Almonty Industries Provides Update on Large-Scale Drilling Program at Sangdong Molybdenum Project

Almonty Industries Inc. (AII) is accelerating a large-scale drilling program at its Sangdong Molybdenum Project in South Korea to confirm molybdenum resources ahead of future development. The company has completed approximately 37% of the planned 26 drill holes, which cover a total of approximately 12,000 meters. To date, approximately 4,440 meters have been drilled.

Assay results received to date are consistent with historical drill hole data. Lewis Black, Chairman, President and CEO, stated, “The early results from this campaign are highly encouraging. With approximately 37% of the program complete, the grades we are encountering are consistent with the historical data, reinforcing our confidence in the scale and quality of the molybdenum resource at Sangdong.”

The drilling campaign is being accelerated to address South Korea’s molybdenum supply crisis. The national stockpile is short, prompting government notices for private companies to secure supply. Almonty intends to begin mining without delay once the full extent of the molybdenum ore body is confirmed. Black added, “Once the full extent of the ore body is confirmed, we intend to move into production without delay.”

The Sangdong Molybdenum Project is located adjacent to Almonty’s existing Sangdong Mine in Yeongwol, Gangwon Province, South Korea. Molybdenum spot prices have increased approximately 23.5% over the past year to 592.34 CNY/Kg. While the Sangdong Tungsten Mine is currently the only material mining project for NI 43-101 and ASX Listing Rules purposes, the company remains actively engaged in developing the Sangdong Molybdenum Project.