Almonty to acquire Gentung Browns Lake project

Executive Summary

• Almonty Industries Inc. has entered into a binding agreement to acquire the exclusive rights to explore, develop, and mine the Gentung Browns Lake tungsten project in Beaverhead County, Montana, from U.S. Tungsten Inc.
• The total consideration for the project acquisition is $9.75 million (U.S.), consisting of $750,000 in cash and $9 million in common shares of Almonty.
• The project is positioned for near-term production as early as the second half of 2026, leveraging existing infrastructure and Almonty’s proprietary processing technologies to expand its global footprint and supply chain security for non-Chinese tungsten.

Key Details

• Transaction Structure: Binding share purchase transaction to acquire exclusive rights to unpatented tungsten mining claims in Beaverhead County, Montana.
• Total Consideration: $9.75 million (U.S.).
• Payment Terms:
  • $750,000 (U.S.) in cash.
  • $9 million (U.S.) in Almonty common shares.
  • Share price determined on the day of signing, converted to U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the agreement date.
  • Shares subject to securities law restrictions and a one-year contractual lock-up from closing.
• Additional Asset Acquisition: Almonty agreed to acquire a privately held Montana corporation for $250,000 (U.S.) in cash to obtain a plant permit, water rights, and tungsten mining equipment. This transaction is conditional on the closing of the Gentung Browns Lake project acquisition.
• Closing Date: Expected on or about October 31, 2025.
• Conditions: Subject to customary conditions, including receipt of applicable stock exchange approval.
• Project Status: Described as one of the most advanced undeveloped tungsten assets in the U.S., with existing road access and infrastructure, allowing for an expeditious path to initial production.
• Strategic Context: Acquisition supports Almonty’s goal to become the world's leading non-Chinese supplier of tungsten concentrate, addressing U.S. defense and manufacturing demand.

Notable Quotes

• "The Gentung Browns Lake project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly. With this acquisition, we are able to import Almonty's proprietary tungsten processing and mining technologies, and further expand our global footprint and resource base into the U.S. market, strengthening our position as the world's leading non-Chinese supplier of tungsten concentrate." — Lewis Black, Chairman and CEO