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Almonty Industries swings to net income in Q2
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Almonty Industries swings to net income in Q2

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  • Almonty posted a quarterly revenue increase of 498% year-over-year to CAD$43 million, alongside a net income of CAD$181.8 million.
  • Following the financial report, the Almonty share price came in at $19.61.
  • The company stated that strong tungsten pricing and the ongoing commissioning of its Sangdong mine are driving financial growth.

Almonty Industries (ASX:AII) reported a net income of CAD$181.8 million for the second quarter of 2026, compared to a net loss of CAD$58.2 million during the same period in 2025.

Revenue for the second quarter surged 498% to CAD$43 million, compared to $7.2 million a year earlier.

The increase was driven primarily by the significant appreciation in the price of tungsten APT, with the European APT average price rising to US$3,075 per MTU during the second quarter of 2026 from US$453 per MTU in the second quarter of 2025.

"The second quarter of 2026 demonstrated a first look at the prospective earnings power that Almonty has spent more than a decade building towards," said Almonty Chairman, President and CEO Lewis Black.

The company closed an oversubscribed US$800 million convertible senior notes offering during the quarter, bringing its total cash position to CAD$1.2 billion.

The company stated that Phase I of the Sangdong Mine remains in commissioning and ramp-up, with targeted ore throughput capacity expected to reach approximately 640,000 tonnes per year.

Following the announcement, the Almonty share price stood at $19.61.

Almonty Industries operates globally as a producer of tungsten concentrate, managing key mineral assets across international markets.

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