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Almonty Industries (AII) investor relations material

Almonty Industries Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary3 Nov, 2025

Executive summary

  • Revenue for Q3 2025 rose 28% year-over-year to $8.7 million, driven by higher tungsten prices and steady output from the Panasqueira Mine.

  • Net income reached $33.2 million, reversing a $5.3 million loss in Q3 2024, primarily due to a $34.5 million gain from warrant liability revaluation.

  • Construction at the Sangdong Mine is substantially complete, with ramp-up and final commissioning underway, positioning the asset for commercial production.

  • Successfully listed on Nasdaq in July 2025, raising US$90 million in gross proceeds.

  • Acquired a strategic U.S. tungsten project in Montana for US$10 million, targeting near-term production by H2 2026.

Financial highlights

  • Revenue increased to $8.7 million in Q3 2025 from $6.8 million in Q3 2024.

  • General and administrative expenses rose to $3.7 million from $1.3 million year-over-year, mainly due to costs related to the Nasdaq uplisting and regulatory activities.

  • Adjusted EBITDA (non-IFRS) was negative $2.2 million, compared to negative $0.6 million in Q3 2024.

  • Cash and cash equivalents stood at $111.6 million as of September 30, 2025, up from $7.8 million at year-end 2024, reflecting proceeds from the public offering.

Outlook and guidance

  • Focused on transitioning Sangdong from construction to commercial production and final commissioning.

  • Plans to advance European and U.S. assets and explore strategic partnerships to strengthen Western tungsten supply chains.

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