Almonty Industries reported second-quarter 2026 revenue of $43.0 million, up from $7.2 million in the same period of 2025, driven primarily by an increase in the European APT tungsten price.

The company posted net income of $181.8 million, or $0.62 per diluted share, for the three months ended June 30, 2026, compared to a net loss of $58.2 million in the second quarter of 2025. The latest period's bottom line included $173.1 million in aggregate net non-cash gains on the revaluation of derivative and warrant instruments. Income from mining operations reached $26.1 million, reversing a loss of $944,000 from the prior-year period, while Adjusted EBITDA rose to $17.6 million from a negative $4.8 million.

Almonty's flagship Sangdong Mine in South Korea remains in commissioning and ramp-up. Phase I of the operation is targeted to reach an ore throughput capacity of approximately 640,000 tonnes per year once fully operational. The company is also advancing a fully permitted Phase II expansion designed to increase throughput capacity up to 1.2 million tonnes per year.

Cash reserves totaled $1.2 billion as of June 30, 2026, up from $268.4 million at the end of December 2025, bolstered by gross proceeds of US$800 million from an oversubscribed offering of convertible senior notes closed in June.

“Just as importantly, we transformed our balance sheet. The US$800 million convertible senior notes offering we closed in June was substantially oversubscribed and leaves us with $1.2 billion in cash – providing capital that allows us to advance the Phase II expansion at Sangdong, the Tungsten Oxide Facility in South Korea, the Gentung Tungsten Project in Montana and the Panasqueira extension in parallel rather than sequentially. Our inclusion in the Russell 1000 and Russell 3000 indices, together with the amendment to our GTP offtake agreement extending the term by six years while increasing contracted volumes by 40% and improving pricing by approximately 6.3%, reflects how quickly both the market and our customers are recognizing the strategic value of secure, Western-aligned tungsten supply.”

— Lewis Black, Chairman, President & CEO

Read the full announcement: Almonty Industries Reports Second Quarter 2026 Financial Results