Almonty Industries Charts Ambitious Course as Key Western Tungsten Supplier

Following a pivotal 2025, Almonty Industries is intensifying its strategic focus on expanding its position within the non-Chinese tungsten supply chain. A recent shareholder communication outlines a transformative period ahead, marked by the commencement of operations in South Korea and a detailed roadmap for 2026.

The company reports entering this new phase from a position of strategic strength, bolstered by operational progress, favorable tungsten pricing dynamics, and successful capital initiatives. But what concrete developments underpin this confident outlook?

A significant enabler of Almonty's growth strategy has been its access to capital. During 2025, the company completed two public equity offerings in the United States, raising aggregate gross proceeds of approximately $219.4 million.

These funds are being strategically deployed across multiple fronts:

• The acquisition of the Gentung Browns Lake tungsten project in Montana, USA.
• Initiating a large-scale drilling program at the Panasqueira mine in Portugal aimed at extending the asset's operational life.
• Securing binding offtake agreements, including contracts linked to U.S. defense sector applications.

This capital allocation simultaneously broadens Almonty's geographic footprint and secures future sales channels through contractual agreements.

Sangdong Mine: A Cornerstone Asset Begins Production

Central to the company's ambitions is the Sangdong tungsten mine in South Korea. The site has transitioned from development to active mining, with the first delivery of ore occurring in December 2025. This milestone is a critical precursor to the planned shift into full-scale commercial production.

Should investors sell immediately? Or is it worth buying Almonty?

Sangdong is projected to become one of the largest sources of tungsten outside of China. At full capacity, the mine is expected to supply a substantial portion of the global non-Chinese tungsten supply. This positions Almonty to capture a key role in a market increasingly defined by geopolitical considerations and supply chain diversification.

Favorable Market Dynamics: Price Surge and U.S. Policy Shift

The ramp-up at Sangdong coincides with a period of dramatically strengthening tungsten prices. Throughout 2025, market prices advanced by over 160%. This surge is primarily driven by export restrictions from China, which currently controls more than 80% of global supply.

Further amplifying this favorable environment is recent U.S. policy. Legislation mandates that, beginning in 2027, tungsten imports from China will be prohibited for defense procurement purposes. Almonty is strategically poised to help fill the emerging supply gap for Western consumers, particularly in critical industries.

Operational Roadmap: Key Milestones for 2026 and Beyond

Looking ahead, Almonty has established clear operational priorities for 2026. The primary focus is transitioning the Sangdong mine into full Phase I commercial production. Shortly thereafter, work on a Phase II expansion is slated to begin, with completion targeted for 2027.

Concurrently, the company aims to advance the Gentung project in Montana to a production-ready status by the second half of 2026. Successful execution of this timeline would enable Almonty to supply incremental tungsten volumes from multiple continents as early as 2026, solidifying its targeted position as a major Western supplier in the global tungsten market.