A Nevada Tungsten Comeback Story Just Got Its First Modern Map -- and the Drill Targets Are Taking Shape
Almonty is transitioning its Western tungsten supply chain project from development to production despite ongoing dilution and execution risks.
Western Star Resources released a peer exploration update on June 17, 2026, which has no direct material impact on Almonty Industries Inc.
In a separate update on June 16, 2026, Almonty reported that approximately 37% of the planned 26 drill holes, totaling roughly 4,440 meters of the planned 12,000 meters, are complete at the Sangdong Molybdenum Project in South Korea. Early assay results indicate that molybdenum grades are consistent with historical drill data.
Management intends to commence mining immediately upon confirming the full orebody extent, aiming to capitalize on a 23.5% year-over-year increase in molybdenum spot prices to 592.34 CNY/kg and South Korea's critical supply shortage. The Sangdong tungsten mine remains the only material mining project for NI 43-101 and ASX Listing Rules purposes, although active development continues on the molybdenum project.
Almonty Industries Inc. (AII) released a drilling update regarding its Sangdong Molybdenum project, marking a routine operational milestone that confirms execution is on track. The news, which was telegraphed and expected, provides operational validation but introduces no new margin, cost, or production inflection.
The market’s reaction saw the stock decline from approximately $28.75 on June 4 to roughly $25.98 on June 16. This movement reflects the digestion of the recently closed $700 million convertible notes offering rather than disappointment with the drilling update.
Almonty Industries Inc. (NASDAQ: ALM, TSX: AII) is a tungsten-focused mining company transitioning from development to production. Its flagship asset is the Sangdong Tungsten Mine in South Korea, where Phase I commissioning is complete and the operation is targeting approximately 640,000 tonnes per year of throughput.
The company also holds secondary assets, including the Panasqueira Mine in Portugal, which has a history of production; the Sangdong Molybdenum Project in South Korea, where drilling is underway; and Gentung Browns Lake in Montana, USA, an acquisition closed in November 2025. Additional assets include Valtreixal and Los Santos in Spain.
Almonty positions itself as a non-China, defense-aligned tungsten supplier for Western markets, leveraging geopolitical supply chain shifts and U.S. procurement rules effective in 2027.