Almonty Industries Reports Third Quarter 2025 Financial Results
Executive Summary
- Almonty reported Q3 2025 net income of C$33.2 million (diluted EPS = C$0.13), driven primarily by a C$34.5 million gain on warrant‑liability revaluation.
- Revenue rose 28% YoY to C$8.7 million, and cash balances increased to C$111.6 million after a US$90 million public offering completed in July 2025.
- Construction at the Sangdong tungsten mine is now substantially complete; ramp‑up activities are underway with final commissioning expected in the near term, positioning Sangdong as the largest western‑world tungsten producer.
Key Details
- Financial Highlights (Three months ended Sep 30, 2025 vs 2024)
- Revenue: C$8.7 M vs C$6.8 M (+28%).
- Income from mining operations: C$1.3 M vs C$0.7 M.
- General & administrative expenses: C$3.7 M vs C$1.3 M (increase due to Nasdaq uplisting and corporate activities).
- Gain on valuation of warrant liabilities: C$34.5 M (vs a loss of C$0.7 M in 2024).
- Net income: C$33.2 M, reversing a C$5.3 M loss year‑over‑year.
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Adjusted EBITDA (non‑IFRS): (C$2.2 M) vs (C$0.6 M) in the prior year.
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Cash Position – Cash and cash equivalents as of Sep 30, 2025: C$111.6 M, up from C$7.8 M at Dec 31, 2024, primarily reflecting US$90 M gross proceeds from the July 2025 public offering.
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Financing Activity – Upsized U.S. public offering of common shares closed in July 2025; gross proceeds US$90 million.
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Strategic Acquisitions & Projects
- Acquired a strategic U.S. tungsten project in Beaverhead County, Montana for US$10 million total consideration; production targeted for H2 2026.
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Initiated large‑scale drilling at the Sangdong Molybdenum project to evaluate potential reserve conversion amid global molybdenum shortage.
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Operational Milestones – Sangdong Mine (South Korea)
- Construction now substantially complete.
- Ramp‑up activities underway; focus shifting to final commissioning and commercial production.
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Company expects Sangdong to become the Western world’s largest tungsten mine, supplying >80 % of non‑China global tungsten once at full capacity.
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Nasdaq Listing – Successfully listed on Nasdaq Capital Market under ticker “ALM” in July 2025, coinciding with the public offering.
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Management Commentary
- CEO Lewis Black highlighted the transition from development to production and the strategic importance of secure western tungsten supply for defense and advanced manufacturing.
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CFO Brian Fox noted that the warrant‑liability gain is a one‑time, non‑cash accounting adjustment; excluding it, results were in line with expectations.
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Outlook – Continued focus on commissioning Sangdong, advancing European and U.S. assets, and exploring strategic partnerships to strengthen western tungsten supply chains.
Notable Quotes
“The third quarter marked a defining inflection point for Almonty… we are transitioning from development to production at what will soon become the Western world’s largest tungsten mine.” – Lewis Black, Chairman, President & CEO
“Our third quarter results reflect the impact of a one‑time, non‑cash warrant liability revaluation gain… Excluding that accounting gain, results were consistent with expectations.” – Brian Fox, Chief Financial Officer