Almonty Secures Major Funding to Advance Key Mining Projects

Almonty Industries has significantly bolstered its financial position by completing a substantial equity raise. The company successfully secured gross proceeds of $129.4 million through an upsized share offering, providing a robust capital base to advance critical project milestones and fund its strategic entry into the United States market.

The freshly raised capital is earmarked for several pivotal initiatives. The primary allocation is for the development of the Gentung Browns Lake Tungsten Project in Montana, which represents Almonty's strategic gateway into the U.S. Additional investments are planned for expansion work at the existing Panasqueira tungsten mine in Portugal and for exploration activities at the Sangdong molybdenum project in South Korea.

The company's Chief Executive Officer, Lewis Black, stated that Almonty is now "fully funded" for its planned expansion projects and does not anticipate further equity raises under its current base prospectus.

Transaction Details and Market Reception

The capital increase involved the placement of 20.7 million common shares at a price of $6.25 per share. This price represented a 39% premium to the company's Nasdaq listing price of $4.50 in July. The offering's over-allotment option was exercised in full.

BofA Securities acted as the lead bookrunner for the transaction. They were joined by a syndicate of banks including Cantor Fitzgerald, D.A. Davidson, and A.G.P./Alliance Global Partners.

Key offering metrics:
- Gross Proceeds: $129.375 million
- New Shares Issued: 20.7 million
- Issue Price: $6.25 per share

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

Operational Progress and Leadership

A major focus for the company is the Sangdong tungsten mine in South Korea, where construction is largely complete. The operation is currently in the ramp-up phase, focusing on final commissioning and the transition to commercial production. At full capacity, Sangdong is projected to supply over 80% of the tungsten produced outside of China, forming a cornerstone of Almonty's growth strategy.

To strengthen operational execution during this critical shift from development to production, Almonty appointed retired U.S. Brigadier General Steven L. Allen as its new Chief Operating Officer, effective December 1. Allen brings 33 years of leadership experience from the U.S. military, including deployments in Korea—a background with direct relevance to the Sangdong site.

Strengthened Financial Position and Performance

The successful capital raise has dramatically enhanced the company's liquidity. Prior to the offering, Almonty reported cash and cash equivalents of $111.6 million at the end of the third quarter of 2025. Post-transaction, its liquidity position has risen to approximately $240 million.

For Q3 2025, the company reported a 28% year-over-year increase in revenue to $8.7 million, driven by higher tungsten prices amid stable production at its Panasqueira mine. Despite the revenue growth, Almonty continues to report net losses, primarily due to significant investments related to commissioning the Sangdong mine and advancing its broader project portfolio.

Market Context and Valuation

Tungsten is classified as a critical mineral for defense applications and high-tech industries. With China dominating global production, Western nations are actively seeking alternative, ethically sourced supply chains. Almonty positions its output as "conflict-free," targeting defense contractors and technology firms with stringent requirements for supply chain transparency.

The company's market capitalization currently stands at around $1.5 billion. Its share price has recorded gains exceeding 370% since the start of the year. Investment firm D.A. Davidson maintains a "Buy" rating on the stock with a $12 price target, while the average analyst consensus price target is approximately $10.74.