Almonty Industries Achieves Important Operational Milestone at Sangdong

Almonty Industries has transitioned from project developer to active producer after a decade of development work. This strategic shift was marked by the achievement of a key operational milestone with the first ore delivery at its Sangdong tungsten mine in South Korea. This development has significant implications for reducing Western reliance on Chinese-sourced critical minerals, as China currently controls over 80% of the global tungsten supply and implemented export controls earlier in the year in response to U.S. tariffs. Sangdong, one of the largest historical tungsten deposits globally, has reserves of approximately 8.57 million tonnes and an estimated mine life exceeding 45 years.

Investors responded positively to the operational update, with shares climbing 6.64 percent to reach US$8.35, reflecting market anticipation of the imminent commercial startup. This achievement marks a pivotal moment for Almonty Industries, as it signifies the commencement of the commissioning phase for full-scale commercial production. The successful trucking of the first ore load to the Run-of-Mine (ROM) platform sets the stage for several processing stages, including primary and secondary crushing, grinding, flotation, final concentration, and packaging for end customers.

CEO Lewis Black hailed this moment as a strategic turning point for the company, while General Manager for Processing, Arif Priyambodo, confirmed the completion of all essential preparatory work for the operational phase. The technical commissioning phase is now underway using specialized Finnish machinery.

In addition to operational progress, Almonty has strengthened its financial position with a capital raise that injected gross proceeds of US$129.4 million. This injection of funds secures liquidity for the production ramp-up phase. The company is also advancing its broader vision, referred to as the “Korean Trinity” strategy, which extends beyond tungsten production to include a dedicated oxide plant and the development of a molybdenum resource, aiming to establish South Korea as a global hub for tungsten processing.

While a formal mine opening ceremony is planned for after the Korean winter, operational activities have already commenced. An informal agreement is in place, reserving approximately 45 percent of future production for the U.S. market. This aligns with U.S. Department of Defense mandates effective from 2027, which require sourcing critical materials like tungsten from non-Chinese suppliers.

The achievement of this operational milestone represents a significant step forward for Almonty Industries, positioning the company as a key player in the global tungsten market and reducing Western dependence on Chinese supplies. This strategic move marks the beginning of a new chapter for the company, with the potential to reshape the global supply chain for critical minerals.