ALM

Almonty Industries Inc. (ALM) came out with quarterly earnings of $0.1 per share, in line with the Zacks Consensus Estimate . This compares to a loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced earnings of $0.01, delivering no surprise. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Almonty Industries Inc., which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $31.05 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 41.02%. This compares to year-ago revenues of $5.2 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Almonty Industries Inc. shares have added about 55.5% since the beginning of the year versus the S&P 500's gain of 13.3%. While Almonty Industries Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Almonty Industries Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $86.54 million in revenues for the coming quarter and $0.44 on $259.96 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Vox Royalty Corp. (VOXR), has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of +500%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Vox Royalty Corp.'s revenues are expected to be $9.6 million, up 246.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Almonty Industries Inc. (ALM) : Free Stock Analysis Report Vox Royalty Corp. (VOXR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenue Increases 498% Year-Over-Year to $43.0 Million, Driven by Record Tungsten Pricing Net Income of $181.8 Million Compared to a Loss of $58.2 Million and Adjusted EBITDA(1) of $17.6 Million Compared to ($4.8) Million in Q2 2025 Closes Oversubscribed US$800 Million Convertible Senior Notes Offering; Cash Position of C$1.2 Billion DILLON, Mont., August 11, 2026--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (Nasdaq: ALM; Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced its financial results for the three and six months ended June 30, 2026. All figures are presented in Canadian dollars unless otherwise noted. All amounts in this news release are in thousands of Canadian dollars except per common share amounts and unless otherwise noted. Financial Summary: Key Second Quarter 2026 & Subsequent Operational Highlights Phase I of the Sangdong tungsten mine (the "Sangdong Mine") in Gangwon Province, South Korea remains in commissioning and ramp-up. Once fully operational, targeted ore throughput capacity is expected to reach approximately 640,000 tonnes per year, with a fully permitted Phase II expansion contemplated to increase throughput capacity to up to 1.2 million tonnes per year. Subsequent to quarter end, on July 14, 2026, Almonty entered into an amendment to its long-term offtake agreement with Global Tungsten & Powders LLC ("GTP"), a member of Austria’s Plansee Group, covering tungsten concentrate produced from Phase I of the Sangdong Mine. The amendment extends the term of the agreement by six years, increases total contracted volumes by 40% and improves the pricing payable to Almonty on all contracted volumes by approximately 6.3%. On June 9, 2026, Almonty closed its oversubscribed offering of 2.25% convertible senior notes due 2031, generating gross proceeds of US$800 million, including the exercise in full by the initial purchasers of their option to purchase additional notes. Cash totaled $1.2 billion as of June 30, 2026, as compared to $268.4 million as of December 31, 2025, providing the Company with substantial financial flexibility to advance its growth pipeline. On June 29, 2026, Almonty joined the large-cap Russell 1000 Index and the broad-market Russell 3000 Index upon the conclusion of the 2026 Russell indexes reconstitution. Management Commentary Lewis Black, Chairman, President & CEO, commented: "The second quarter of 2026 demonstrated a first look at the prospective earnings power that Almonty has spent more than a decade building toward. Revenue increased 498% year-over-year to $43.0 million and 69% sequentially, income from mining operations reached $26.1 million, and Adjusted EBITDA was $17.6 million – an improvement of more than $22 million from the same quarter last year. "Just as importantly, we transformed our balance sheet. The US$800 million convertible senior notes offering we closed in June was substantially oversubscribed and leaves us with $1.2 billion in cash – providing capital that allows us to advance the Phase II expansion at Sangdong, the Tungsten Oxide Facility in South Korea, the Gentung Tungsten Project in Montana and the Panasqueira extension in parallel rather than sequentially. Our inclusion in the Russell 1000 and Russell 3000 indices, together with the amendment to our GTP offtake agreement extending the term by six years while increasing contracted volumes by 40% and improving pricing by approximately 6.3%, reflects how quickly both the market and our customers are recognizing the strategic value of secure, Western-aligned tungsten supply." Jorge Beristain, CFA, Chief Financial Officer, added: "Our second quarter results show a business with substantial operating leverage. Revenue of $43.0 million converted into $26.1 million of income from mining operations, with gross profit margin at 60.7% of revenue, and we generated $31.6 million of cash flow from operating activities in the first half of the year, compared to a use of $14.9 million in the same period last year. "Reported net income of $181.8 million includes $173.1 million of net non-cash gains on the revaluation of derivative and warrant instruments, which are a function of IFRS fair value accounting on our