Critical Minerals Surge: Here Are Five Companies Mining Tungsten, Copper, and Silver
Almonty Industries Inc. (AII) has transitioned to active mining operations.
On February 19, 2026, a sector-wide commentary highlighted a surge in interest for critical minerals, specifically tungsten, copper, and silver. This market roundup placed Almonty Industries Inc. within the context of a "structural silver deficit" and a broader rotation of capital into rapid-production assets.
In a shareholder letter dated January 20, 2026, Almonty Industries Inc. outlined several recent milestones. The company noted that its Sangdong Mine in South Korea transitioned to active mining in December 2025. Additionally, Almonty secured binding offtake agreements with U.S. defense contractors and completed two major U.S. public offerings in late 2025, raising approximately US$219.4 million in total. The company also acquired the Gentung Browns Lake Project in Montana, establishing a U.S. production footprint, while benefiting from a 160% increase in tungsten prices during 2025.
Almonty Industries Inc. (AII) reported its most recent company-specific updates in January 2026, marking a significant shift as the company transitions from developer to active miner at its Sangdong operation. The delivery of first ore to the ROM pad in December 2025 confirms that haulage routes and equipment coordination are functional. A February 19 update served as a secondary confirmation of broader sector tailwinds.
Financially, the company addressed short-term liquidity issues through massive US-based capital raises totaling over $219 million. These funds were upsized due to high demand and are being deployed into the Sangdong Phase II expansion, which targets 1.2 million tons per annum, as well as the acceleration of the Gentung Browns Lake project in the U.S.
While the move to active mining represents a major milestone, the ramp-up of the crushing, milling, and flotation circuits remains the final technical hurdle before steady-state commercial production is achieved.
Almonty Industries Inc. (AII) is a pure-play tungsten producer whose flagship asset is the Sangdong Tungsten Mine in South Korea, one of the largest and highest-grade tungsten deposits globally outside of China. The company’s operations include Sangdong Phase I, which targets a throughput of 640,000 tons per year, and Sangdong Phase II, which offers potential for 1.2 million tons per year. Almonty is also pursuing vertical integration with plans for a 4,000-ton per annum Tungsten Oxide plant to supply the semiconductor and defense sectors directly. The company’s portfolio includes the Panasqueira Mine in Portugal, which is currently producing and cash-flow positive.