Almonty to Acquire Strategic U.S. Tungsten Project in Beaverhead County, Montana
On October 28, 2025, Almonty Industries announced a binding agreement to acquire the Gentung Browns Lake Tungsten Project in Montana, USA. The acquisition of the project's owner, U.S. Tungsten Inc., will cost US$750,000 in cash and US$9,000,000 in Almonty common shares. Concurrently, Almonty will acquire a privately-held Montana corporation holding the plant permit, water rights, and associated equipment for US$250,000 cash. CEO Lewis Black described the project as one of the few advanced tungsten projects in the U.S. that can move into production quickly, further expanding Almonty's global footprint into the U.S. market. The transaction is expected to close by October 31, 2025.
Almonty Industries Inc. (AII) has acquired a physical asset in the United States, a move that aligns with its strategic pivot to become a U.S.-centric supplier of critical minerals. This acquisition follows the company’s planned redomiciling to Delaware, its listing on Nasdaq, and the appointment of high-profile U.S. defense and security experts to its board, including Gen. Perna and Alan Estevez. The deal also includes secured offtakes for U.S. defense applications, adding tangible credibility to the company’s narrative.
The acquisition was funded using US$1 million in cash from a US$90 million public offering raised in July 2025. The transaction involves the issuance of approximately 1.3 million shares, representing less than 1% of outstanding shares. Almonty describes the acquired project as "advanced," a status that may improve access to U.S. government programs, potential funding via the Defense Production Act, and integration into the U.S. defense supply chain.
Almonty’s primary value driver remains the imminent production from its flagship Sangdong mine in South Korea. The company has systematically de-risked this project, with the US$75.1 million KfW project loan fully drawn down in January 2025 and key equipment installed in late 2024. An updated NI 43-101 report in July 2025 confirmed Sangdong as the sole material asset, with production targeted for the second half of 2025. The US$90 million offering, priced at US$4.50 (post-consolidation C$6.75), secured funding for the downstream tungsten oxide facility and fortified the balance sheet.
While the acquisition supports the main Sangdong business, some analysts view the CEO’s claim of a "move into production quickly" with skepticism until a concrete plan and timeline are presented. The news is viewed as a logical use of capital that reinforces the strategic direction communicated to the market throughout 2025.
Almonty Industries Inc. is a global mining company focused on tungsten, a critical and strategic mineral, with the goal of becoming the world's leading non-Chinese supplier. It currently operates the Panasqueira tungsten mine in Portugal.
The company's flagship project is the Sangdong mine in Gangwon province, South Korea, one of the largest and highest-grade tungsten deposits outside of China. The project is fully funded and construction is nearing completion, with initial production targeted for the second half of 2025. The Sangdong property also hosts a significant molybdenum deposit, for which the company has a life-of-mine offtake agreement. Almonty is in the process of redomiciling from Canada to the U.S. to align with its strategy of supplying critical minerals to the U.S. and its allies.