Almonty Commences New Drilling Program at Panasqueira Mine
Almonty Industries Inc. announced on November 3, 2025, that it has begun a new large-scale drilling program at its operating Panasqueira tungsten mine in Portugal. The initiative involves approximately 14,000 meters of diamond drilling over a 12-month period, with an investment of €2.5 million. The program aims to define the mine plan for expansion into a new area known as Level 4, update the resource model, calculate new inferred resources, and ultimately increase annual output and extend the mine's life.
Almonty Industries Inc. (AII) reported that its Q3 results, released earlier the same day, confirmed construction at its flagship Sangdong tungsten mine in South Korea is "substantially complete" and that ramp-up is underway. This transition from development to production remains the primary focus and key catalyst for the company.
In this context, the Panasqueira drilling program serves as an incremental positive, demonstrating investment in the existing producing asset to ensure long-term viability and potential for growth. Panasqueira provides the company's current revenue stream, and the €2.5 million investment is intended to extend its life and increase production.
The investment is minor relative to the company's strong cash position of CAD $111.6 million (as of Sept 30, 2025) and the overall scale of the Sangdong project. The Adjusted EBITDA for Q3 2025 was still negative (-$2.2M), highlighting the importance of Sangdong coming online to generate significant cash flow.
Almonty Industries Inc. (AII) is a global mining and exploration company focused on tungsten, a critical mineral with significant applications in defense, aerospace, and high-tech manufacturing. The company's flagship asset is the Sangdong Tungsten Mine in South Korea, which is fully financed, constructed, and currently ramping up production. Once fully operational, Sangdong is expected to be one of the largest tungsten mines in the world outside of China, positioning Almonty as a key non-Chinese supplier to the U.S. and its allies. The company also owns and operates the Panasqueira mine in Portugal, a long-life tungsten and tin producer.