Almonty Industries (AII) AI Stock Analysis

• Market Cap: C$4.80B
• Dividend Yield: N/A
• Average Volume (3M): 597.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.51
• Revenue Growth: 7.50%
• EPS Growth: -508.68%
• Country: CA
• Employees: 403
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.13
• Shares Outstanding: 262,776,200
• 10 Day Avg. Volume: 1,019,496
• 30 Day Avg. Volume: 597,429
• PEG Ratio: -0.22
• Price to Book (P/B): 5.92
• Price to Sales (P/S): 8.02
• P/FCF Ratio: -5.29
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$21.87
• Price Target Upside: 19.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: C$18.00 ▼(-1.42% Downside)

The score is held down primarily by weak financial performance (large losses and very high leverage) and a valuation profile tied to negative earnings. Strong technical momentum supports the score, but overbought indicators add near-term risk.

Positive Factors

Critical mineral supply

Almonty controls operating tungsten mines in Spain and South Korea, supplying a critical industrial mineral used in electronics, aerospace and automotive. That asset base links the company to structural industrial demand for tungsten, supporting multi-month to multi-year revenue visibility as end-market need persists.

Consistent revenue growth

The company has delivered modest but positive revenue growth in the trailing twelve months, indicating improving sales traction and market acceptance of its concentrate. Sustained top-line growth helps leverage fixed mining infrastructure and supports progress toward breakeven over a medium-term planning horizon.

Free cash flow improvement

Free cash flow has grown materially, suggesting better conversion of operations into discretionary cash after capex. Over months, rising FCF can fund debt reduction or sustaining capex, improving financial flexibility even if operating cash flow is currently negative.

Negative Factors

Very high leverage

A debt-to-equity ratio near 9.5 reflects heavy reliance on borrowed capital. For a cyclical commodity producer this elevates refinancing and interest-rate risk, constrains strategic optionality, and increases the chance of covenant stress if commodity prices or cash flow deteriorate over the coming months.

Deep negative profitability

Substantially negative EBIT and net margins show the business currently loses far more than it earns operationally. Persistent negative profitability erodes equity, forces reliance on external funding, and undermines the company’s ability to self-fund growth or withstand price cycles over the medium term.

Negative operating cash flow

Operating cash flow being negative signals the company is not yet converting revenues into sustainable operational cash. Continued negative OCF necessitates external financing for working capital and capex, raising long-term funding risk and limiting ability to deleverage amid cyclical market swings.

Almonty Industries Business Overview & Revenue Model

Company Description

Almonty Industries Inc. engages in mining, processing, and shipping tungsten concentrate. It owns interests in the Los Santos mine located near Salamanca, Spain; the Panasqueira tin and tungsten mine situated in Covilha and Castelo Branco, Portugal; the Sangdong tungsten mine located in Gangwon Province, Republic of Korea; and the Valtreixal tin and tungsten project located in Zamora province, Western Spain. Almonty Industries Inc. is headquartered in Toronto, Canada.

How the Company Makes Money

Almonty Industries generates revenue primarily through the extraction and sale of tungsten concentrate from its mining operations. The company earns money by selling tungsten to various industrial customers who require the mineral for manufacturing processes. Key revenue streams include direct sales to end-users, long-term supply agreements, and potentially royalties from joint ventures or partnerships with other mining entities. Additionally, Almonty benefits from fluctuations in tungsten prices, which can significantly impact profit margins. Strategic partnerships with industrial clients and suppliers also enhance AII's market position and contribute to consistent revenue growth.

Almonty Industries Financial Statement Overview

Summary

Financials are weak: profitability is deeply negative (net margin -162.99%, EBIT margin -146.36%) and leverage is very high (debt-to-equity 9.48) with negative ROE. Positives include modest revenue growth (TTM 6.75%) and strong free cash flow growth (TTM 30.35%), but operating cash flow is still negative.

Income Statement

Almonty Industries shows a modest revenue growth rate of 6.75% in the TTM, indicating some positive momentum. However, the company struggles with profitability, as evidenced by negative margins across the board, including a net profit margin of -162.99% and an EBIT margin of -146.36%. This suggests significant challenges in managing operational costs and achieving profitability.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 9.48 in the TTM, indicating heavy reliance on debt financing, which poses a risk in terms of financial stability. The return on equity is negative, reflecting ongoing losses and challenges in generating returns for shareholders. The equity ratio is not explicitly provided, but the high leverage suggests limited equity relative to assets.

Cash Flow

The cash flow statement shows a significant free cash flow growth rate of 30.35% in the TTM, which is a positive sign. However, the operating cash flow remains negative, and the operating cash flow to net income ratio is -0.23, indicating that the company is not generating sufficient cash from operations to cover its net losses. The free cash flow to net income ratio of 4.40 suggests some ability to cover net losses with free cash flow, but overall cash flow health remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	30.07M	28.84M	22.51M	24.80M	20.85M	25.09M
Gross Profit	559.00K	1.97M	1.08M	2.55M	2.79M	-1.37M
EBITDA	-59.44M	-10.24M	-3.39M	-6.85M	-3.32M	-7.57M
Net Income	-65.04M	-16.30M	-8.84M	-14.49M	-7.75M	-9.06M
Balance Sheet
Total Assets	433.14M	256.35M	235.33M	192.84M	165.85M	151.06M
Cash, Cash Equivalents and Short-Term Investments	111.59M	7.83M	22.02M	8.44M	1.05M	2.37M
Total Debt	197.26M	158.02M	130.07M	89.48M	67.71M	61.52M
Total Liabilities	261.80M	217.28M	186.83M	153.09M	128.36M	121.89M
Stockholders Equity	171.34M	39.07M	48.51M	39.75M	37.49M	29.17M
Cash Flow
Free Cash Flow	-71.13M	-43.73M	-29.19M	-28.33M	-18.44M	-11.13M
Operating Cash Flow	-6.10M	-7.50M	-11.70M	-5.57M	-8.44M	-4.83M
Investing Cash Flow	-65.03M	-36.23M	-17.49M	-22.75M	-10.00M	-6.29M
Financing Cash Flow	172.68M	29.37M	43.37M	35.22M	17.19M	11.91M

