Almonty’s Cash Surges on Record Tungsten Prices and Sangdong Commissioning—Net Loss Driven by Non-Cash Charges
Cash Position Strengthened by Successful Offerings and Strategic Expansion
Almonty Industries (NASDAQ: ALM) concluded 2025 with a cash balance of $268.4 million, an extraordinary leap from $7.8 million the previous year. The company’s dual public offerings in July and December raised a combined US$219.4 million, providing critical liquidity as it transitions from a junior miner to a key supplier for Western industrial and defense supply chains.
Revenue Growth Fueled by Soaring Tungsten Prices—APT Price Jumps 534%
Revenues for Q4 2025 climbed 39% year-over-year to $8.7 million, while annual revenue was up 13% at $32.5 million. This performance is closely tied to a phenomenal surge in the trailing twelve-month ammonium paratungstate (APT) price, which jumped 534% to US$2,250 per MTU. The spike in tungsten pricing underscores heightened demand and ongoing Western initiatives to establish secure supply sources independent of Chinese exports.
| ($ in millions, unless noted) | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Revenue | $8.70 | $6.30 | $32.50 | $28.80 |
| Income (Loss) from Mining Operations | $1.30 | $(0.50) | $2.40 | $2.00 |
| Net Income (Loss) | $(102.30) | $(5.40) | $(161.90) | $(16.30) |
| Adj. EBITDA (Non-IFRS) | $(6.20) | $(2.00) | $(17.10) | $(3.10) |
| APT Price (USD/MTU, TTM) | $2,250 (Up 534%) | |||
| Cash (as of 12/31/2025) | $268.40 | |||
Net Loss Attributable to Non-Cash Accounting Charges—No Impact on Operations or Liquidity
The consolidated net loss for Q4 2025 ballooned to $102.3 million, and to $161.9 million for the full year. However, this loss was primarily the result of $126.7 million in non-cash revaluation charges related to derivative and warrant liabilities—an accounting consequence of Almonty’s share price climbing from C$1.36 to C$12.07 during the year. These charges, mandated by IFRS, do not affect the company’s operating performance, cash flow, or liquidity. When excluding these one-off items, the operating results align with management expectations, reflecting a strong underlying business bolstered by favorable tungsten market dynamics.
Sangdong Mine Commissioning and Growth Initiatives Bolster Strategic Position
A key operational highlight was the first ore delivery to the Run-of-Mine pad at South Korea’s Sangdong Mine in December 2025, marking the transition to active mining and setting the stage for commercial production. Sangdong stands as one of the world’s largest and highest-grade tungsten resources, expected to become central to allied supply chains facing mounting geopolitical tensions and Chinese export controls. Asset diversification expanded with the acquisition of the Gentung Tungsten Project in Montana, broadening Almonty’s U.S. footprint.
Outlook Supported by Western Demand and Tight Global Supply
Almonty’s management, led by CEO Lewis Black, projects strong momentum into 2026, citing converging factors: strengthened liquidity, ongoing production at Portugal’s Panasqueira Mine, and the imminent full commissioning of Sangdong. With APT prices above $2,200 and a global tungsten supply deficit forecast to deepen, Almonty appears well-placed to seize leadership in Western tungsten supply. The expanded cash reserve offers financial flexibility for further development and potential acquisitions as the company cements its transition to a mid-cap mining powerhouse.
Key Takeaway—Operational Progress and Financial Flexibility Point to Sustained Growth
Although headline net losses may appear daunting, they obscure the robust operational and strategic progress made by Almonty through 2025. Investors should note the pivotal transition at Sangdong, the surge in tungsten pricing, and the fortified balance sheet—all fundamental drivers positioning Almonty to capitalize on the next era of growth in strategic metals. As Western alliances double down on securing critical mineral supply chains, Almonty is poised to play a central role in shaping the future tungsten landscape.
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