convertible instruments and capped calls. We ended the quarter with $1.2 billion in cash, and subsequent to quarter end we repaid our KfW term loan in full. We are well capitalized to fund our development pipeline through to production." Second Quarter 2026 Financial Results Highlights Revenue in the second quarter of 2026 increased 498% to $43.0 million, as compared to $7.2 million in the same year-ago quarter, and increased 69% from $25.4 million in the first quarter of 2026. The increase was driven primarily by the significant appreciation in the price of tungsten APT, with the European APT average price rising to US$3,075 per MTU during the second quarter of 2026 from US$453 per MTU in the second quarter of 2025. Income from mining operations in the second quarter of 2026 was $26.1 million, as compared to a loss from mining operations of ($0.9) million in the same year-ago quarter. Total cost of sales was $16.9 million, or 39.3% of revenue, as compared to $8.1 million in the same year-ago quarter. General and administrative expenses in the second quarter of 2026 totaled $8.9 million, as compared to $4.1 million in the same year-ago quarter. The increase was primarily attributable to higher salaries and wages as the Company expanded its management team to support its growth trajectory, as well as increased consulting, legal, and operating costs. The Company expects a normalization of general and administrative expenses over time as the organization scales. Net income in the second quarter of 2026 was $181.8 million, or $0.62 per diluted share, as compared to a net loss of ($58.2) million, or ($0.30) per share, in the same year-ago quarter. Second quarter 2026 results included $173.1 million in aggregate net non-cash gains on the revaluation of derivative and warrant instruments, comprising a $204.4 million non-cash gain on the revaluation of embedded derivative liabilities, partially offset by a $30.7 million non-cash loss on the revaluation of the embedded derivative asset associated with the Company’s capped call transactions and a $0.6 million non-cash loss on the revaluation of warrant liabilities. These non-cash accounting items did not impact the Company’s operating performance, cash flow, or liquidity position. Adjusted EBITDA, a non-IFRS measure, was $17.6 million in the second quarter of 2026, as compared to ($4.8) million in the same year-ago quarter, reflecting the substantial improvement in underlying operational performance.(1) Cash flow provided by operating activities was $31.6 million for the six months ended June 30, 2026, as compared to cash used in operating activities of ($14.9) million in the same year-ago period. Cash as of June 30, 2026 totaled $1.23 billion, as compared to $268.4 million as of December 31, 2025. The increase primarily reflects gross proceeds of US$800 million from the convertible senior notes offering completed in June 2026, together with positive cash flow generated from operations. About Almonty Almonty (Nasdaq: ALM) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to be a major contributor to the global non-China tungsten supply chain upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in the U.S. and Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit https://almonty.com. Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. (1) Use of Non-IFRS Financial Measures This news release makes reference to the non-IFRS financial measure "Adjusted EBITDA". Non-IFRS financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty’s results of operations from management’s perspective. Almonty’s definitions of non-IFRS measures, including the definition of the non-IFRS financial measure "Adjusted EBITDA" used in this news release, may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty’s financial information reported under IFRS. Almonty uses non-IFRS financial measures, including "Adjusted EBITDA", to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. In particular, Almonty’s management uses Adjusted EBITDA in order to evaluate its operating performance, by eliminating the impact of non-operational or non-cash items. Almonty believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. Almonty’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period. IFRS NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the commissioning and ramp-up of Phase I of the Sangdong Mine, the expected timing, capacity and throughput of the Sangdong Mine and its contemplated Phase II expansion, the development of the Tungsten Oxide Facility, the Gentung Tungsten Project and the Panasqueira Mine extension, the expected timing and effect of the Company’s delisting from the Australian Securities Exchange, the anticipated benefits of the amended GTP offtake agreement, the Company’s expected use of the proceeds of its convertible senior notes offering, the sufficiency of the Company’s capital resources, and the expected impact of tungsten market trends and prices on the Company’s operations. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the successful completion of commissioning and ramp-up at the Sangdong Mine, the availability of funding for continued development, the performance of counterparties under offtake and other material agreements, and the expected trajectory of tungsten prices. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks identified in the Company’s annual information form dated March 18, 2026 for the year ended December 31, 2025 and in the Company’s management’s discussion and analysis dated August 11, 2026 for the three and six months ended June 30, 2026 and 2025. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, the foregoing list of material factors is not exhaustive, and there may be other factors that could cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. View source version on businesswire.com: https://www.businesswire.com/news/home/20260811112579/en/ Contacts Company Contact Lewis BlackChairman, President & CEO(647) [email protected] Investor Relations Contact Lucas A. ZimmermanManaging DirectorMZ Group – MZ North America(949) [email protected] www.mzgroup.us

