Almonty Shareholder Letter
Almonty Industries Inc. (AII) is advancing Sangdong to active mining operations, a move that de-risks its Western supply chain.
Almonty Industries Inc. released a comprehensive shareholder letter on January 20, 2026, detailing 2025 achievements and the 2026 roadmap. The pivotal update is the transition of the flagship Sangdong Tungsten Mine in South Korea to active mining operations as of December 2025. Furthermore, the company successfully entered the U.S. market through the acquisition of the Gentung Browns Lake Project in Montana and completed two massive public offerings in the U.S., totaling approximately US$220 million. Management has been reinforced with high-level U.S. military and commerce officials, aligning the company with U.S. national security procurement requirements.
Almonty Industries Inc. (AII) has transitioned from construction to active mining at its Sangdong project, a shift that fundamentally alters the company’s risk profile from developer to producer. This milestone marks the start of cash flow generation from what is projected to be the largest tungsten mine outside of China.
To support this transition and future growth, the company raised approximately US$220 million in 2025. This capital provides a significant cash cushion prior to 2026 operations, funding the Sangdong Phase II expansion and the development of the Gentung project in the U.S. This financial position alleviates immediate "going concern" risks typically associated with late-stage mine development.
The company also benefits from a favorable market environment, with tungsten prices rising more than 160% in 2025. Additionally, a 2027 U.S. defense ban on Chinese tungsten provides a tailwind for Almonty’s offtake agreements. The company has effectively locked in a "hard floor" price while retaining upside potential, a structure described as rare in commodity mining.
Almonty Industries Inc. (AII) is a producer and developer of tungsten and molybdenum. Its flagship asset is the Sangdong Tungsten Mine in Gangwon Province, South Korea. Historically one of the world's largest tungsten mines, Almonty is restarting Sangdong with a Phase I capacity of 640k tons/year and a Phase II expansion target of 1.2M tons/year. The mine features high grades of 0.42% - 0.51% WO3 and a low-quartile cost structure of US$126.8/MTU.
The company also holds other assets, including Panasqueira in Portugal, which is a consistent producer, and Valtreixal in Spain and Gentung in the USA, which are in development and exploration stages.