Western Star Files Application With U.S. Defense Industrial Base Consortium as Tungsten Prices Rip and the West Scrambles for Non-China Supply

Almonty Industries Inc. (ALM) established its U.S. corporate headquarters in Dillon, Montana, on April 13, 2026. This development follows a strategic shift initiated in the first quarter of 2025, when shareholders approved the company’s redomiciliation from Canada to the United States with a 99.6% vote. The relocation aligns the company with U.S. defense procurement rules that ban the use of Chinese tungsten, which take effect on January 1, 2027.

Almonty’s transition from development to production has been marked by several key milestones. In July 2025, the company completed its initial public offering on the Nasdaq, raising $90 million and uplisting its shares. This was followed in December 2025 by a follow-on financing of $129 million and the acquisition of the Gentung Project in Montana. By March 2026, Phase 1 commissioning at the Sangdong Mine was completed, following the delivery of the first ore to the ROM pad in December 2025.

While recent news from Western Star Resources on May 4, 2026, highlights broader sector activity regarding U.S. Defense Industrial Base Consortium applications, it does not directly impact Almonty’s specific fundamentals. The activity serves to validate the macro demand thesis for non-China tungsten supply. Historical price data for Almonty, ranging from $3.53 to $27.97, aligns with the company’s financing history, including its IPO at $4.50 in July 2025.

Almonty Industries Inc. (AII) announced the relocation of its U.S. headquarters on April 13, a strategic move designed to strengthen ties with U.S. defense contractors. The shift follows a shareholder vote in Q1 2025 and previous redomiciling announcements made in May 2025. Investors had already incorporated much of this strategic change into the stock price during the rally from $3 to over $30 between May 2025 and April 2026.

Following production milestones in March 2026, the stock corrected from a high of $32.07 on April 17 to $27.97 on May 1. This decline suggests that some investors viewed the positive news as a "sell the news" opportunity after buying into the production ramp-up narrative earlier in the year. Additionally, litigation risk noted in October 2025 against Pure Tungsten remains a potential overhang, though it is currently being managed through legal proceedings rather than causing operational disruption.

Financing activities in July and December 2025 secured cash reserves of $268 million as of December 2025, removing immediate capital risk for the Sangdong ramp-up. However, the company reported a net loss of C$(102.3) million in Q4 2025. This loss was driven largely by non-cash warrant liability revaluation losses resulting from share price appreciation, which distorts earnings perception despite strong cash flow from operations and financing.

Almonty Industries Inc. (AII) is advancing its flagship Sangdong Tungsten Mine in South Korea, its primary material mineral project under NI 43-101 reporting. The company targets a Phase 1 capacity of approximately 640,000 tonnes of ore annually, which equates to roughly 2,300 feet of tungsten concentrate. Operations are transitioning from development to active mining, with first ore delivery scheduled for December 2025 and Phase 1 commissioning completed by March 2026.

Beyond Sangdong, Almonty maintains a portfolio of secondary assets including the producing Panasqueira Mine in Portugal, the Gentung Browns Lake Project in Montana, USA, which was acquired to support U.S. supply chain security, and the Sangdong Molybdenum Project in South Korea, which remains in the exploration phase. At full capacity, the company aims to supply more than 40% of global non-China tungsten demand, a position that aligns with U.S. defense procurement bans on Chinese minerals effective in 2027.