DILLON, Mont., June 09, 2026--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten critical to U.S. defense and advanced technology industries, announces the results of its annual general meeting of shareholders (the "Meeting") held today. 1. NUMBER OF DIRECTORS The number of directors of the Company was set at seven (7). Detailed results of the votes are as set out below. 2. ELECTION OF DIRECTORS The seven (7) nominees listed in the Company’s management information circular dated April 29, 2026 provided in connection with the Meeting were elected as directors of the Company. Detailed results of the votes are as set out below. The board of directors remains committed to a thoughtful approach to its governance maturation, with the future focused on the necessary board skills and diversity that reflect the requirements of the Company’s broadening stakeholder base, its growing prominence in U.S. capital markets, and the heightened expectations that come with being a global industry leader. 3. APPOINTMENT OF AUDITORS Zeifmans LLP was reappointed as the auditor of the Company until the close of the next annual meeting of shareholders, and the board of directors of the Company was authorized to fix their remuneration. Detailed results of the votes are set out below. For a full description of the results of the Meeting, refer to the Company’s Report of Voting Results dated June 9, 2026 and filed on the Company’s profile on SEDAR+ at www.sedarplus.ca. About Almonty Almonty (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Tungsten Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to be a major contributor to the global non-China tungsten supply chain upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain and the United States, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit https://almonty.com. Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the advancement of the Sangdong Mine and the diversity and skills of the board of directors. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the absence of material adverse changes in our industry or the global economy, including interest rate fluctuations, inflationary pressures, supply chain disruptions, and commodity market volatility; and trends in our industry and markets, including the competitive environment. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks identified in the Company’s annual information form for the year ended December 31, 2025 dated March 18, 2026 under the heading "Risk Factors" and in the Company’s management’s discussion and analysis for the three months ended March 31, 2026 and 2025 dated May 11, 2026 under the heading "Risks and Uncertainties" and the risk that any corporate governance changes will not be implemented. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that could cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609867494/en/ Contacts Company Contact Lewis BlackChairman, President & CEO(647) [email protected] Investor Relations Contact Lucas A. ZimmermanManaging Director MZ Group - MZ North America(949) [email protected]

Last week, you might have seen that Almonty Industries Inc. (TSE:AII) released its first-quarter result to the market. The early response was not positive, with shares down 6.9% to CA$25.20 in the past week. Revenues of CA$25m beat expectations by 3.5%. Unfortunately statutory earnings per share (EPS) fell well short of the mark, turning in a loss of CA$0.02 compared to previous analyst expectations of a profit. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Following the latest results, Almonty Industries' nine analysts are now forecasting revenues of CA$348.3m in 2026. This would be a major 597% improvement in revenue compared to the last 12 months. Earnings are expected to improve, with Almonty Industries forecast to report a statutory profit of CA$0.52 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of CA$374.7m and earnings per share (EPS) of CA$0.51 in 2026. So it looks like the analysts have become a bit less optimistic after the latest results announcement, with revenues expected to fall even as the company is supposed to maintain EPS. View our latest analysis for Almonty Industries The analysts have also increased their price target 5.3% to CA$24.97, clearly signalling that lower revenue forecasts next year are not expected to have a material impact on Almonty Industries' valuation. