Almonty’s Strategic Pivot: Execution Takes Center Stage

Almonty Industries is undertaking a significant strategic realignment. The tungsten-focused company is moving beyond its identity as a conventional resource producer, aiming instead to build a more integrated platform. This shift places paramount importance on rigorous operational execution and advancing mine development. This focus comes in the context of previous capital dilution and operational losses, highlighting the critical need for disciplined deployment of new capital.

The strategic importance of tungsten in global markets is intensifying. Mounting geopolitical tensions, coupled with China's dominant position supplying over 80% of the world's tungsten, is elevating the value of alternative sources.

For Almonty, the Sangdong project in South Korea is the cornerstone of this opportunity. As China exerts greater control over exports of critical materials, Sangdong is positioning itself as a potentially vital source for Western high-tech and defense industries. Consequently, the mine's progress is directly linked to the broader question of how reliably non-Chinese supply chains can function in the future.

The Crucial Shift from Development to Production

The company's core challenge is now the transition of its mine assets into reliable, profitable operations. This move from the development phase into production was formally initiated with the first ore delivery in December 2025.

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

Market attention is fixed on several key operational levers likely to influence share performance:

• Process Reliability: Upgrades to plant and processing infrastructure must deliver stable recovery rates and consistent concentrate quality.
• Mine Development: Maintaining the schedule for underground access, ventilation, and equipment installation is essential to prevent bottlenecks in key project areas.
• Throughput and Uptime: Adherence to planned maintenance and a reduction in unplanned downtime are required for a smooth ramp-up toward full production capacity.

Observers are closely monitoring whether Almonty can maintain its operational tempo or if delays will push its cost trajectory higher.

Leadership Change Signals Tighter Governance

A visible signal of this sharper focus on execution was the appointment of Guillaume Wiesenbach de Lamaziere as Chief Development Officer on January 6, 2026. He brings experience from global banks in cross-border restructuring and portfolio management.

This personnel move is viewed as a step toward stronger governance and more rigorous financial oversight. The expectation is a more disciplined approach to capital allocation, firmly directed toward core projects. Operational setbacks would carry immediate consequences, potentially raising unit costs and triggering additional financing requirements. The coming months will reveal if Almonty can manage the transition from project development to stable production within its planned framework.