Diamond Equity Research Releases Update Note on Almonty Industries, Inc. (Nasdaq: ALM; Frankfurt: ALI1)

New York, Aug. 14, 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; 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 August 2026

Highlights from the report include:

• Almonty's Q2 2026 Results Reflect Strong Pricing Tailwinds Ahead of Sangdong Scale-Up: Almonty Industries reported a significant improvement in financial performance during the second quarter of 2026, with revenue increasing 498% year over year to C$43.0 million, compared with C$7.2 million in Q2 2025, and rising 69% sequentially from C$25.4 million in Q1 2026, primarily reflecting the substantial appreciation in tungsten prices as the average European APT price increased to approximately US$3,075/MTU from US$453/MTU in the prior-year quarter. The stronger pricing environment translated into significant improvement in income from mining operations reaching C$26.1 million, versus a C$0.9 million loss a year earlier, while cost of sales totaled C$16.9 million, resulting in a robust 60.7% mining gross margin. General and administrative expenses increased to C$8.9 million from C$4.1 million, largely due to higher personnel, consulting, legal, and operating costs associated with the company’s expanding organizational and public-market footprint; however, underlying profitability strengthened materially, with adjusted EBITDA improving to C$17.6 million from negative C$4.8 million in Q2 2025. Reported net income reached C$181.8 million, compared with a C$58.2 million net loss in the prior year period, although this figure was significantly influenced by approximately C$173.1 million of net non-cash gains related to derivative and warrant revaluations. Cash generation also improved considerably, with operating activities generating C$31.6 million during H1 2026, compared with a C$14.9 million cash outflow in H1 2025, while the balance sheet strengthened substantially following the company’s US$800 million convertible senior notes offering, taking cash balance to approximately C$1.23 billion at June 30, 2026. Importantly, Q2 revenue was still driven predominantly by the Panasqueira mine, as Sangdong remained in the commissioning and ramp-up stage through quarter-end. Accordingly, the quarter does not yet reflect the incremental earnings contribution from Almonty’s newly commissioned flagship asset. Following Sangdong's transition to active revenue-generating operations at the beginning of July 2026, we expect a meaningful contribution to consolidated revenue in Q3 2026 and throughout the second half of the year. A more substantial impact is anticipated in 2027 as processing throughput and concentrate shipments scale and Phase I progresses toward normalized production levels.
• Q2 2026 Marked by Sangdong Ramp-Up and US$800 Million Financing, with Expanded GTP Offtake Further Strengthening Revenue Visibility: The Sangdong tungsten mine in Gangwon Province, South Korea, continued to progress through commissioning and ramp-up during the quarter, with Phase I designed for approximately 640,000 tonnes per annum of ore throughput and the fully permitted Phase II expansion offering scope to scale capacity to up to 1.2 million tonnes per annum. In June 2026, the company closed its oversubscribed 2.25% convertible senior notes due 2031, raising gross proceeds of US$800 million, including the full exercise of the initial purchasers’ option for additional notes, providing the financial flexibility to advance Sangdong Phase II, the Tungsten Oxide Facility in South Korea, the Gentung Tungsten Project in Montana, and the Panasqueira extension in parallel rather than sequentially. Subsequent to quarter-end on 14 July 2026, Almonty amended its long-term offtake agreement with Global Tungsten & Powders LLC (GTP), a member of Austria’s Plansee Group, extending the term by six years, increasing total contracted volumes by 40%, and improving pricing payable across all contracted volumes by approximately 6.3%. Almonty also joined the large-cap Russell 1000 and broad-market Russell 3000 indices in June 2026 following the 2026 Russell index reconstitution, potentially broadening institutional visibility and investor access.
• Exchange Listing Rationalization to Reduce Costs and Concentrate Liquidity: Almonty is streamlining its exchange listings, with the company voluntarily delisting from the TSX effective at the close of trading on 31 July 2026, followed by formal ASX approval for delisting under ASX Listing Rule 17.11. The ASX delisting is expected on 1 September 2026, with the company’s CHESS Depositary Interests (CDIs) to be suspended and cease trading at the close of 28 August 2026. Post-delistings, Almonty will continue trading on Nasdaq under “ALM” and on the Frankfurt Stock Exchange under “ALI1”. The rationalization reflects significantly higher liquidity on Nasdaq, with management noting that the majority of daily trading volume occurs there, while TSX and ASX activity has declined materially; CDIs held on the Australian register represented only ~0.80% of issued shares as of 14 July 2026. Accordingly, Almonty believes the financial, administrative, and compliance costs of maintaining the TSX and ASX listings are no longer justified by their limited trading activity and shareholder base.
• Valuation: Almonty’s investment case has shifted decisively from development risk to execution and cash flow delivery. Sangdong entered revenue-generating operations at the beginning of July 2026, positioning the mine to potentially become a meaningful contributor from H2 2026 and a major earnings driver in 2027. The revised long-term GTP offtake agreement improves commercial visibility, while the company’s strengthened liquidity materially reduces financing risk around the ramp-up and expansion phases. With Panasqueira demonstrating a strong earnings base under elevated tungsten prices, the key valuation catalyst is now the pace at which Sangdong converts installed capacity into sustainable production, shipments, and cash flow. Reflecting the latest quarterly results, updated operating assumptions, revised share count, and Sangdong’s transition into revenue generation, we have refreshed our valuation framework and now present our equity value in U.S. dollars to better align with Almonty’s Nasdaq listing at an assumed USD/CAD exchange rate of C$1.35. We have updated our Net Present Value (NPV) valuation using a Discounted Cash Flow (DCF) approach, incorporating projected production volumes, life-of-mine estimates, throughput capacities, and commodity price forecasts. Maintaining a 7.0% discount rate and no terminal value, we arrive at an illustrative equity value of US$20.00 per share, contingent on successful execution of the Phase I ramp-up and subsequent expansion.

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 full commercialization of its 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 08/14/26 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, which could present a conflict of interest. Additional research compensation may be received in future years if the engagement is renewed. 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 08/14/2026. 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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• Almonty Industries Update Note August 2026

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