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. Currently, the most bullish analyst values Almonty Industries at CA$36.00 per share, while the most bearish prices it at CA$7.50. So we wouldn't be assigning too much credibility to analyst price targets in this case, because there are clearly some widely different views on what kind of performance this business can generate. As a result it might not be a great idea to make decisions based on the consensus price target, which is after all just an average of this wide range of estimates. Of course, another way to look at these forecasts is to place them into context against the industry itself. The analysts are definitely expecting Almonty Industries' growth to accelerate, with the forecast 12x annualised growth to the end of 2026 ranking favourably alongside historical growth of 11% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 17% per year. Factoring in the forecast acceleration in revenue, it's pretty clear that Almonty Industries is expected to grow much faster than its industry. The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Regrettably, they also downgraded their revenue estimates, but the latest forecasts still imply the business will grow faster than the wider industry. Even so, long term profitability is more important for the value creation process. We note an upgrade to the price target, suggesting that the analysts believes the intrinsic value of the business is likely to improve over time. With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Almonty Industries going out to 2028, and you can see them free on our platform here. However, before you get too enthused, we've discovered 1 warning sign for Almonty Industries that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Almonty Industries Inc. (ALM) came out with quarterly earnings of $0.01 per share, in line with the Zacks Consensus Estimate . This compares to a loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this company would post a loss of $0.01 per share when it actually produced a loss of $0.04, delivering a surprise of -300%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Almonty Industries Inc., which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $18.52 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 19.90%. This compares to year-ago revenues of $5.51 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Almonty Industries Inc. shares have added about 123.4% since the beginning of the year versus the S&P 500's gain of 8.1%. While Almonty Industries Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Almonty Industries Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.06 on $45.51 million in revenues for the coming quarter and $0.45 on $241.14 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Silvercorp (SVM), has yet to report results for the quarter ended March 2026. The results are expected to be released on May 25. This mineral miner is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +271.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Silvercorp's revenues are expected to be $147.4 million, up 96.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Almonty Industries Inc. (ALM) : Free Stock Analysis Report Silvercorp Metals Inc. (SVM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Revenue Increases 221% Year-Over-Year to $25.4 Million, Driven by Record Tungsten Pricing Adjusted EBITDA(1) of $6.1 Million Compared to ($2.4) Million in Q1 2025 DILLON, Mont., May 11, 2026--(BUSINESS WIRE)--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 months ended March 31, 2026. Financial Summary: Key First Quarter 2026 & Subsequent Operational Highlights On March 17, 2026, Almonty hosted a formal commissioning ceremony at its Sangdong tungsten mine (the "Sangdong Mine") in Gangwon Province, South Korea, marking the completion of development and the transition of the project toward commercial operations. Sangdong is one of the largest and highest-grade tungsten deposits in the world and is expected to become a key source of secure supply for Western industrial and defense supply chains. Revenue for the first quarter of 2026 increased 221% to $25.4 million, driven by a significant increase in the spot price of tungsten APT with the Panasqueira Mine continuing to deliver strong operational performance. The Company generated positive operating cash flow of $9.7 million for the quarter, compared to negative cash flow from operations of ($4.4) million in Q1 2025, marking a significant inflection point in the Company’s financial trajectory. Cash totaled $259.9 million as of March 31, 2026, with a working capital position of $169.5 million, providing the Company with substantial financial flexibility to advance its growth initiatives. Subsequent to the quarter, Almonty announced the relocation of its corporate headquarters from Toronto, Ontario, Canada to Dillon, Montana, United States, reinforcing the Company’s strategic alignment with U.S. defense and industrial stakeholders and positioning it closer to the Company’s Gentung Tungsten Project and key government, defense and industrial partners. First Quarter 2026 Financial Results Highlights Revenue recorded in the first quarter of 2026 increased 221% to $25.4 million, as compared to $7.9 million in the same year-ago quarter. The increase was driven by a significant increase in the spot price of tungsten APT with continued strong operations at the Company’s Panasqueira Mine. General and administrative expenses in the first quarter of 2026 totaled $7.1 million, as compared to $3.4 million in the same year-ago quarter. The increase was primarily attributable to higher salaries and wages as the Company expanded its management team to support its growth trajectory, as well as increased consulting, legal, office and travel costs associated with operating as a multi-listed public company across four international exchanges. The Company expects a normalization of general and administrative expenses throughout the remainder of 2026. Net loss in the first quarter of 2026 