Almonty Industries has reported third-quarter 2025 financial results that signal a dramatic transformation for the tungsten producer, with key metrics showing substantial improvement and positioning the company for continued growth.
Financial Performance Marks Turning Point
The company’s latest earnings reveal a remarkable financial turnaround. Revenue surged to CAD $8.7 million, representing a 28% increase compared to the CAD $6.8 million recorded during the same period last year. This growth was fueled by stronger tungsten pricing and consistent production output from the Panasqueira mine in Portugal.
Most notably, Almonty swung from a CAD $5.3 million loss in Q3 2024 to a record profit of CAD $33.2 million. This dramatic reversal was primarily driven by a CAD $34.5 million non-cash valuation adjustment on warrants following the conversion from Australian to Canadian dollars.
Strategic Positioning and Expansion Initiatives
Three key strategic developments are strengthening Almonty’s market position:
• Beaverhead County Acquisition: The company secured a strategic tungsten project in Montana for USD $10 million, with production commencement anticipated by late 2026
• Panasqueira Exploration: A comprehensive drilling program involving 14,000 meters over 12 months represents a €2.5 million investment in resource expansion
• Nasdaq Listing: Successful public offering raised USD $90 million, boosting liquidity to CAD $111.6 million
Sangdong Mine Nears Production Milestone
Almonty stands to benefit significantly from the nearing completion of its Sangdong facility in South Korea. The company has transitioned from development to production phase, with commissioning expected to begin imminently.
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CEO Lewis Black emphasized the strategic importance: “This quarter represented an inflection point for Almonty. With construction largely complete at Sangdong and production ramp-up commencing, we’re positioned to become the largest tungsten producer in the Western world.”
Analyst Outlook and Market Potential
Market researchers at Oppenheimer maintain their “Buy” recommendation with a $12 price target, suggesting approximately 20% upside from current levels. These experts project revenue will exceed CAD $100 million next year and view CAD $600 million by 2028 as achievable.
The fundamental driver behind this growth trajectory is Almonty’s strategic positioning within critical minerals. Tungsten faces export controls and geopolitical tensions, creating ideal conditions for Western producers.
Geopolitical Factors and Financial Strength
Almonty benefits from increasing Western demand for secure tungsten supply chains. The company’s conflict-free operations in Portugal, South Korea, and the United States position it as a key supplier for defense and high-technology industries affected by China trade disputes.
The current molybdenum drilling program at Sangdong further diversifies Almonty’s critical minerals portfolio, addressing ongoing shortages in this strategic metal market.
With CAD $111.6 million in liquid assets—compared to just CAD $7.8 million at the end of 2024—Almonty possesses sufficient capital to aggressively advance its expansion plans. The negative adjusted EBITDA of CAD $2.2 million in Q3 temporarily reflects development and listing expenses, but this metric is expected to improve rapidly as Sangdong begins production.
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