Almonty Reports CAD 33M Q3 Net Income, Raises US$80M, Expands US Assets

Financial Turnaround and Capital Raise

Almonty Industries Inc. has reported a notable turnaround in its financial performance for the third quarter of 2025, posting a net income of CAD 33.2 million compared to a loss in the same period last year. This improvement was driven by increased revenues from its tungsten mining operations and a significant revaluation gain on warrant liabilities, reflecting a rising share price. The company’s successful listing on the Nasdaq Capital Market in July 2025, accompanied by a US$80 million public offering, has bolstered its capital base and market profile.

Operational Highlights and Segment Performance

Almonty’s operations span multiple geographies, including Portugal, Spain, and South Korea. The Panasqueira Mine in Portugal and the Sangdong Mine in South Korea remain core to its production, with the latter under active development supported by a US$75 million senior secured loan facility from KfW IPEX-Bank. The company reported steady revenues of CAD 23.8 million for the nine months ended September 30, 2025, with mining operations generating positive income despite ongoing care and maintenance costs at the Los Santos Mine in Spain.

Balance Sheet Strength and Debt Management

Almonty’s balance sheet shows marked improvement, with cash and cash equivalents rising to CAD 111.6 million and a positive working capital position of CAD 74.4 million as of September 30, 2025. The company remains compliant with all debt covenants despite a substantial long-term debt load of CAD 195 million, including convertible debentures and term loans denominated in multiple currencies. Management continues to engage in discussions regarding the orderly settlement of certain convertible debt instruments maturing soon.

Strategic Acquisition in Montana

In a significant development post-quarter, Almonty entered into a binding agreement to acquire tungsten mining claims and related assets in Beaverhead County, Montana, USA. The acquisition involves a US$9.75 million consideration, split between cash and common shares subject to lock-up provisions. This move signals Almonty’s intent to expand its North American footprint and diversify its asset base beyond its existing operations in Europe and Asia.

Outlook and Risks

While the company’s recent capital raises and operational progress provide a solid foundation, Almonty faces ongoing risks from foreign exchange volatility, commodity price fluctuations, and the need to refinance or repay upcoming debt maturities. The successful ramp-up of the Sangdong Mine and integration of the Montana project will be critical to sustaining growth and profitability. Investors will be watching closely how the company manages these challenges in the coming quarters.