Almonty Advances Intent to Become The Leading U.S. Integrated Tungsten Producer with Acquisition of Gentung Browns Lake Tungsten Project in Montana
On November 17, 2025, Almonty Industries announced it has closed the acquisition of 100% of the Gentung Browns Lake Tungsten Project in Montana. This transaction marks the company's operational entry into the United States. The project is described as one of the most advanced undeveloped tungsten assets in the U.S., with an existing NI 43-101 resource of 7.53 million tonnes grading 0.315% WO3. Almonty is targeting production readiness for the second half of 2026, with an expected annual output of approximately 140,000 Metric Tonne Units (MTUs). The CEO, Lewis Black, emphasized that this acquisition positions Almonty to become a long-term, integrated U.S. supplier for critical industries, reducing reliance on China.
Almonty Industries Inc. (AII) confirmed the successful closing of a strategic acquisition previously announced on October 28, 2025, marking a significant step in its transformation into a U.S.-centric critical minerals supplier. The company acquired the asset for US$10 million, primarily paid in shares, securing a foothold in the United States to support its focus on supplying the U.S. defense industry. This move complements a series of actions taken throughout 2025, including redomiciling to the U.S., appointing high-profile U.S. national security experts General Perna and Alan Estevez to its board, listing on the Nasdaq, and completing a major US$90 million financing.
While the Sangdong mine in South Korea remains Almonty’s primary value driver and flagship asset, the Gentung Browns Lake project provides jurisdictional diversification and strengthens the company’s position as a premier non-Chinese tungsten supplier to the Western world. The project targets a production of 140,000 MTUs per year, which would complement Sangdong’s expected Phase I output of 230,000 MTUs.
Almonty’s execution has remained consistent, with the timeline for Sangdong progressing from 53% complete in late 2024 to "substantially complete and ramp-up underway" in the Q3 2025 report. This progress suggests the targeted H2 2025 production start is imminent and lends credibility to the new 2026 production target for the Montana project. The company holds a robust cash position of over C$111 million as of September 30, 2025, ensuring it is well-funded for the Sangdong ramp-up, although development of the new U.S. project will require future capital.
Almonty Industries Inc. (AII) is a global mining company focused on the acquisition, development, and mining of tungsten and molybdenum. Its portfolio includes producing and development-stage projects located in politically stable jurisdictions.
The company's flagship project is the Sangdong Tungsten Mine in South Korea. It is one of the largest and highest-grade tungsten deposits in the world outside of China. The mine is in the final stages of commissioning, with Phase 1 production expected to commence in H2 2025. Upon reaching full capacity, Sangdong is expected to be a globally significant supplier of tungsten, positioning Almonty as a key player in the non-Chinese critical minerals supply chain.
Other assets include the producing Panasqueira tungsten mine in Portugal, the newly acquired Gentung Browns Lake development project in the USA, the Valtreixal tin/tungsten project in Spain, and the Sangdong Molybdenum project in South Korea.