Almonty Industries Reaches Pivotal Production Phase

After a decade of groundwork, Almonty Industries has achieved a critical strategic shift, transitioning from a project developer to an active producer. This transformation is centered on the commencement of mining at its Sangdong project in South Korea, a move that directly challenges China's supremacy in the global tungsten market. This operational milestone prompts a key question for investors: is a fundamental re-rating of the company's shares now underway?

The commencement of operations arrives at a geopolitically opportune moment. China currently commands over 80% of the global tungsten supply chain. Given tungsten's essential role in defense systems, semiconductors, and AI hardware, the U.S. Department of Defense has mandated a shift away from Chinese sources for military applications by 2027.

CEO Lewis Black is positioning the Sangdong asset as a cornerstone for U.S. and European supply chain security. Concurrently, Almonty is expanding its footprint directly within the American market. In November 2025, the company finalized the acquisition of the Gentung Browns Lake project in Montana, aiming to establish itself as a leading integrated tungsten producer in the United States.

The Revival of a Major Deposit

On December 16, the company announced the arrival of the first ore shipment at the processing plant—the final operational step before commercial production begins. Sangdong represents more than just a new mine; it is one of the most significant critical mineral deposits located outside of China.

Should investors sell immediately? Or is it worth buying Almonty?

Almonty is reviving a historic resource that, in the post-Korean War era, once accounted for more than 50% of the country's export revenue before its closure in the 1990s due to low commodity prices. With reserves of 7.9 million tonnes and a high-grade tungsten oxide content, the project possesses substantial scale. The crushing and flotation circuits are now being commissioned as planned to ramp up output.

A Fortified Financial Foundation

To support this growth strategy, Almonty has significantly strengthened its balance sheet. In early December, the company completed a capital raise of approximately $129 million at a price of $6.25 per share. The proceeds are allocated to funding projects in the U.S., Portugal, and South Korea.

Management promptly delivered a positive signal to shareholders following the successful financing: they voluntarily withdrew the base prospectus for future share issuances. This action suggests no further equity dilution is anticipated in the short to medium term.

With the integration of mine production, a planned oxide plant, and a molybdenum project, Almonty's "Korean Trinity" strategy is taking concrete shape. The corporate focus has now shifted entirely from financing and development to operational execution and generating cash flow from ongoing activities.