News Summary
The most recent news, dated 2025-12-16, announces that Almonty Industries Inc. has begun commercial mining operations at its Sangdong Tungsten Mine in South Korea. This marks a significant operational milestone with the first truckload of ore successfully delivered to the Run-of-Mine (ROM) pad, transitioning the project from development to active mining and the final step before full-scale commercial production of tungsten concentrate.
President and CEO Lewis Black emphasized the strategic importance of Sangdong in strengthening the global tungsten supply chain, particularly for the United States, the European Union, and Korea, aiming to diversify away from China’s market dominance. He highlighted tungsten’s critical role in defense, semiconductors, AI hardware, and aerospace industries. General Manager of Processing Operations, Arif Priyambodo, confirmed that all key preparatory work is complete, validating the ROM pad, haulage routes, equipment, and workflows are performing safely and effectively for production-level conditions, enabling commissioning of crushing, milling, and flotation circuits. In the longer term, the company plans to integrate Sangdong’s production with an upcoming tungsten oxide plant and the planned molybdenum deposit, forming a “Korean Trinity” value chain to position Korea as a global hub for tungsten. This will also support U.S. defense procurement requirements for non-China tungsten sourcing after 2027.
Preceding this, Almonty announced on 2025-12-15 the voluntary withdrawal of its short-form base shelf prospectus and Form F-10 registration statement, following the successful completion of an upsized US$129,375,000 public offering of common shares in the United States. This indicates the company does not intend to complete further offerings under these filings at this time. The public offering was initially announced on 2025-12-08 as a proposed offering of 15 million shares and subsequently upsized to US$112,500,000 for 18 million shares at US$6.25 each on 2025-12-09. The proceeds are earmarked for exploration and development at the Gentung Browns Lake tungsten project, expansion at the Panasqueira mine, exploration at the Sangdong molybdenum project, and general corporate purposes.
Material Impact
The commencement of commercial mining at the Sangdong Tungsten Mine is a Material – Positive development. This event directly translates the company’s extensive development efforts and significant capital investments into tangible operational output. It represents a critical de-risking event for Almonty, moving its flagship project from the construction and commissioning phase to active production. This milestone confirms that previous projections regarding Sangdong’s imminent operational readiness are materializing, aligning with the CEO’s earlier statements in the Q3 2025 financial results (released 2025-11-03) that “construction at Sangdong now substantially complete and ramp-up underway.” The delivery of first ore validates the operational integrity and readiness for full-scale production.
This news is particularly impactful due to the strategic importance of tungsten as a critical mineral, especially for U.S. and allied defense and high-tech industries, amidst a geopolitical landscape pushing for diversified, non-Chinese supply chains. Almonty’s emphasis on its role in this context, coupled with its planned U.S. domestication and recent acquisition of the Gentung Browns Lake project in Montana, reinforces its strategic positioning.
The successful completion of the upsized US$129.375 million public offering and the subsequent withdrawal of the shelf prospectus (2025-12-15) are also Material – Positive in reinforcing the company’s financial position. This significant capital injection provides ample funding for its stated objectives (Gentung Browns Lake, Panasqueira expansion, Sangdong molybdenum exploration, and general working capital), mitigating short-term capital raise risks. It follows earlier financings, including a US$90 million public offering in July 2025 and an A$18.45 million equity placement in January 2025, collectively demonstrating strong market appetite and significantly strengthening the balance sheet for the next phase of growth. The withdrawal of the shelf prospectus indicates confidence in the current capital position, alleviating immediate dilution concerns.
The overall progression from substantial construction completion (Q3 2025) to actual commercial mining (Dec 2025) for Sangdong is a clear positive trend. The successful financings provide the necessary capital to support this transition and other strategic initiatives, putting the company in a more secure financial position.
Catalysts
* Sangdong Ramp-Up and Commercial Production Figures: Look for news detailing the progress of the crushing, milling, and flotation circuits commissioning, the rate of production ramp-up, and the first commercial sales and revenue figures from Sangdong. This is the most immediate and critical next step.
* Financial Results Reflecting Sangdong Production: The next quarterly financial reports will be key to seeing the impact of Sangdong’s production on the company’s revenue, cost of sales, and overall profitability, moving beyond non-cash accounting adjustments.
* Progress on Gentung Browns Lake (U.S.) and Panasqueira (Portugal): Updates on the development of the recently acquired Gentung Browns Lake project in Montana (targeting H2 2026 readiness) and results from the 14,000-meter drilling program at Panasqueira aimed at expanding mine life and increasing output.
* Sangdong Molybdenum Project: Updates on the 11,700-meter drilling program for the molybdenum project and progress toward the expected exclusive supply agreement with SeAH M&S starting end of 2026.
* U.S. Domestication and Strategic Partnerships: Continued updates on the process of redomiciling to the U.S. and any further strategic agreements or partnerships, especially with U.S. defense contractors, to solidify its position in critical mineral supply chains.
Materiality Conclusion
The commencement of commercial mining at Sangdong is a highly material and positive event. It represents the fulfillment of a long-term strategic objective and significantly de-risks Almonty’s investment in its flagship project. Coupled with robust recent financings that secure capital for future growth and the company’s strategic alignment with U.S. critical mineral priorities, this news positions Almonty to transition into a new phase of production-driven growth. The market should react favorably to this concrete operational achievement, confirming the company’s ability to execute on its plans.
