Almonty Industries, the Canadian tungsten producer, has announced quarterly results that signal a fundamental shift in the company’s trajectory. The third-quarter earnings report, released on November 3rd, reveals a dramatic financial turnaround, positioning the company for a new phase of strategic growth.
Financial Metamorphosis
The most striking development is the company’s leap from a $5.3 million loss in the prior-year period to a net profit of $33.2 million. Revenue increased by 28% to reach $8.7 million, driven by favorable tungsten pricing and consistent production output.
A monumental expansion occurred in the company’s cash position, which surged from $7.8 million at the end of 2024 to $111.6 million by September’s close. This financial injection stems primarily from Almonty’s successful July listing on a U.S. exchange, which generated $90 million in proceeds.
Flagship Asset Nears Production Milestone
Central to the company’s bullish outlook is the Sangdong project in South Korea, now approaching commercial production. With construction largely complete and commissioning activities underway, CEO Lewis Black characterized the third quarter as a “decisive turning point.” Upon full operational status, Sangdong is projected to become the largest tungsten mine in the Western world.
Concurrently, Almonty has initiated an extensive drilling program at the adjacent molybdenum deposit, aiming to delineate additional mineral resources. This initiative comes at an opportune moment, as molybdenum currently faces critical supply constraints, potentially opening another significant revenue stream for the company.
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Strategic Foothold in the United States
In a strategic expansion move finalized in late October, Almonty secured the Gentung Browns Lake tungsten project in Montana for $10 million. Management anticipates production could commence as early as the second half of 2026, marking a calculated effort to diversify the company’s geographical footprint.
The acquisition holds strategic importance given the scarcity of advanced-stage tungsten projects in the United States capable of rapid production ramp-up. Almonty plans to deploy its proprietary processing technologies within this domestic U.S. market.
Geopolitical Tailwinds
As a leading non-Chinese, conflict-free tungsten supplier, Almonty stands to benefit significantly from ongoing geopolitical realignments. Western nations are actively seeking secure supply chains for critical minerals deemed essential for national security and advanced manufacturing.
Tungsten’s indispensability for defense applications, advanced armor, and electronics manufacturing creates sustained demand drivers. The company’s Nasdaq listing provides enhanced access to U.S. capital markets while solidifying its position as a cornerstone supplier for defense and industrial supply chains.
With the Sangdong project nearing completion and U.S. expansion initiatives gaining momentum, Almonty Industries is undergoing a fundamental transformation from development-stage enterprise to established tungsten producer.
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