Almonty Announces Launch of Public Offering of Common Shares in the United States

Almonty Industries Inc. announced on December 8, 2025, that it is launching a proposed public offering of up to 15,000,000 common shares in the United States. The offering represents a shelf takedown from a preliminary base shelf prospectus filed on October 22, 2025. BofA Securities, Inc. is acting as one of the agents for the offering.

The company intends to use the net proceeds to fund exploration and development work at the newly acquired Gentung Browns Lake Tungsten Project in the U.S., finance expansion work at its Panasqueira Mine in Portugal, and support exploration work at the Sangdong Molybdenum Project in South Korea. Additional proceeds will be allocated for general working capital and corporate purposes.

Almonty Industries Inc. (AII) has announced a proposed public offering of up to 15,000,000 common shares, representing approximately 6.7% of the company’s 224.8 million outstanding shares as of September 30, 2025. The proceeds from the offering are earmarked for the development and exploration of key projects, including the recently acquired Gentung Browns Lake project, the Panasqueira Mine expansion, and the Sangdong Molybdenum project. The offering price has not yet been determined.

The capital raise follows a period of significant financial activity for the company. Almonty’s cash position stood at CAD $111.6 million as of September 30, 2025, a figure bolstered by a US$90 million public offering in July 2025 and an A$18.45 million placement in January 2025. Despite these recent financings and the status of the Sangdong Tungsten Mine as "substantially complete" or "nearing completion," the company continues to require capital for exploration, development, and general working capital.

Strategic initiatives have recently underscored Almonty’s focus on the U.S. market. In November 2025, the company acquired the U.S.-based Gentung Browns Lake project, and in December 2025, it appointed a decorated U.S. Army Brigadier General as Chief Operating Officer. These moves align with the company’s stated strategy to become a leading U.S.-integrated tungsten producer, supporting national security priorities for critical minerals. The use of a shelf prospectus allows Almonty flexibility to access capital markets efficiently.

Almonty Industries Inc. is a Canadian-based global tungsten and molybdenum producer. The company's strategy is to become the primary supplier of conflict-free tungsten to allied industry, capitalizing on global geopolitical tensions and the increasing demand for secure critical mineral supply chains outside of China.

The Sangdong Tungsten Mine in South Korea is Almonty's flagship project and is considered material for NI 43-101 purposes. It is poised to become the largest tungsten mine in the Western world, expected to supply over 80% of global non-Chinese tungsten production. Construction was "substantially complete" with "ramp-up underway" as of Q3 2025, with final commissioning expected in the near-term (H2 2025 production start targeted). Phase I targets 640,000 tons per year ore throughput, producing 230,000 MTU WO3 concentrate. A Phase II expansion up to 1.2 million tons per year throughput is planned, potentially starting in 2026 for first ore production in 2027. The project is expected to have low quartile production costs of US$126.8/MTU. The project loan facility of US$75.1 million from KfW IPEX-Bank was fully drawn by January 2025.

At the Panasqueira Mine in Portugal, a producing tungsten mine, a new 14,000-meter drilling program commenced in November 2025 to increase annual output and extend mine life by defining the mine plan for expansion into Level 4.

In November 2025, Almonty acquired 100% of the Gentung Browns Lake Tungsten Project in Montana, USA, for US$10 million (cash and shares). It is one of the most advanced undeveloped tungsten assets in the U.S., with NI43-101 resources of 7.53 Mt @ 0.315% WO3. The project is targeting H2 2026 readiness for production of ~140,000 MTUs per year. This acquisition marks Almonty's entry into the U.S. market, positioning it as a long-term, integrated U.S. supplier.

The Sangdong Molybdenum Project in South Korea is an exploration project adjacent to the Sangdong Tungsten Mine. A large-scale drilling program commenced in September 2025 to confirm mineral reserves. An exclusive offtake agreement with SeAH M&S (SeAH Group) secures 100% of the molybdenum produced for the life of the mine, with an expected production start in late 2026 and a floor price of US$19/pound.

The Los Santos Mine in Spain is currently under care and maintenance. The Valtreixal Tin/Tungsten Project in Spain is currently in pre-feasibility stage. A 4,000 tons per annum vertical nano tungsten oxide plant is under development in South Korea, extendable to 6,000 tons per annum.

Almonty is also pursuing a U.S. domestication to Delaware, aligning its corporate structure with its growing U.S. focus, and has secured a Nasdaq listing (July 2025). The company has engaged in strategic partnerships, including an off-take agreement with Tungsten Parts Wyoming Inc. (TPW) for U.S. defense applications and a partnership with American Defense International.