08:33 AM EST, 11/03/2025 (MT Newswires) -- Almonty Industries ( ALM ) was last seen down 4.8% in premarket Nasdaq trade after the tungsten producer and processor said it swung to a profit in the third quarter as it readies for commercial production from its Sangdong mine in South Korea.

The company said it earned $33.19 million in the quarter, up from a year-prior loss of $5.32 million. However all of the profit came on a one-time gain of $34.51 million on the revaluation of warrant liabilities.

Per share results were not disclosed.

Revenue rose 28% to $8.7 million from $6.8 million.

The company is focused on completing construction of its Sangdong mine, with ramp-up activities underway and production expected soon, though the company did not offer a firm date for commercial operations. The mine is expected to produce 80% of non-Chinese tungsten supply.

"We are transitioning from development to production at what will soon become the Western world's largest tungsten mine," chief executive Lewis Black stated.

The company's shares were last seen down $0.34 to $6.79 premarket. They closed up $0.50 to $9.97 Friday on the Toronto Stock Exchange.