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2026-11-06
◂ Monitor AII ASX (delisted September 1 2026); Nasdaq ALM; Frankfurt ALI1

Almonty Industries Inc.

Ramping Producer · Tungsten · KR · PT · ES · US · RW Rating locked: sign in to view v8 · aii-20261024t184304-full
Last 2026-09-02
A$25.89
1D
—
1M
—
YTD
—
1Y
—
Fair value
Locked: sign in to view
Upside
Locked: sign in to view
Mkt cap
A$7.4B
EV
A$7.4B
Cash
A$1.3B
Debt
A$827.9M

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1.3B Not Meaningful
Debt A$827.9M Net cash A$422.2M
Basic shares 288.5M 2026-07-31
Runway Not Meaningful H1 reported CFO31.606mCAD less cash capex36.893mCAD equals negative5.287mCAD; the US800m note raised cash but is an obligation. A quarterly burn multiple does not represent this company funding position.

Liquidity

Financial position

Reported June30 cash CAD1227.242m translated at balance-date FX remains the factual balance. Valuation-date cash is separately estimated using elapsed operations, capital expenditure, debt repayment, interest income and completed buybacks; not reported current cash. Senior note face USD800m and dated coupon/principal are modeled, not the IFRS host value.

Inventory composition1

LosSantos tailings carrying value is an existing cost basis. Future sales and operating/capital/closure costs are valued once in the tailings DCF; no separate inventory value is added to equity.

Los Santos tailings carrying value
C$33.7M carrying

Capital structure

Ownership and dilution

Ordinary shares
288.5M
Fully diluted
329M

July31 exact global basic288480741 from1:1 CDI plus common. September29 issuer reports2914739 shares repurchased for cancellation; economic basic estimate285566002 assumes completed purchases removed from common participation. Exact later legal cancellation count and intervening awards not published in selected evidence; July legal count retained above. Valuation tests this difference separately, uses free awards3556469 and conditional cashless option dilution, and cash-settles all convertible claims without also adding their if-converted shares.

Security classes4
ClassTypeQuantityStrikeExpiry
Post consolidation global shares including 1:1 ASX CDIsOrdinary Share288.5M——
All July31 options warrants RSUs DSUs; July vintage includes later expired 66666 options as conservative denominatorOther5.7M——
US800m note initial if-converted shares; cash/share settlement and capped call terms are contingentConvertible29.2MA$27.4012031-07-01
Legacy DRAG principal-only potential shares at disclosed conversion prices; interest shares are not fixedConvertible5.7M—2026-10-31

KPI history

Operating metrics · Company

Reported cash balance shown
0343,627,760687,255,5201,030,883,2801,374,511,0402026-03-31: 259,853,000 CAD2026-03-312026-06-30: 1,227,242,000 CAD2026-06-30
MetricUnitTrend2026-03-312026-06-30
Reported cash balanceCAD2026-03-31: 259,853,000 CAD2026-06-30: 1,227,242,000 CAD259,853,0001,227,242,000
Reported quarterly revenueCAD2026-03-31: 25,400,000 CAD2026-06-30: 42,989,000 CAD25,400,00042,989,000
Operating metric source table11
MetricProjectPeriodPeriod typeValueStatus
Reported cash balanceCompany2025-12-31Point In Time268,409,000 CADReported
Reported cash balanceCompany2026-03-31Point In Time259,853,000 CADReported
Reported cash balanceCompany2026-06-30Point In Time1,227,242,000 CADReported
Reported quarterly revenueCompany2026-03-31Quarter25,400,000 CADReported
Reported quarterly revenueCompany2026-06-30Quarter42,989,000 CADReported
Reported H1 revenueCompany2026-06-30Half Year68,389,000 CADReported
Carrying debt including leases; not economic face obligationCompany2026-06-30Point In Time813,148,000 CADReported
Panas reported revenuePanasqueira2026-06-30Half Year68,269,000 CADReported
Panas pretax income, not cash or normalized earningsPanasqueira2026-06-30Half Year39,095,000 CADReported
Reported operating cash flowCompany2026-06-30Half Year31,606,000 CADReported
Reported cash additions to mining assetsCompany2026-06-30Half Year36,893,000 CADReported
Company guidance2
MetricProjectPeriodLowHighStatus
Target Ore Throughput CapacitysangdongPhase I steady state; not realized production guidance640,000640,000 t ore/yearCurrent
Potential Phase Ii Ore Throughputsangdong2027 company target subject execution1,200,0001,200,000 t ore/yearCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-29BuybackUS$48M——Ongoing—
2026-07-15Ann. 2026-08-11Debt€14.7M——Completed—
2026-06-09DebtUS$800M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Live issuer-reported commercial, JV and indicative downstream arrangements identified; exact tiered payability, support-premium balance, some terms and costs are undisclosed. Each receives one treatment.

