Almonty Industries: Building a Global Tungsten Supply Network Beyond China

Almonty Industries shifts strategy to build a non-Chinese tungsten supply chain, driven by Sangdong mine production. Revenue grew 13% to $32.5M on soaring APT prices, despite a net loss from share-price-linked accounting adjustments.

A strategic shift is underway at Almonty Industries, moving from a focus on construction milestones to establishing a fully integrated, non-Chinese tungsten supply chain. This pivot is being driven by the commencement of production at its flagship Sangdong mine in South Korea and is supported by concurrent expansion efforts across multiple continents.

Financial Performance: Revenue Growth Amidst Accounting Adjustments

The company's latest financial results for 2025 reflect the turbulent market dynamics. Revenue climbed 13% to $32.5 million, propelled by a dramatic surge in the price of ammonium paratungstate (APT), a key intermediate product. The average APT price skyrocketed by 534% over the past twelve months, reaching $2,250 per metric tonne unit (MTU).

Despite this top-line growth, Almonty reported a net loss of $161.9 million. This figure was primarily influenced by non-cash accounting entries, specifically the revaluation of derivative liabilities linked to the company's significantly appreciating share price. Almonty's stock has advanced nearly 79% since the start of the year, currently trading at CAD 21.52. Following a recent capital raise, the firm holds a robust financial position with $268.4 million in liquid assets.

The Sangdong "Korean Trinity" Strategy

The ongoing Phase 1 operations at Sangdong, which are set to deliver approximately 2,300 tonnes of tungsten concentrate annually, represent just the initial step. The core of Almonty's strategy is the creation of what it terms the "Korean Trinity." This ambitious plan involves three interconnected components: a planned doubling of the mine's capacity by 2027, the construction of an on-site tungsten oxide plant, and the development of an adjacent molybdenum deposit.

The objective is a vertically integrated operation where raw ore is refined and processed locally. At full capacity, the South Korean complex is projected to supply around 40% of the global demand for tungsten originating from outside China. This positioning is particularly strategic given upcoming U.S. legislation mandating that, from 2027, the American defense industry must source its tungsten from non-Chinese suppliers.

Institutional Validation and Global Project Pipeline

Almonty's execution is attracting increased attention from institutional investors and equity researchers, as evidenced by recent activity:

• Van ECK Associates dramatically increased its stake by over 13,000%, building a position of 11.2 million shares.
• Encompass Capital Advisors established a new position valued at $25.6 million.
• B. Riley raised its price target from $17 to $23.
• Oppenheimer lifted its target from $16 to $19.

Beyond Korea, the company is advancing an international portfolio. In Portugal, a drilling program is underway to expand the Panasqueira mine. Meanwhile, the recently acquired Gentung Browns Lake project in Montana is on track to begin production in the second half of 2026.

With Sangdong now operational and the U.S. project slated for 2026, Almonty is solidifying its market role. Long-term offtake agreements already secured with the U.S. defense sector provide a financial foundation for the continued expansion of its global mining and processing footprint.