was $5.3 million, or ($0.02) per share, as compared to a loss of $34.6 million, or ($0.13) per share, in the same year-ago quarter. The significant improvement was primarily due to the absence of the $25.8 million non-cash loss on revaluation of warrant liabilities recorded in Q1 2025, combined with significantly higher revenue and income from mining operations. The current quarter net loss included $6.4 million in non-cash losses on the revaluation of embedded derivative liabilities and $2.0 million in non-cash losses on the revaluation of warrant liabilities, both driven by the appreciation in Almonty’s share price from $12.07 to $20.24 per common share during the first quarter of 2026. These non-cash accounting charges did not impact the Company’s operating performance, cash flow, or liquidity position. Adjusted EBITDA, a non-IFRS measure, was $6.1 million in the first quarter of 2026, as compared to ($2.4) million in the same year-ago quarter, reflecting the substantial improvement in underlying operational performance.(1) Cash as of March 31, 2026 totaled $259.9 million, as compared to $268.4 million as of December 31, 2025. Note on Non-Cash Items The first quarter of 2026 included $8.4 million in aggregate non-cash revaluation charges, comprising $6.4 million related to the fair value revaluation of embedded derivative liabilities and $2.0 million related to the fair value revaluation of warrant liabilities. These charges arise from the application of IFRS fair value accounting requirements to the Company’s outstanding convertible debt instruments and warrants, and reflect the appreciation in the Company’s share price from $12.07 at December 31, 2025 to $20.24 at March 31, 2026, as well as changes in volatility assumptions and other market-based inputs during the period. While these accounting impacts affected reported net income, they did not affect the Company’s cash position, liquidity, or the operational progress made across the business during the quarter. Management Commentary Lewis Black, Chairman, President & CEO, commented: "The first quarter of 2026 represents a pivotal moment for Almonty. The results speak for themselves – revenue increased 221% to $25.4 million, we generated positive Adjusted EBITDA of $6.1 million and positive operating cash flow of $9.7 million, marking a decisive inflection point in the Company’s financial trajectory. "With the formal commissioning ceremony at Sangdong held in March 2026, the relocation of our corporate headquarters to Dillon, Montana, and tungsten prices continuing to reflect the critical nature of this metal to Western defense and industrial supply chains, we believe Almonty has never been better positioned. As we ramp Sangdong toward full commercial throughput and advance the Gentung Tungsten Project toward production, we are building the foundation for what we expect will be a long-duration, high-margin operating platform, and one that directly addresses the West’s most urgent critical mineral vulnerabilities." Guillaume de Lamaziere, Interim Chief Financial Officer, added: "Our first quarter results demonstrate the significant operating leverage inherent in our business model as tungsten prices strengthen. Revenue was driven by the Panasqueira Mine, which delivered $25.4 million in quarterly revenue – more than triple the same period last year – reflecting the favorable APT pricing environment. "From a cash flow perspective, the Company generated $9.7 million in positive operating cash flow, and Adjusted EBITDA turned positive at $6.1 million. Net loss for the quarter was $5.3 million, which included $8.4 million in non-cash revaluation charges on derivative and warrant liabilities driven by the appreciation in our share price during the quarter. Excluding these non-cash items, our underlying operating performance was strong and consistent with the transformation underway across the business. With $259.9 million in cash and a working capital position of $169.5 million, we remain well-capitalized to advance our broader development pipeline." About Almonty Almonty (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to be a major contributor to the global non-China tungsten supply chain upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in the U.S. and Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit https://almonty.com. Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. (1) Use of Non-IFRS Financial Measures This news release makes reference to the non-IFRS financial measure "Adjusted EBITDA". Non-IFRS financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty’s results of operations from management’s perspective. Almonty’s definitions of non-IFRS measures, including the definition of the non-IFRS financial measure "Adjusted EBITDA" used in this news release, may not be the same as the definitions for such measures used by other companies in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty’s financial information reported under IFRS. Almonty uses non-IFRS financial measures, including "Adjusted EBITDA", to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. In particular, Almonty’s management uses Adjusted EBITDA in order to evaluate its operating performance, by eliminating the impact of non-operational or non-cash items. Almonty believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. Almonty’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period. The $8.4 million in non-cash revaluation charges comprises $6.4 million related to the fair value revaluation of embedded derivative liabilities and $2.0 million related to the fair value revaluation of warrant liabilities. These charges arise from the application of IFRS fair value accounting requirements to the Company’s outstanding convertible debt instruments and warrants, and reflect changes in the Company’s share price, volatility assumptions, and other market-based inputs during the period. