Almonty Transitions to Producer Status with Key Mine Launch

Almonty Industries Inc. has reached a pivotal corporate milestone, shifting from project developer to active producer. In a shareholder communication, Chief Executive Officer Lewis Black confirmed the transition from construction to operational mining at the Sangdong tungsten mine in South Korea. This development arrives during a period of significant supply tension within the global tungsten market, amplifying its strategic importance.

The company has announced that active mining operations at Sangdong commenced in December 2025. This marks the most significant operational shift in Almonty's recent corporate history.

Key operational and financial milestones outlined include:

• Sangdong Mine: Achieved active mining status as of December 2025.
• Montana Project (USA): Targeting production readiness for the second half of 2026.
• Financing: Raised a total of $219.4 million USD through public equity offerings during 2025.

The first truckload of ore has already been delivered to the run-of-mine stockpile, signaling the project is in its final stage before full commercial operations begin. Sangdong is positioned to become one of the largest tungsten mines outside of China, providing a distinct strategic advantage given current geopolitical dynamics.

Favorable Market Conditions Enhance Outlook

The start of production coincides with substantial dislocation in the global tungsten market. Prices have surged by more than 160% over the course of 2025. This dramatic increase is primarily driven by export restrictions from China, which controls over 80% of worldwide supply.

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

Further pressure stems from a U.S. government decision to ban imports of Chinese tungsten for defense applications, effective 2027. This policy creates an acute need for new, Western-aligned sources of supply. Almonty is positioning itself as effectively the only new major Western producer coming online in time to address this impending supply gap.

Financial Position and Market Valuation

To secure its project pipeline, Almonty has substantially strengthened its balance sheet. The capital raises totaling nearly $220 million USD are intended to fund the final ramp-up phase at Sangdong and advance the Montana Project without creating near-term dilution pressure for shareholders.

The company's shares currently trade at approximately C$12.09 on the Toronto exchange. Market observers point to a relatively low industry valuation, especially in light of the confirmed production start. The traditional "construction risk" associated with Sangdong is now considered largely eliminated. Consequently, investor focus is shifting toward operational execution, cash flow generation, and the plan for Phase 1 commercial production during the current year.

Strategic Positioning for Growth

The concurrent development of assets in South Korea and the United States grants Almonty a unique position within the Western tungsten sector. While many competitors remain in permitting or early exploration phases, Almonty is now moving ore.

A clear timeline for the Montana Project, targeting production readiness by late 2026, underscores that the company's growth strategy is not reliant on a single asset. The market is currently pricing in the successful ramp-up of Sangdong. The confirmation of active mining provides the concrete evidence required for this valuation. Combined with the tightening tungsten supply landscape, Almonty's new identity as a producer is becoming the central focus for its investment case.