Almonty completes phase 1 commissioning at Sangdong

Executive Summary

• Almonty Industries has completed Phase 1 commissioning at its Sangdong tungsten mine in South Korea, marking the return to production after more than 30 years of suspension.
• Phase 1 is designed to process ~640,000 tonnes of ore annually, yielding ~2,300 tonnes of tungsten concentrate per year.
• A Phase 2 expansion is scheduled for 2027, targeting a doubling of capacity to ~1.2 million tonnes of ore and ~4,600 tonnes of tungsten concentrate annually, which would supply ~40% of global non-China tungsten demand at full production.

Key Details

• Phase 1 processing plant capacity: ~640,000 tonnes of ore annually.
• Phase 1 annual production target: ~2,300 tonnes of tungsten concentrate.
• Phase 2 expansion expected online in 2027.
• Phase 2 target capacity: ~1.2 million tonnes of ore annually.
• Phase 2 target annual output: ~4,600 tonnes of tungsten concentrate.
• At full capacity, Sangdong expected to supply ~40% of global tungsten demand outside China.
• Historical context: Mine was one of the world's largest tungsten producers before operations were suspended in the early 1990s due to commodity price downturns.
• Almonty investment since 2015 acquisition: >$100 million.
• Redevelopment scope: ~4 km of underground tunnel development, newly constructed processing plant with semi-autogenous grinding and ball mills (supplied by Metso), and advanced operational monitoring systems.
• Expected mine life: >45 years.
• Average ore grade: ~0.51% tungsten trioxide (approximately 3x the global average).
• Compliance & Location: Developed in accordance with the Equator Principles; located in South Korea, a mature democracy and close U.S. strategic ally.
• Formal commissioning ceremony scheduled for March 17, 2026, at 10 a.m. local time, expected to be attended by >200 South Korean government officials and U.S. embassy representatives.
• Strategic alignment: Supports U.S. and allied efforts to diversify critical mineral supply chains away from China (which produces ~88% of global tungsten); directly supports U.S. defense procurement requirements mandating non-China tungsten sourcing post-2027.
• Future integrated value chain ("Korean Trinity"): Phase 2 expansion, tungsten oxide facility, and adjacent Sangdong molybdenum deposit.

Notable Quotes

• Lewis Black, Chairman, President and CEO: "The completion of phase 1 at the Sangdong tungsten mine marks the culmination of more than a decade of investment and development. This is a significant milestone in the effort by the United States and its allies to diversify supply chains for critical minerals away from China, which currently produces approximately 88 per cent of the world's tungsten supply."
• Lewis Black, Chairman, President and CEO: "Looking ahead, the phase 2 expansion and the development of our tungsten oxide facility and the adjacent Sangdong molybdenum deposit will form the foundation of what we refer to as the Korean trinity -- a fully integrated strategic mineral value chain that positions South Korea as a global hub for the production, refining and upgrading of tungsten. This will directly support U.S. defence procurement requirements mandating non-China tungsten sourcing after 2027 and significantly enhance resource security for the U.S. and its allies."