Diamond Equity Research Releases Update Note on Almonty Industries, Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1)
New York, May 13, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an Update Note on Almonty Industries, Inc. (NASDAQ:ALM) (TSX:AII) (ASX: AII) (Frankfurt: ALI1). The research summary below is from an issuer-sponsored report commissioned by Almonty Industries, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the Almonty Industries' business model, services, industry overview, financials, valuation, management profile, and risks.
The full update note is available below.
Almonty Industries Update Note May 2026
Highlights from the report include:
- Q1 2026 Results Reflect Strong Tungsten Price Leverage Despite Lower Volumes - Almonty Industries' Q1 2026 financial results showed a material improvement in operating performance, driven primarily by the significant increase in tungsten APT prices. Gross revenue increased to C$25.4 million from C$7.9 million in Q1 2025, despite Panasqueira production declining 14.7% and shipment volumes falling 15.5%, as substantially stronger APT pricing more than offset lower volumes. APT prices continued their upward trend into fiscal 2026, with average mid-prices rising from approximately US$862.5 per MTU in early January 2026 to around US$3,140 per MTU as of May 8, 2026. This price strength translated into a significant expansion in mining profitability, with income from mining operations rising to C$13.0 million versus C$0.8 million in the prior year period. However, the improvement at the mine level was partly absorbed by higher corporate costs, as G&A expenses increased to C$7.1 million from C$3.4 million, mainly due to higher salaries, legal fees, and shareholder communication costs. The company also recorded non-cash valuation losses on embedded derivative and warrant liabilities. As a result, Almonty reported a net loss of C$5.3 million, but this represented a substantial improvement from the C$34.6 million net loss reported in Q1 2025. Importantly, operating cash flow turned positive at C$9.7 million compared with an outflow of C$4.4 million in the prior-year period. The balance sheet remained well funded with C$259.85 million of cash as of March 31, 2026, supporting the ongoing commissioning and ramp-up of the Sangdong Mine.
- Record Tungsten Prices and Sangdong Commercialization Mark a Major Operational Inflection Point for Almonty in Q1 2026 - Almonty Industries reported a transformational first quarter of 2026, driven by record tungsten prices, strong operational performance at the Panasqueira Mine, and the successful transition of the Sangdong Tungsten Mine toward commercial operations. A key milestone during the quarter was the formal commissioning ceremony held at Sangdong in March 2026, marking the completion of development at one of the world's largest and highest-grade tungsten deposits and advancing the project into the commercialization phase. This milestone significantly strengthens Almonty's positioning within Western critical mineral supply chains as governments and industrial customers increasingly seek secure, non-China tungsten sources for defense and advanced manufacturing applications. The quarter also marked a strategic shift with the relocation of Almonty's corporate headquarters from Toronto to Dillon, Montana, strengthening the Company's alignment with U.S. industrial and defense initiatives while positioning management closer to the Gentung Tungsten Project and key North American stakeholders. We view the combination of rising tungsten prices, improving operational execution, and expanding geopolitical relevance as supportive of Almonty's long-term positioning as a potentially leading Western tungsten supplier anchored by the Sangdong, Panasqueira, and Gentung projects.
- Valuation - Almonty's investment case is increasingly anchored in its transition from a development-stage tungsten story into a strategically relevant non-Chinese supply platform. This transition is supported by tightening global tungsten supply, China-led export restrictions, rising Western demand for secure critical mineral sourcing, and the ongoing ramp-up of the Sangdong Mine. The tightening demand-supply backdrop is already evident in the sharp increase in tungsten prices, with APT prices rising by more than 200% since the beginning of 2026. While the recent move to US$3,000+/MTU may include some near-term tightness and pricing overshoot, the underlying drivers appear structural rather than purely cyclical. As a result, tungsten prices may likely tremain at elevated versus historical levels. Reflecting these developments, we have increased our APT price assumption for revenue estimation to US$2,850 for 2026e and US$2,640 for 2027e, respectively, with long-term normalization expected at US$2,500 levels by 2035. Additionally, we have updated our financial model to incorporate the latest quarterly results and updated shares outstanding, while maintaining our existing 7.0% discount rate and assuming no terminal value. Based on these revisions, we arrive at an illustrative valuation of C$31.80 per share contingent on successful execution by the company.
About Almonty Industries, Inc.
Almonty Industries Inc. is a global leader in tungsten mining, with strategically positioned assets in geopolitically stable regions including South Korea, Portugal, and Spain. The company is positioning to potentially become the largest tungsten producer outside China upon the commissioning of its flagship Sangdong Mine.
About Diamond Equity Research
Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.
For more information, visit https://www.diamondequityresearch.com.
Disclosures:
Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 05/13/26 the issuer had paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 05/13/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. This report is based on information we consider reliable, including the subject of the report. This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Almonty Industries, Inc. Please review the updated report attached for full disclosure page.
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