Almonty Industries (AII) AI Stock Analysis

• Market Cap: C$3.27B
• Dividend Yield: N/A
• Average Volume (3M): 597.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• 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: 253,549,880
• 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$16.70
• Price Target Upside: 29.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$13.50 ▲(4.81% Upside)

Almonty Industries' overall stock score is primarily impacted by its financial challenges, including high leverage and negative profitability, which weigh heavily on the score. While technical analysis shows bullish momentum, the negative P/E ratio and lack of dividend yield limit the stock's valuation appeal.

Positive Factors

Exposure to critical mineral (tungsten)

Almonty’s focus on tungsten anchors it to structurally durable end-markets—electronics, aerospace and automotive—that require the metal for critical manufacturing. This commodity exposure provides long-term demand support and differentiation versus non-specialist miners, aiding predictable revenue baselines.

Multi-mine operational footprint

Operating assets in Spain and South Korea reduces single-asset concentration risk and grants geographic diversification across jurisdictions and customer markets. Multiple producing sites enhance supply reliability and long-term contract credibility with industrial customers, supporting sustained sales volumes.

Strengthening free cash flow

A 30% TTM free cash flow growth rate and FCF covering multiples of net losses indicate improving cash generation capacity. Over the medium term this can fund sustaining capex, service debt, or enable strategic reinvestment, improving financial flexibility if trends persist.

Negative Factors

Very high leverage

A debt-to-equity ratio near 9.5 signals extreme leverage, constraining strategic optionality and heightening refinancing and interest-rate sensitivity. In a capital-intensive mining business, such leverage increases solvency risk during commodity downturns and limits capacity for growth investments.

Persistent negative profitability

Deeply negative EBIT and net margins reflect structural challenges converting revenue into profit, likely from high operating costs or legacy charges. Sustained negative margins erode equity, hinder reinvestment capacity, and weaken the company’s ability to build durable returns for shareholders.

Operating cash flow deficits

Negative operating cash flow and a negative OCF-to-net-income ratio indicate the core business is not generating sufficient cash from operations. Long-term reliance on external financing to cover operating shortfalls is risky, especially given the company’s high leverage and cyclical commodity exposure.

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

Almonty Industries faces significant financial challenges, with persistent losses and high leverage. The company has a low gross profit margin and negative net profit margin, indicating substantial losses. High debt levels and negative cash flows further exacerbate financial instability.

Income Statement

Almonty Industries has shown a slight revenue growth of 3.07% in the latest year, but profitability remains a significant concern. The company has a low gross profit margin of 6.83% and a negative net profit margin of -56.52%, indicating substantial losses. EBIT and EBITDA margins are also negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet reveals high leverage with a debt-to-equity ratio of 4.04, which poses a risk in terms of financial stability. The return on equity is negative at -41.71%, indicating that the company is not generating returns for shareholders. The equity ratio is not provided, but the high debt levels suggest limited equity cushion.

Cash Flow

Cash flow analysis shows a concerning trend with negative operating cash flow and free cash flow. Although free cash flow has grown by 139.1%, it remains negative, and the operating cash flow to net income ratio is -0.15, indicating inefficiencies in converting income into cash. The free cash flow to net income ratio is high at 5.83, suggesting reliance on non-operational cash sources.

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: 12.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 12.88 is above the 20-day moving average (MA) of 11.59, above the 50-day MA of 10.22, and above the 200-day MA of 6.91, indicating a bullish trend. The MACD of 0.88 indicates Negative momentum. The RSI at 63.21 is Neutral, neither overbought nor oversold. The STOCH value of 70.01 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
AFM	82 Outperform	C$1.61B	9.66	33.87%	9.17%	34.89%	67.31%
ALS	81 Outperform	C$2.03B	5.62	53.36%	0.94%	-0.76%	2549.18%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
USA	58 Neutral	C$2.04B	-19.25	-144.69%	―	14.32%	37.85%
AII	51 Neutral	C$3.27B	-24.81	-57.75%	―	7.50%	-508.68%
LAC	46 Neutral	$2.15B	-5.37	-42.69%	―	―	-465.27%

Almonty Industries Corporate Events

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.

Almonty Industries Acquires Strategic U.S. Tungsten Project

Almonty Industries has announced the acquisition of the Gentung Browns Lake Tungsten Project in Montana, a strategic move that positions the company for near-term production in the U.S. tungsten market. This acquisition, valued at $9.75 million, allows Almonty to expand its global footprint and strengthen its position as a leading non-Chinese supplier of tungsten concentrate. The project is located in a historic tungsten district with existing infrastructure, enabling a swift transition to production. The move is expected to enhance Almonty’s ability to meet growing defense and manufacturing demands for tungsten, particularly in the U.S. and allied markets.

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.

Almonty Industries Files Preliminary Base Shelf Prospectus for Capital Flexibility

Almonty Industries Inc. has filed a preliminary base shelf prospectus with Canadian regulatory authorities and a registration statement with the U.S. SEC, allowing it to offer various securities over a 25-month period once finalized. This move aims to provide Almonty with greater flexibility to access new capital, although no specific securities offerings are planned at this time. The prospectus will enable the company to respond to market opportunities and support its strategic initiatives in the tungsten industry.

The most recent analyst rating on (TSE:AII) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.

Almonty Industries Takes Legal Action Against Pure Tungsten for Misinformation

Almonty Industries Inc. has initiated legal proceedings against Pure Tungsten Inc. for disseminating false and misleading statements about Almonty, its Sangdong Mine, and the involvement of Mr. Tiger Kim. The company seeks court intervention to stop the spread of misinformation, correct false claims, and protect its market integrity and shareholder interests. Almonty emphasizes its commitment to transparent business practices and accurate market communication to uphold investor confidence and regulatory compliance in the tungsten sector.

The most recent analyst rating on (TSE:AII) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Almonty Industries stock, see the TSE:AII Stock Forecast page.