Almonty Industries (AII) Q4 2025 earnings summary

Executive summary

• Achieved transition to active mining at Sangdong Mine, with first ore delivered to ROM pad in December 2025, marking a shift toward commercial production.

• Completed acquisition of Gentung Tungsten Project in Montana, expanding U.S. asset base.

• Strengthened leadership with appointments of a new COO and Chief Development Officer.

Financial highlights

• Q4 2025 revenue rose 39% year-over-year to $8.7 million; full-year revenue up 13% to $32.5 million.

• Net loss for Q4 2025 was $102.3 million versus $5.4 million loss in Q4 2024; full-year net loss was $161.9 million compared to $16.3 million in 2024, mainly due to non-cash revaluation charges.

• Adjusted EBITDA (non-IFRS) for Q4 2025 was ($6.2) million; full-year Adjusted EBITDA was ($17.1) million.

• Cash balance at year-end 2025 was $268.4 million, up from $7.8 million at year-end 2024, driven by two public offerings totaling US$219.4 million.

• General and administrative expenses increased significantly due to legal and regulatory costs related to capital markets activities.

Outlook and guidance

• Focused on completing Sangdong commissioning and optimizing throughput to meet rising demand from Western defense and industrial sectors.

• Anticipates continued benefit from high APT prices and a deepening structural supply deficit in tungsten.