Almonty Industries Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AII, the sentiment is Positive. The current price of 18.26 is above the 20-day moving average (MA) of 14.31, above the 50-day MA of 12.17, and above the 200-day MA of 7.96, indicating a bullish trend. The MACD of 1.46 indicates Negative momentum. The RSI at 73.29 is Negative, neither overbought nor oversold. The STOCH value of 79.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AII.

Almonty Industries Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALS	81 Outperform	C$2.03B	5.81	53.36%	0.94%	-0.76%	2549.18%
AFM	77 Outperform	C$1.71B	10.65	33.87%	9.17%	34.89%	67.31%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
LAC	52 Neutral	C$1.86B	-4.64	-42.69%	―	―	-465.27%
AII	48 Neutral	C$4.80B	-35.17	-57.75%	―	7.50%	-508.68%
USA	44 Neutral	$2.76B	-26.10	-144.69%	―	14.32%	37.85%

Almonty Industries Corporate Events

Almonty Taps Veteran Finance Executive as Chief Development Officer Amid Sangdong Ramp-Up

Almonty Industries has appointed veteran financial executive Guillaume Wiesenbach de Lamaziere as Chief Development Officer to lead its corporate development strategy as the company ramps up mining operations at its Sangdong Tungsten Mine in South Korea. With more than 30 years of experience in banking and asset management, including senior CEO, CFO and COO roles at AIG Asset Management Europe and Banque AIG where he managed complex cross-border restructurings and large asset portfolios, Wiesenbach de Lamaziere is expected to bolster Almonty’s governance, capital allocation and strategic expansion. His appointment comes as Almonty advances its Sangdong and Panasqueira mines and accelerates development of projects in South Korea and the United States, underscoring the company’s efforts to leverage its balance sheet and strengthen its position as a key non-Chinese supplier of tungsten to defence and technology markets.

The most recent analyst rating on (TSE:AII) stock is a Hold with a C$11.50 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.

Almonty Industries Secures $129 Million in Upsized Share Offering

Almonty Industries Inc. has successfully closed an upsized underwritten offering of common shares in the United States, raising US$129,375,000. The proceeds will be used for exploration and development projects, including the Gentung Browns Lake Tungsten Project and the Panasqueira Mine, as well as for general corporate purposes. This funding positions Almonty to expand its operations without the need for further capital raises under its current base shelf prospectus. The support from investors underscores Almonty’s strong position in the tungsten market, particularly as geopolitical tensions increase the demand for this critical metal.

The most recent analyst rating on (TSE:AII) stock is a Hold with a C$10.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.

Almonty Industries Upsizes U.S. Offering to Bolster Tungsten Projects

Almonty Industries Inc. announced the pricing of an upsized underwritten offering of 18 million common shares in the United States, aiming to raise gross proceeds of $112.5 million. The proceeds are intended to fund exploration and development projects, including the Gentung Browns Lake Tungsten Project and the expansion of the Panasqueira Mine, as well as for general corporate purposes. This strategic move is expected to bolster Almonty’s operations and enhance its position in the global tungsten market, addressing supply vulnerabilities exacerbated by geopolitical tensions and recent U.S. defense procurement bans.

The most recent analyst rating on (TSE:AII) stock is a Hold with a C$10.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.

Almonty Industries Launches U.S. Public Offering to Bolster Tungsten Supply

Almonty Industries Inc. announced the launch of a public offering of 15 million common shares in the United States, with an option for underwriters to purchase an additional 2.25 million shares. The proceeds will fund exploration and development projects, including the Gentung Browns Lake Tungsten Project and expansion at the Panasqueira Mine. This move aims to strengthen Almonty’s market position and address critical supply vulnerabilities in the tungsten market, particularly in light of geopolitical tensions and recent U.S. defense procurement bans.

The most recent analyst rating on (TSE:AII) stock is a Hold with a C$10.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.

Almonty Industries Expands into U.S. Tungsten Market with Strategic Acquisition

Almonty Industries has acquired the Gentung Browns Lake Tungsten Project in Montana, marking its entry into the U.S. market. This acquisition enhances the U.S. domestic tungsten supply, aligning with government initiatives to reduce reliance on Chinese sources. The project positions Almonty as a key supplier for critical industries, including defense and aerospace, and supports its strategy to establish a Western-based tungsten platform. The move is expected to create new industrial partnerships and technological collaborations, reinforcing Almonty’s role in securing resilient supply chains for critical minerals.

The most recent analyst rating on (TSE:AII) stock is a Buy with a C$12.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.