Almonty Begins Commercial Mining at Sangdong Tungsten Mine

Almonty Industries Inc. announced on December 16, 2025, that it has commenced commercial mining operations at its Sangdong Tungsten Mine in South Korea. The milestone was marked by the delivery of the first truckload of ore to the Run-of-Mine (ROM) pad, signaling the project’s transition from development to active mining and the final stage before full-scale commercial production of tungsten concentrate.

President and CEO Lewis Black stated that the Sangdong operation is strategically vital for strengthening the global tungsten supply chain, particularly for the United States, the European Union, and Korea, with the goal of diversifying away from China’s market dominance. He noted tungsten’s critical role in defense, semiconductors, AI hardware, and aerospace industries. General Manager of Processing Operations Arif Priyambodo confirmed that all preparatory work is complete, validating that the ROM pad, haulage routes, equipment, and workflows are performing safely and effectively for production-level conditions. This readiness enables the commissioning of crushing, milling, and flotation circuits. In the longer term, the company plans to integrate Sangdong’s production with an upcoming tungsten oxide plant and a planned molybdenum deposit, forming a "Korean Trinity" value chain to position Korea as a global hub for tungsten. This initiative is also intended to support U.S. defense procurement requirements for non-China tungsten sourcing after 2027.

Prior to the mining announcement, Almonty Industries Inc. revealed on December 15, 2025, the voluntary withdrawal of its short-form base shelf prospectus and Form F-10 registration statement. This action followed the successful completion of an upsized US$129,375,000 public offering of common shares in the United States, indicating the company does not intend to complete further offerings under these filings at this time. The public offering was initially announced on December 8, 2025, as a proposed offering of 15 million shares. It was subsequently upsized on December 9, 2025, to US$112,500,000 for 18 million shares at US$6.25 each. The proceeds are earmarked for exploration and development at the Gentung Browns Lake tungsten project, expansion at the Panasqueira mine, exploration at the Sangdong molybdenum project, and general corporate purposes.

Almonty Industries Inc. has commenced commercial mining at its Sangdong Tungsten Mine, marking a transition from the construction and commissioning phase to active production. This milestone validates the company’s extensive development efforts and significant capital investments, confirming that previous projections regarding the project’s operational readiness are materializing. The delivery of first ore aligns with statements made by the CEO during the Q3 2025 financial results, released on November 3, 2025, which noted that "construction at Sangdong now substantially complete and ramp-up underway."

The development holds strategic significance due to tungsten’s status as a critical mineral for U.S. and allied defense and high-tech industries. Amidst a geopolitical landscape pushing for diversified, non-Chinese supply chains, Almonty has emphasized its role in this context. This positioning is further reinforced by the company’s planned U.S. domestication and the recent acquisition of the Gentung Browns Lake project in Montana.

Financially, the company successfully completed an upsized US$129.375 million public offering and subsequently withdrew its shelf prospectus on December 15, 2025. This capital injection provides funding for stated objectives, including the Gentung Browns Lake project, the Panasqueira expansion, Sangdong molybdenum exploration, and general working capital. The move follows earlier financings, including a US$90 million public offering in July 2025 and an A$18.45 million equity placement in January 2025, collectively demonstrating market appetite and strengthening the balance sheet. The withdrawal of the shelf prospectus indicates confidence in the current capital position.

Almonty Industries Inc. is a Canadian-based tungsten mining company focused on becoming a leading global supplier of high-quality, conflict-free tungsten concentrate and downstream products. The company aims to address the critical minerals supply chain security concerns of Western nations, particularly the United States, which is actively seeking to reduce reliance on China-dominated markets.

The company’s flagship Sangdong Tungsten Mine in South Korea is currently under commissioning and construction, having recently commenced commercial mining as of December 16, 2025. Phase I targets a throughput capacity of 640,000 tons of tungsten ore per year, with an expected production capacity of 230,000 MTU of WO3 concentrate commencing in the second half of 2025. The project is fully funded, with the US$75.1 million KfW IPEX-Bank project loan facility fully drawn.

Resource estimates for Sangdong include Probable Mineral Reserves of 8.6 Mt at a 0.42% WO3 grade, containing approximately 36 kt of contained WO3. Indicated Mineral Resources total 8.0 Mt at 0.51% WO3 (~41 kt contained WO3), while Inferred Mineral Resources stand at 50.7 Mt at 0.43% WO3 (~218 kt contained WO3). Estimated low quartile production costs are US$126.8 per MTU. The project is positioned to become one of the largest tungsten producers outside of China, supporting U.S. defense applications and Western supply chain resilience.

Future plans for Sangdong include a Phase II expansion with potential throughput up to 1.2 million tons per year, which is fully permitted under existing Phase I approvals and could advance as early as 2026. The company also plans a Tungsten Oxide Plant in South Korea with a capacity of 4,000 tons per annum, extendable to 6,000 tons, and is exploring a co-located Sangdong Molybdenum Project.

In Portugal, the Panasqueira Mine is currently producing tungsten, generating consistent income from mining operations. Current production guidance is approximately 58,750 MTU WO3 per annum, with Level 4 extension potential up to 124,000 MTUs per annum. A large-scale drilling program of approximately 14,000 meters commenced in November 2025 to define expansion plans and extend mine life.

Almonty entered the U.S. market in November 2025 with the acquisition of the Genting Browns Lake Tungsten Project in Montana. Considered one of the most advanced undeveloped tungsten assets in the U.S., it holds 7.53 Mt at 0.315% WO3 at a 0.10% cut-off. The project targets readiness in the second half of 2026 with expected production of approximately 140,000 MTUs per year.

Other assets include the Los Santos Tailings project in Spain, which is currently under care and maintenance with the company holding royalties on the property, and the Valtreixal tin and tungsten project in Spain, which is at the pre-feasibility stage.