$ALM

Almonty Industries Inc.

CIK:0001670061|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenues	$ 32,514	$ 28,836
Production costs	27,928	24,679
Care and maintenance costs	1,168	1,067
Depreciation and amortization	1,043	1,120
Total cost of sales	30,139	26,866
Income from mining operations	2,375	1,970
Expenses
General and administrative	20,521	6,155
Interest expense	4,033	4,568
Share-based compensation	11,085	2,734
Foreign exchange loss	2,973	1,779
Total operating expenses	38,612	15,236
Loss before other income (expenses) and income taxes	(36,237)	(13,266)
Other income (expenses)
Interest income	1,539	2
Loss on valuation of warrant liabilities	(29,337)	(2,032)
Loss on valuation of embedded derivative liabilities	(97,408)	(630)
Total other income (expenses)	(125,206)	(2,660)
Net loss before income taxes	(161,443)	(15,926)
Income tax expense	(36)	(133)
Deferred tax expense	(434)	(239)
Total tax expense (income)	(470)	(372)
Net loss for the year	(161,913)	(16,298)
Other comprehensive loss
Unrealized loss on foreign currency translation	(3,189)	(16,167)
Comprehensive loss for the year	$ (165,102)	$ (32,465)
Net Loss per share - Basic	$ (0.78)	$ (0.10)
Net Loss per share - Diluted	$ (0.78)	$ (0.10)
Weighted average number of common shares outstanding - Basic	208,030,788	169,356,977
Weighted average number of common shares outstanding - Diluted	208,030,788	169,356,977

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss for the year	$ (161,913)	$ (16,298)
Add (deduct) non-cash items:
Share-based compensation	11,085	2,734
Depreciation and amortization	1,043	1,120
Interest expense	4,033	4,568
Income tax expense	36	133
Deferred income taxes	434	239
Loss on valuation of warrant liabilities	29,337	2,032
Loss on valuation of embedded derivative liabilities	97,408	630
Unrealized foreign exchange loss	2,973	1,779
Adjustments for profit loss	(15,564)	(3,063)
Changes in non-cash working capital
Trade receivables	(158)	(248)
Taxes recoverable	(1,381)	88
Inventories	(2,680)	1,094
Prepaid expenses and other current assets	(1,546)	541
Accounts payable and accrued liabilities	(689)	(5,404)
Deferred revenues	2,997	(988)
Net change in non-cash working capital	(3,457)	(4,917)
Other assets	(115)	482
Cash flow used in operating activities	(19,136)	(7,498)
Investing activities
Additions to mining assets	(60,849)	(36,231)
Acquisition of US Tungsten Inc.	(1,390)
Acquisition related costs	(32)
Cash flow used in investing activities	(62,271)	(36,231)
Financing activities
Issuance of common shares	313,320	11,810
Share subscriptions received in advance		103
Share issuance costs paid	(24,912)	(289)
Exercise of stock options	177
Exercise of CDI options	20,236
Exercise of warrants	8,616
Issuance of long-term debt	28,413	43,643
Repayment of long-term debt	(1,194)	(23,608)
Interest paid	(2,652)	(2,288)
Cash flow provided by financing activities	342,004	29,371
Effect of foreign currency translation on cash	(18)	169
Net increase (decrease) in cash for the year	260,579	(14,189)
Cash at beginning of year	7,830	22,019
Cash at end of year	$ 268,409	$ 7,830

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash	$ 268,409	$ 7,830
Trade receivables	3,085	2,927
Taxes recoverable	1,954	573
Inventories	9,418	6,738
Prepaid expenses and other current assets	4,054	2,508
Total Current Assets	286,920	20,576
Mining assets	266,439	201,866
Tailings inventory	33,392	30,982
Deferred tax assets	2,219	2,364
Other assets	762	561
Total Non Current Assets	302,812	235,773
Total Assets	589,732	256,349
Current Liabilities
Accounts payable and accrued liabilities	33,357	29,146
Deferred revenue	3,071	74
Warrant liabilities	1,938	5,154
Derivative liabilities	8,112	1,121
Current portion of long-term debt	27,267	21,894
Total Current Liabilities	73,745	57,389
Long-term debt	134,846	135,007
Restoration provision and other liabilities	23,315	24,866
Deferred tax liabilities	15	14
Total Non Current Liabilities	158,176	159,887
Total Liabilities	231,921	217,276
Shareholders’ Equity
Share capital	568,042	146,516
Subscriptions received		103
Commitment to issue shares	60,748
Equity portion of convertible debentures	508	1,241
Contributed surplus	18,474	16,072
Accumulated other comprehensive deficit	(7,827)	(4,638)
Deficit	(282,134)	(120,221)
Total Shareholders’ Equity	357,811	39,073
Total Liabilities and Shareholders’ Equity	$ 589,732	$ 256,349