 2026 increased 382% to $41.9 million, as compared to $8.7 million in the same year-ago quarter. The increase was driven by the significant appreciation in the price of tungsten APT, with the European APT average price rising to US$2,800 per MTU during the third quarter of 2026 from US$615 per MTU in the third quarter of 2025.
Income from mining operations in the third quarter of 2026 was $26.0 million, or 62.0% of revenue, as compared to $1.3 million, or 14.4% of revenue, in the same year-ago quarter.
General and administrative expenses in the third quarter of 2026 totaled $11.6 million, as compared to $3.8 million in the same year-ago quarter and $8.9 million in the second quarter of 2026. The increase was primarily attributable to higher salaries and wages for the Company’s expanded senior management team, together with increased business and corporate development costs, consulting, legal and other professional fees, and spending on enterprise resource planning and other systems, including preparation for the Company’s planned transition from IFRS to U.S. GAAP commencing on January 1, 2027.
Net income in the third quarter of 2026 was $50.2 million, or $0.17 per diluted share, as compared to net income of $33.2 million, or $0.13 per diluted share in the same year-ago quarter. Third quarter 2026 results included $47.9 million in aggregate net non-cash gains on the revaluation of derivative and warrant instruments. 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 $14.6 million in the third quarter of 2026, as compared to ($2.3) million in the same year-ago quarter, reflecting the substantial improvement in underlying operational performance.
Cash as of September 30, 2026 totaled $1.15 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 cash flow from operations, partially offset by investment in mining assets, the repayment in full of the Company’s EUR14.7 million KfW corporate term loan in July 2026 and share repurchases. Subsequent to quarter end, the Korean government initiated the process to release an agreed KRW10bn subsidy (~US$7.5m) to Almonty.