Almonty Industries Inc. (“Almonty” or the “Company”) (NASDAQ: ALM; TSX: AII; ASX: AII; Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced its financial results for the three and nine months ended September 30, 2025.
Key Third Quarter 2025 & Subsequent Operational Highlights
Almonty acquired a strategic U.S. tungsten project in Beaverhead County, Montana for US$10 million in aggregate consideration, which is positioned for near-term production as early as the second half of 2026.
Commenced large-scale drilling program at the Sangdong Molybdenum project to confirm whether mineral reserves can be established ahead of potential future production to address an ongoing critical molybdenum supply shortage.
Almonty successfully listed on the Nasdaq Capital Market under the symbol “ALM” in July 2025, concurrently with the closing of an upsized public offering of common shares in the United States for gross proceeds of US$90 million.
Construction at Sangdong is now substantially complete, with ramp-up activities underway as the Company focuses on the transition to final project commissioning and commercial production.
Third Quarter 2025 Financial Results Highlights
Revenue recorded in the third quarter of 2025 increased by 28% to $8.7 million, as compared to $6.8 million in the same year-ago quarter. The increase was largely attributable to increased tungsten prices and steady output from the Company’s Panasqueira Mine in Portugal.
General & administrative expenses in the third quarter of 2025 totaled $3.7 million, as compared to $1.3 million in the same year-ago quarter. The change in operating expenses was chiefly due to costs associated with ongoing corporate and regulatory activities, particularly following the Company’s uplisting to the Nasdaq in July 2025 and special meeting held in September 2025.
Net income in the third quarter of 2025 increased to $33.2 million, as compared to a loss of $5.3 million in the same year-ago quarter. The change was primarily attributable to a gain of $34.5 million on the revaluation of warrant liabilities following shareholder approval to convert certain Australian-dollar denominated CDI options to Canadian dollars, removing foreign exchange volatility under IFRS.
Adjusted EBITDA, a non-IFRS measure, was ($2.2) million in the third quarter of 2025, as compared to ($0.6) million in the same year-ago quarter.
Cash and cash equivalents as of September 30, 2025 totaled $111.6 million, as compared to $7.8 million as of December 31, 2024. The change in cash was primarily a result of the receipt of US$90 million of gross proceeds from the completion of a public offering in the United States in July 2025.
Management Commentary
Lewis Black, Chairman, President & CEO, commented:
“The third quarter marked a defining inflection point for Almonty – with construction at Sangdong now substantially complete and ramp-up underway, we are transitioning from development to production at what will soon become the Western world’s largest tungsten mine. Our successful Nasdaq listing earlier this year positions Almonty as a cornerstone supplier of a critical mineral essential to defense and advanced manufacturing supply chains increasingly constrained by geopolitical tensions with China.
“Looking ahead, we are well positioned to execute a disciplined commissioning process and optimize throughput at Sangdong to meet surging demand from Western governments and defense customers seeking secure, long-term tungsten supply. As we bring this globally significant asset online, Almonty is poised to potentially play a central role in reshaping allied tungsten trade flows for decades to come.”
Brian Fox, Chief Financial Officer, added:
“Our third quarter results reflect the impact of a one-time, non-cash warrant liability revaluation gain following the re-denomination of certain CDI options into Canadian dollars, a technical adjustment that removes future foreign exchange noise from our financials and simplifies our capital structure. Excluding that accounting gain, results were consistent with expectations as we continue the transition from construction to commissioning.”
Source: www.almonty.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein