Announcement • 43m
Almonty Industries Inc. Provides Update On Large-Scale Drilling Program At Sangdong Molybdenum Project Almonty Industries Inc. announced an update on its large-scale drilling program at the Sangdong Molybdenum Project adjacent to Almonty’s Sangdong Mine in Yeongwol, Gangwon Province, South Korea, to confirm molybdenum resources ahead of future project development. Molybdenum is a strategic metal that can significantly enhance heat and corrosion resistance when added in small amounts to steel or specialty alloys. It is widely used in high-temperature and high-pressure industries such as aerospace, defense, nuclear energy, and petrochemicals. More recently, demand has expanded into next-generation industries including semiconductors and renewable energy. Additionally, the spot price of molybdenum has increased by approximately 23.5% over the past year to CNY 592.34/Kg. The drilling program re-examines mineralized structures identified in historical drill holes and also is aimed at enhancing resource categorization. Almonty is accelerating its molybdenum drilling campaign to address South Korea’s molybdenum supply shortage, which has recently reached a crisis level. With the national stockpile falling short, the South Korean government has issued public notices urging private companies to secure molybdenum. To date, approximately 37% of the 26 planned drill holes, which will cover approximately 12,000 meters in total, have been drilled. The assays received thus far have grades similar to those of historical drill holes. Once the full extent of the molybdenum ore body at Sangdong is confirmed, Almonty plans to begin mining without delay. The mineralized area is extensive, with multiple high-grade intersections. The drilling program is aimed at confirming molybdenum resources ahead of future project development. The spot price of molybdenum has increased by approximately 23.5% over the past year to CNY 592.34/Kg. The Company remains engaged in the operation and development of other mineral properties, including the Sangdong Molybdenum Project. For the purposes of the ASX Listing Rules, the information in this announcement that relates to Exploration Results is based on and fairly represents information compiled by Mr. Adam Wheeler, who is an independent self-employed mining consultant and is not a permanent employee of Almonty. Mr. Wheeler is a Fellow of the Institute of Materials, Minerals and Mining (a Recognized Professional Organisation included in a list promulgated from time to time) and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the JORC Code. Mr. Wheeler consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. AII
Live News • Jun 13
Almonty Industries Sets Revenue Record as Sangdong Mine Launches and US$700 Million Funding Secured Almonty Industries reported a 221% year-over-year revenue increase in Q1 2026, supported by record-high tungsten prices and contributions from its Panasqueira mine in Portugal.
The Sangdong tungsten mine in South Korea has moved into commercial operations, with the company aiming for Sangdong to support approximately 40% of global ex-China tungsten supply by late 2027.
The company closed an oversubscribed US$700 million offering of 2.25% convertible senior notes due 2031, with proceeds earmarked for debt refinancing, Sangdong development, working capital, and potential acquisitions, along with capped call transactions to manage future dilution.
The combination of record quarterly revenue, Sangdong’s transition to commercial status, and fresh long-term funding positions Almonty as a key tungsten supplier outside China with a clearer path to scaling production and securing off-take demand.
Investors may wish to monitor execution on the Sangdong ramp-up, the impact of convertible notes on future equity dilution, and how effectively new capital is deployed into additional projects or acquisitions. AII
Live News • Jun 05
Almonty Industries Reports 221% Revenue Growth as Sangdong Mine Reaches Commercial Production Almonty Industries has completed commissioning and started commercial production at its Sangdong tungsten mine in South Korea, which is described as one of the world’s largest and highest-grade tungsten deposits.
The company reported 221% year-over-year revenue growth in Q1 2026, supported by output from Sangdong and the Panasqueira mine in Portugal, alongside record tungsten prices tied to tight supply and rising demand from sectors such as defense, semiconductors, AI and fusion energy.
Almonty has relocated its headquarters to Dillon, Montana, secured a 15-year offtake contract with U.S. defense customers, and obtained full ownership of the Gentung Browns Lake Tungsten Project in Montana, which is expected to begin production in late 2026.
These moves point to Almonty positioning itself as a key Western supplier of tungsten outside China, with long-term offtake agreements offering a degree of revenue visibility while the company ramps up new production.
You should keep an eye on execution risks around scaling Sangdong and bringing Gentung into production, as well as any changes in tungsten prices or geopolitical trade policies that could affect demand and pricing. 
