Almonty Completes Phase 1 of Sangdong Tungsten Mine in South Korea

Almonty Industries Inc. (AII) confirmed on March 16, 2026, the completion of Phase 1 commissioning at its Sangdong Tungsten Mine in South Korea, marking the official return to production for a facility that has been idle for over 30 years. The mine’s initial processing capacity is set at 640,000 tonnes of ore annually, which is expected to yield 2,300 tonnes of tungsten concentrate. Management has reaffirmed the timeline for a Phase 2 expansion scheduled for 2027, which aims to double output to 4,600 tonnes per year, potentially meeting 40% of Western tungsten demand.

Almonty Industries Inc. (AII) has successfully transitioned from a capital-intensive construction phase to an operational, revenue-generating stage, marking a critical de-risking milestone for the company. This shift establishes Almonty as a producer of a critical mineral during a period of extreme supply concentration, with China controlling approximately 88% of global supply.

The completion of this phase aligns with the company’s "H2 2025/Early 2026" startup guidance provided in 2025, demonstrating management's ability to meet technical timelines despite global supply chain pressures. The start of concentrate production enables Almonty to begin servicing its significant debt load of over CAD $191 million and fulfilling binding offtake agreements with U.S. defense contractors.

Almonty Industries Inc. (AII) is a global tungsten producer that operates its flagship Sangdong Mine in South Korea. Sangdong is one of the largest and highest-grade tungsten deposits outside of China, grading between 0.42% and 0.51% WO3. The company also operates the Panasqueira mine in Portugal, which provides a steady but smaller cash flow base.