Almonty Industries Inc.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business works in principle and is comfortably funded: C$1.23 billion of cash as of June 30, 2026, C$31.6 million of operating cash inflow in the first half, and an extended and improved offtake agreement. It is yellow rather than green for two operating reasons: earnings depend almost entirely on the tungsten price while output is falling, and the second, decisive mine has not finished its ramp-up. On top of that sits a control environment the company itself calls not effective as of June 30, 2026 — not a solvency risk while the cash pile is full, but a reason to check every reported figure twice. Red would overstate it and green would be premature: the burden of proof rests on the next quarterly report. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Almonty Industries is the fanfare trap in pure form: the headline of the earnings release of August 11, 2026 carries three correct numbers — revenue up 498 percent to C$43.0 million, net income of C$181.8 million, C$1.2 billion of cash — and the explanations sit underneath. There you learn that C$173.1 million of that profit is non-cash and stems from the company's own falling share price, that output at the only producing mine fell 20.8 percent while the whole revenue jump came from the tungsten price ($453 to $3,075 per MTU), and that the company rates its own disclosure controls as not effective as of June 30, 2026. The strategic value of the commodity is real, the cash is real, the offtake is real — but none of it has yet been proven by Sangdong, and the valuation already front-runs the proof. Not investment advice.
Market position & commodity
Tungsten is designated a critical raw material in the United States and the European Union, and supply is dominated by China. Almonty produces in Portugal, is building the Sangdong mine in South Korea (target 640,000 tonnes of ore a year, permitted phase II up to 1.2 million tonnes) and holds a project in Montana. The offtake agreement with Global Tungsten & Powders was extended by six years on July 14, 2026, with volume up 40 percent and pricing improved by roughly 6.3 percent.
Earnings quality
Of C$181.8 million of net income in the second quarter of 2026, C$173.1 million came from non-cash revaluations of derivative and warrant instruments (earnings release of August 11, 2026). The C$204.4 million revaluation gain arose because the company's own share price fell between June 4 ($20.68) and June 30, 2026 ($16.56). On an adjusted basis, C$17.6 million of EBITDA remained.
Operating substance
The running business does carry: C$26.1 million of income from mining operations in the second quarter of 2026 at a 60.7 percent gross profit margin, and C$31.6 million of operating cash inflow in the first half after an outflow of C$14.9 million a year earlier. But it carries only through price: Panasqueira production fell 20.8 percent, and Sangdong contributed no revenue in the reporting quarter.
Balance sheet & funding
C$1,227.2 million of cash as of June 30, 2026 against C$813.1 million of long-term debt; the $800 million convertible carries a 2.25 percent coupon and does not mature until July 1, 2031, and the EUR 14.7 million KfW loan was repaid in full on July 15, 2026. Equity rose from C$357.8 million to C$551.8 million.
Dilution
Shares outstanding rose from 176,947,216 (December 31, 2024) through 262,776,228 (December 31, 2025) to 288,480,750 (MD&A of August 11, 2026) — roughly 63 percent in eighteen months. At 36.4950 shares per $1,000 of principal, the convertible represents about 29.2 million more shares. Hedging that dilution cost $94.8 million, whose fair value had fallen to $72.6 million by June 30, 2026.
Control environment & governance
Management rates its disclosure controls as not effective as of June 30, 2026, citing a continuing material weakness in internal control over financial reporting (close process, segregation of duties, data integrity). The corporate office employed three full-time staff as of December 31, 2025. Key management compensation rose to C$6.4 million in the first half of 2026, from C$1.7 million a year earlier.
Worth Noting
Almonty Industries reached our research list through the hot list of the German investor forum wallstreet-online: third place with 60 posts in the 24-hour window (retrieved August 4, 2026). That is an attention signal, not a valuation signal.
Almonty reports under IFRS in Canadian dollars but trades in U.S. dollars. All amounts in this analysis are Canadian dollars unless explicitly marked as U.S. dollars — which applies in particular to the convertible notes ($800 million), the capped calls ($94.8 million) and every share price.
The market capitalization does not come from the data feed but from the filing itself: 288,109,013 shares times $16.56 as of June 30, 2026 gives roughly $4.8 billion. The feed value deviated by more than one fifth and was therefore discarded, together with every ratio derived from it.
