Almonty Industries: Major Shareholder Diluted Amid Strategic Expansion

Almonty CA0203981034

Significant shifts are underway at Almonty Industries Inc. The tungsten producer's shareholder base is evolving, its stock is exhibiting notable volatility, and the commencement of production at a key asset is fundamentally altering the company's operational profile. These developments highlight the interplay between capital structure, equity movements, and strategic growth.

A recent early-warning report has confirmed that Deutsche Rohstoff AG's stake in Almonty Industries has fallen below the 10% threshold. This dilution is a direct result of Almonty's substantial capital increase, which was finalized on December 10, 2025.

The filing provides the following key details:
* Deutsche Rohstoff AG continues to hold 20,440,091 shares and CHESS Depository Interests.
* The investor also holds convertible bonds and debentures representing a further 5,666,077 shares.
* On a non-diluted basis, the current holding stands at approximately 7.97%.
* The fully diluted interest amounts to 9.96%.

Deutsche Rohstoff AG indicated it will continually assess its position and may increase or decrease its holding based on investment considerations. The move underscores the scale of Almonty's recent fundraising efforts.

Stock Exhibits Heightened Volatility

Almonty's shares have experienced considerable price swings at the outset of 2026. Trading on the Toronto exchange, the stock surged 9.89% on January 5 to close at CAD 13.22, with volume notably elevated at 877,000 shares.

This advance was followed by profit-taking. By January 9, the NASDAQ-listed shares closed at USD 8.63, marking a single-day decline of 7.30%. The current price sits roughly 19% below the 52-week high of USD 10.68, which was achieved during an exceptional rally in 2025—a year that saw the stock appreciate by over 840%.

Sangdong Mine: A Transformative Asset

A pivotal operational milestone has been reached with the start of commercial production at the Sangdong tungsten mine in South Korea. Historically one of the world's largest tungsten projects, this formerly idled asset is recognized as one of the few long-life, high-grade deposits located outside of China.

This transition moves Almonty from a pure development company to a producing mining group with multiple active operations across three continents. It solidifies the company's position as a meaningful supplier of critical minerals.

Broad Expansion Strategy Takes Shape

Almonty is executing a multi-pronged growth strategy. Its current operational and project portfolio spans several key jurisdictions:

• South Korea: The Sangdong tungsten mine, recently transitioned to commercial production.
• Portugal: The Panasqueira mine, where ongoing Level 4 exploration drilling is underway.
• United States: The Gentung Browns Lake tungsten project in Montana, acquired in November 2025.
• Spain: The Los Santos and Valtreixal development projects.

The entry into Montana represents a strategic move into the U.S. market, positioning Almonty as a potential domestic supplier of critical minerals for American industry.

Strengthened Balance Sheet Fuels Growth

To finance this ambitious development, Almonty secured over USD 200 million in new capital during 2025. This figure includes a fully placed equity offering announced in December, which raised USD 112.5 million.

These funds are earmarked to advance expansion plans across its global portfolio, providing the company with enhanced flexibility for project development and the expansion of existing sites. Together with the Sangdong production start, this fortified capital base establishes a platform for sustained growth across multiple regions.