Almonty Industries Reports Fourth Quarter and Full Year 2025 Financial Results

Executive Summary

• Almonty reported Q4 2025 and full‑year 2025 financial results, showing revenue growth of 39% YoY in the quarter and 13% for the year, driven by a 534% increase in the trailing twelve‑month average tungsten APT price.
• The company delivered its first ore truckload to the Run‑of‑Mine pad at the Sangdong Mine (South Korea), marking the transition from development to active mining operations ahead of commercial production.
• Almonty completed a public offering of 20.7 million common shares raising US$129.4 million, bringing cash and equivalents to $268.4 million, and closed the acquisition of the Gentung Tungsten Project in Montana.

Key Details

• Financial Highlights – Q4 2025
• Revenue: C$8.7 M (↑39% YoY) vs. C$6.3 M prior year quarter.
• Net loss: C$(102.3) M (vs. C$(5.4) M YoY).
• Adjusted EBITDA (non‑IFRS): $(6.2) M (vs. $(2.0) M YoY).

• General & administrative expenses: C$9.4 M (↑423% YoY), primarily legal and offering costs.

• Full‑Year 2025 Results

• Revenue: C$32.5 M (↑13% YoY).
• Net loss: C$(161.9) M (vs. C$(16.3) M prior year), driven by non‑cash revaluation losses of C$87.3 M on embedded derivative liabilities and C$29.3 M on warrant liabilities due to share price appreciation.

• Adjusted EBITDA: $(17.1) M (vs. $(3.1) M YoY).

• Cash Position

• Cash & cash equivalents at 31 Dec 2025: $268.4 M (up from $7.8 M on 31 Dec 2024).

• Proceeds sourced from two public offerings in 2025: July Nasdaq IPO US$90 M and December offering US$129.4 M.

• Operational Milestones

• First ore delivery to Sangdong Mine ROM pad (Dec 2025) – transition to active mining.
• Formal commissioning ceremony held 17 Mar 2026, marking near‑completion of development.

• Ongoing production at Panasqueira Mine continued to support revenue growth.

• Strategic Transactions

• Acquisition of Gentung Tungsten Project (Beaverhead County, Montana) – adds a near‑term U.S. production asset.

• Appointment of Brigadier General (Ret.) Steven L. Allen as COO and Guillaume Wiesenbach de Lamaziere, CFA as Chief Development Officer to drive operational execution and corporate development.

• Market Context

• Trailing twelve‑month average APT tungsten price reached US$2,250 per MTU (↑534% YoY), underpinning revenue uplift.
• Management emphasizes growing demand from Western defense and advanced technology sectors amid supply‑chain security concerns.

Notable Quotes

• Lewis Black, Chairman, President & CEO: “The fourth quarter marked a defining milestone… delivery of the first ore to the ROM pad at Sangdong… we are well positioned for our next phase of growth.”
• Brian Fox, CFO: “Excluding non‑cash derivative revaluation charges, operating results were consistent with expectations… $3.1 M of revenue was deferred to Q1 2026 due to shipment timing.”