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the successful commissioning of the Sangdong Mine processing plant, the expected timing and capacity of commercial production at the Sangdong Mine, the development of the Company’s tungsten projects, the expected impact of tungsten market trends and prices on the Company’s operations, and the normalization of general and administrative expenses. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the successful completion of commissioning at the Sangdong Mine, the availability of funding for continued development, and the expected trajectory of tungsten prices. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks identified in the Company’s annual information form dated March 18, 2026 for the year ended December 31, 2025 and in the Company’s management’s discussion and analysis dated May 11, 2026 for the three months ended March 31, 2026 and 2025. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, the foregoing list of material factors is not exhaustive, and there may be other factors that could cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511950425/en/ Contacts Company Contact Lewis Black Chairman, President & CEO (647) 438-9766 [email protected] Investor Relations Contact Lucas A. Zimmerman Managing Director MZ Group - MZ North America (949) 259-4987 [email protected] www.mzgroup.us

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Almonty Industries (TSX:AII) is relocating its headquarters from Toronto to Dillon, Montana, tying its corporate base more closely to the United States and its critical minerals supply chain priorities for tungsten. See our latest analysis for Almonty Industries. The headquarters move comes after a sharp shift in market sentiment, with a 1 day share price return of 14.83% and a 90 day share price return of 125.02%. The 1 year total shareholder return is very large relative to the starting point, suggesting momentum has been building rather than fading over the past year. If this kind of critical minerals story has your attention, it may be worth widening the lens with our rare earth and tungsten peers via the 28 best rare earth metal stocks With the share price already up sharply and the stock trading at a very large 1 year total return, the key question now is simple: is Almonty still undervalued, or is the market already pricing in future growth? Almonty is currently trading at CA$28.42, while the SWS DCF model estimates a fair value of CA$46.05. This implies the shares are trading at a discount based on that framework. The DCF model projects the company’s future cash flows and then discounts them back to today’s value, aiming to reflect both timing and risk. For a miner that is currently loss making, this type of model is often driven by expectations around future production, pricing and the shift from investment to cash generation. In Almonty’s case, the company is currently unprofitable, reports a loss of CA$161.91m, and its liabilities are entirely funded by higher risk external borrowing rather than customer deposits. At the same time, forecasts in the data provided point to revenue growth of 37.7% per year and an eventual move into profitability with earnings growth of 46.86% per year. This helps explain why a cash flow based model can produce a fair value that is meaningfully above the current share price. Look into how the SWS DCF model arrives at its fair value. Result: DCF Fair value of CA$46.05 (UNDERVALUED) However, the story still carries real risk, including the current CA$161.91m loss and a heavy reliance on higher-risk external borrowing to fund its projects. Find out about the key risks to this Almonty Industries narrative. While the SWS DCF model points to upside, the P/B ratio of 22.6x sends a very different signal. It is much higher than both the peer average of 7x and the broader Canadian Metals and Mining industry at 3.2x, which suggests a lot of optimism is already in the price. For you, that gap raises a simple question: is this a premium that still feels comfortable, or a sign that expectations have run ahead of the fundamentals? See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Almonty Industries for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 7 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With sentiment clearly mixed, and both risks and rewards on the table, it makes sense to move quickly, review the underlying data, and weigh the 2 key rewards and 2 important warning signs If you stop your research here, you could miss out on other opportunities that fit your style. Use this as a springboard to compare fresh ideas. Zero in on potential bargains that pair quality with attractive pricing by running a screen through 7 high quality undervalued stocks. Support an income-focused approach by checking companies offering stronger yields and resilient payouts inside the 6 dividend fortresses. Strengthen your shortlist with under-the-radar names that still have solid fundamentals using the screener containing 8 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AII.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]