Almonty Expands Sangdong Tungsten Offtake Agreement with Global Tungsten & Powders to US$490 Million in Contracted Annual Revenue at Current APT Pricing
Almonty’s Sangdong offtake agreement secures a forty percent volume increase and a six point three percent price uplift, locking in us$490m in annual revenue.
Almonty Industries Inc. (AII) amended its offtake agreement with Global Tungsten & Powders (GTP), a Plansee Group company, on July 14, 2026, regarding Phase I tungsten concentrate from the Sangdong Mine in South Korea. The amendment extends the contract term from 15 to 21 years from first delivery, pushing contracted deliveries into the late 2040s.
Total contracted volume increased by 40%, rising from 3.15 million MTU to 4.41 million MTU, with minimum annual volumes set at 210,000 MTU after ramp-up. Pricing payable to Almonty improved by approximately 6.3% on all contracted volumes. At current APT prices, expected annual contract revenue rises by at least US$30 million to US$490 million, representing incremental life-of-contract revenue of approximately US$630 million.
The amendment covers approximately 90% of Phase I production but does not cover Phase II expansion or other operations. This development follows the July 1, 2026 announcement that processing plant throughput operations commenced at Sangdong.
Almonty Industries Inc. (AII) has secured an offtake amendment that expands contracted volume, lengthens revenue visibility, and improves unit pricing for its Sangdong facility. This development occurs as the mine begins generating revenue, adding at least US$30 million in incremental annual revenue at current pricing. This figure represents a significant addition to the company’s top line, exceeding the 150% of the quarterly run-rate established by Q1 2026 total revenue of C$25.4 million, which was approximately US$19 million at prevailing exchange rates. The amendment serves as an enhancement of an existing agreement rather than a new mine discovery, transformative merger or acquisition, or landmark strategic investment.
The stock had traded down from highs of approximately $32 to $21.24, a movement likely reflecting market concerns over ramp-up uncertainty and convertible-note dilution. This announcement provides concrete, improved cash-flow visibility that may act as a stabilizing force, though it does not alter the fundamental ramp-up risk or dependence on Phase II. The US$490 million figure cited in the agreement is framed using current APT pricing, a method that is aggressive; if tungsten prices retreat, the headline revenue number would shrink. However, the fixed volume increase and price improvement remain contractual gains irrespective of price levels.
Almonty Industries Inc. (AII) is a tungsten producer operating its flagship Sangdong Mine in South Korea and the historic Panasqueira Mine in Portugal, which has been in operation since 1896. The company also holds development projects in the U.S. at Gentung, Montana, and in Spain at Valtreixal and Los Santos. A molybdenum deposit at Sangdong is currently being drilled.
Sangdong Phase I, with a capacity of 640,000 tonnes per year, is in commissioning, while Phase II, targeting 1.2 million tonnes per year, is scheduled for 2027. A downstream tungsten oxide plant with a capacity of 4,000 tonnes per year is planned. The company positions itself as the leading non-China tungsten supplier for Western defense and technology supply chains.