PhaseI floor-price offtake extended to21years and4.41mMTU; capture percentage decreases asAPT rises. Support premiums may be reimbursed from receipts aboveUSD222.43/MTU; exact outstanding balance and tier schedule undisclosed.

Offtake · Active
Counterparties
Global Tungsten & Powders · Plansee
Applies to
Sangdong Tungsten Mine · Tungsten
Economic direction
Mixed
Period
From 2026-07-14; no end date stated
Key terms
Term: 21 years
Total contracted: 4,410,000 MTU WO3
Annual minimum: 210,000 MTU WO3/year
How it affects our valuation

No valuation treatment is available for this arrangement.

Significant portion of wolframite concentrate contracted; exact payability and volume not fully disclosed.

Offtake · Active
Counterparties
Sumitomo Electric Industries
Applies to
Panasqueira Mine · Tungsten
Economic direction
Mixed
Period
2026-01-01 to 2026-12-31
How it affects our valuation

No valuation treatment is available for this arrangement.

Significant portion of Panasqueira tungsten output contracted; customer concentration and renewal risk remain.

Offtake · Active
Counterparties
Wolfram Bergbau und Hütten
Applies to
Panasqueira Mine · Tungsten
Economic direction
Mixed
Period
2026-01-16 to 2027-01-31
How it affects our valuation

No valuation treatment is available for this arrangement.

New tailings supply offtake supports restart planning; full commercial payability and duration unavailable.

Offtake · Active
Counterparties
Wolfram Bergbau und Hütten · Sandvik
Applies to
Los Santos Mine · Tungsten
Economic direction
Mixed
Period
From 2026-09-17; no end date stated
Key terms
Minimum recoverable tailings WO3: 1,720 t WO3
How it affects our valuation

No valuation treatment is available for this arrangement.

Potential entire molybdenum output until exhaustion; no current reserve conversion or full financed economic plan.

Offtake · Active
Counterparties
SeAH
Applies to
Sangdong Molybdenum Project · Others
Economic direction
Mixed
Period
From 2025-01-21; no end date stated
Key terms
Floor price: 19 USD/lb
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding agreement for material collection and upgrading plus Shyorongi exploration; no budgeted cash-flow economics or confirmed resource.

Joint Venture · Announced
Counterparties
Government of Rwanda
Applies to
Rwanda Tungsten Platform · Tungsten
Economic direction
Mixed
Period
From 2026-09-14; no end date stated
Key terms
Almonty: 75 %
Government: 25 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Site MOU and indicative financing letter; downstream feed and project economics not finalized.

Strategic Partnership · Announced
Counterparties
Gangwon Province · KfW
Applies to
Tungsten Oxide Plant · Tungsten
Economic direction
Mixed
Period
Dates not stated
Key terms
Plant capacity: 4,000 t WO3/year
Finance letter: 50,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Capped call strike USD27.40, capUSD41.36 and2031 expiry offset part of note conversion spread; paid premium is sunk in reported cash. Book derivative values are not additional independent debt or equity claims.

Other · Active
Counterparties
Convertible-note capped-call counterparties
Applies to
Company-wide
Economic direction
Mixed
Period
2026-06-09 to 2031-07-01
Key terms
Cash cost: 132,310,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Issuer production-cost table discloses a material royalty charge but full legal schedule and counterparty are unavailable. Distinct from concentrate payability; treated as variable project expense with explicit estimated effective-rate bounds.

Royalty · Active
Counterparties
Royalty recipients not identified in selectedMD&A cost table
Applies to
Panasqueira Mine · Tungsten
Economic direction
Burden
Period
Dates not stated
Key terms
H1 group royalty charge within production costs: 11,326,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.