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Almonty Industries Delivers Record Revenue and Closes $800 Million Notes Issue on Tungsten Strength Almonty Industries reported Q2 2026 revenue growth of almost 6x year on year on record tungsten pricing and booked net income of $181.8 million, compared with a loss in the prior year, while also closing an oversubscribed US$800 million convertible senior notes issue that lifted cash to C$1.2 billion.
The company amended its long-term offtake agreement with Global Tungsten & Powders LLC, adding six years to the term, increasing contracted volume by 40%, and improving pricing by about 6.3%, which extends visibility on future tungsten sales under revised commercial terms.
Almonty Industries’ share price is $14.37, with the stock up 63.3% year to date, which places recent operational and financing updates against a backdrop of strong recent share performance.
Together, the large cash position, long-term offtake visibility and sharp swing to profit reduce financing uncertainty but also raise execution risk around deploying new capital and delivering on expanded supply commitments. Recent Insider Transactions • Jul 06
Independent Lead Director recently sold US$3.4m worth of stock On the 2nd of July, Mark Trachuk sold around 200k shares on-market at roughly US$16.97 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$6.4m more than they bought in the last 12 months. Announcement • Jul 01
Almonty Industries Commences Processing Operations At Sangdong Mine Marking Transition to Saleable Tungsten Concentrate Production Almonty Industries Inc. announced the commencement of processing plant throughput operations at its Sangdong Mine in Gangwon Province, South Korea. During June 2026, the Company began feeding stockpiled run-of-mine ore through its newly commissioned processing plant to produce saleable tungsten concentrate — a pivotal milestone marking Sangdong’s transition from mine development into active, revenue-generating operations. Almonty exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (“WO3”). During the second quarter of 2026, the Company mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO3, while advancing 214.6 meters of underground development, primarily along the Main Vein. Together, this brings total stockpiled ore to approximately 139,700 tonnes at a blended grade of approximately 0.25% WO3 ahead of the plant’s commissioning. They are utilizing lower-grade throughput during the initial ramp-up phase and anticipate higher grades as the process advances, with Sangdong's low-grade ore approximately three times higher than that of their Panasqueira mine in Portugal. With throughput now underway, stockpiled ore is being introduced during the initial commissioning phase to optimize ore blending and maintain the consistent feed quality the plant requires as the operation ramps up. The Sangdong Mine processing plant is designed to upgrade run-of-mine ore into a high-purity tungsten concentrate. At prevailing tungsten prices, the contained tungsten in the current stockpile represents approximately 2.6 months of Phase I throughput feed with an illustrative gross in-process value of approximately USD 68 million. 
