Overview

• Canada tungsten concentrate producer's Q1 2026 revenue rose 221% yr/yr, driven by record pricing

• Adjusted EBITDA for Q1 improved to C$6.1 mln from a loss in prior yr

• Company completed Sangdong Mine commissioning and relocated HQ to U.S. after quarter end

Outlook

• Company expects general and administrative expenses to normalize through the rest of 2026

Result Drivers

• TUNGSTEN PRICE SURGE - Revenue growth was driven by a significant increase in the spot price of tungsten APT, per management

• PANAQUEIRA MINE PERFORMANCE - Continued strong operations at the Panasqueira Mine contributed to higher revenue, according to CFO Guillaume de Lamaziere

• NON-CASH REVALUATION CHARGES - Net loss included $8.4 mln in non-cash charges related to revaluation of derivative and warrant liabilities due to share price appreciation, which did not impact operating performance

Company press release: ID:nBw31cDj0a

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialty mining & metals peer group is "buy"

• Wall Street's median 12-month price target for Almonty Industries Inc is C$19.30, about 32.6% below its May 11 closing price of C$28.62

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 63 three months ago

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