Not to be confused: Almonty Industries (Nasdaq: ALM) is not the same company as Deutsche Rohstoff AG, which booked a substantial part of its 2026 result from selling Almonty shares. The filings of one company say nothing about the share price of the other.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ALM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.60 $ to 23.40 $ · Last price: 13.70 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Almonty Industries Inc. ALM | 3.9 | – | 41.1 | 49.8 | 8.8 | 12.8 | 121.4 |
| MP Materials Corp MP | 8.9 | – | 133.4 | 42.3 | -7.9 | 35.1 | -36.7 |
| Materion Corporation MTRN | 5.8 | 70.9 | 27.4 | 16.0 | 5.7 | 6.1 | 125.3 |
| Skeena Resources Limited SKE | 4.1 | – | -3.7 | – | 0.0 | – | 75.6 |
| USA Rare Earth, Inc. USAR | 3.9 | – | 28.0 | -9.7 | -643.7 | -99.9 | -16.6 |
| Sunshine Silver Mining & Refining Company SSMR | 2.2 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| TMC the metals company Inc TMC | 2.2 | – | -2.1 | – | 0.0 | – | -35.1 |
| Evolution Metals & Technologies Corp. EMAT | 2.0 | – | 0.0 | 9.4 | -332.9 | – | – |
| Nexa Resources SA NEXA | 1.7 | 6.2 | 2.6 | 28.1 | 19.8 | 8.2 | 153.4 |
| Median of companies shown | 3.9 | – | 2.6 | 16.0 | 0.0 | 10.5 | 75.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year C$M
Revenue Operating income Net income
| Fiscal Year | Revenue (C$M) | EBIT (C$M) | Net Income (C$M) | EPS (C$) | Operating Cash Flow (C$M) | Equity (C$M) | Total Assets (C$M) |
|---|---|---|---|---|---|---|---|
| 2020 | 20 | -5 | -7 | -0.06 | -4 | 23 | 119 |
| 2021 | 21 | -5 | -8 | -0.06 | -8 | 37 | 166 |
| 2022 | 25 | -7 | -14 | -0.10 | -4 | 40 | 193 |
| 2023 | 23 | -6 | -9 | -0.06 | -12 | 49 | 235 |
| 2024 | 29 | -7 | -16 | -0.10 | -8 | 39 | 256 |
| 2025 | 33 | -28 | -162 | -0.78 | -19 | 358 | 590 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.02 | – | 6 | 53.50 | -86.10 | 2 | -12 |
| 2025: Q1 | -0.19 | -998.30 | 8 | 36.90 | -437.80 | -4 | -12 |
| 2025: Q2 | -0.30 | -3,796.10 | 7 | 24.00 | -809.40 | -13 | -20 |
| 2025: Q3 | 0.13 | 675.20 | 9 | 28.00 | 381.70 | 11 | -25 |
| 2025: Q4 | -0.05 | -118.30 | 9 | 38.80 | -1,173.00 | -12 | -23 |
| 2026: Q1 | 0.00 | 102.50 | 25 | 221.20 | -20.70 | 10 | -12 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (C$) | EPS Range (C$) | Revenue Estimate (C$M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.43 | 0.43 – 0.43 | 360 | 377.8% | 1 |
| 12/31/2027 | 1.73 | 1.51 – 1.95 | 1,040 | 302.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Almonty verkauft keine KI-Produkte, setzt sie aber operativ ein: Der Jahresbericht (40-F) belegt eine KI-gestützte Sicherheitsüberwachung in der Sangdong-Mine gemeinsam mit KT Telecom sowie die geplante Einführung weiterer effizienzsteigernder Technik einschließlich künstlicher Intelligenz.
View the full file — quotes, sources, reviewed filings
„Safety protocols integrated in partnership with KT Telecom, introducing artificial intelligence-based safety monitoring (Mine Safety DX)."
Sicherheitsprotokolle wurden in Partnerschaft mit KT Telecom eingeführt und brachten eine auf künstlicher Intelligenz beruhende Sicherheitsüberwachung (Mine Safety DX) in Betrieb.
40-F · 2026-03-19 · View SEC filing
„Adoption of new technology that promotes operational efficiency, such as the use of artificial intelligence, fleet electrification and autonomous vehicles, may further expose the Company’s IT Systems to risk."
Die Einführung neuer Technik, die die betriebliche Effizienz erhöht — etwa der Einsatz künstlicher Intelligenz, die Elektrifizierung des Fuhrparks und autonome Fahrzeuge —, kann die IT-Systeme des Unternehmens zusätzlichen Risiken aussetzen.
40-F · 2026-03-19 · View SEC filing
Filings Reviewed: 40-F 2026-03-19 · 6-K 2026-08-12 · 6-K 2026-05-12 · 6-K 2026-07-24
Rated on August 12, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 9.5%
- More than 10% revenue growth is expected for the coming year 300.7%
- Share count grows by less than 3% a year 13.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -233.3%
- Gross margin at 40% or higher and without meaningful erosion 10.5%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 104 m net cash
- Operating cash flow covers the profits of the last three years 149 m
- Return on capital at 15% or higher, or up versus two years ago -5.5%
- Insiders hold at least 10% or are net buyers 22.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.5%
- Exp. sales growth 3Y > 5% 465.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 465.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -45.3%
- ROCE > 15% -5.5%
- Expected return > 10% 457.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Almonty Industries Inc. engages in mining, processing, and shipping of tungsten concentrates. The company explores for tin and tungsten deposits. It holds 100% interests in the Canada, Korea, Portugal, Spain, and the United States projects and mines. The company is headquartered in Dillon, Montana.
- Employees
- 341
- Headquarters
- Dillon, MT
- Address
- 8 S Idaho St, 59725 Dillon, United States
- Phone
- 647 438 9766
- Website
- almonty.com
- IPO Date
- 07/14/2025
- ISIN
- CA0203987072
- Stock Split
- 2:3 on 07/08/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| M. Lewis Black | Chairman, President & CEO | 1971 |
| Jorge Mariano Beristain B.Com., C.F.A. | Chief Financial Officer | 1970 |
| Brig.Gen. Steven L. Allen | Chief Operating Officer | – |
| John Yi | President - Almonty Korea Tungsten | – |
| Ujin Choi | Project Managing Director of the Sangdong Mine | – |
| Antonio Correa de Sa | Chief Executive Officer of BTW | – |
| Guillaume Wiesenbach de Luxembourg C.F.A. | Chief Development Officer | – |
| Marion McGrath | Corporate Secretary | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.