Almonty Industries Reaches Key Milestone with Korean Tungsten Mine Launch

Almonty Industries starts mining at its Sangdong tungsten mine in South Korea, transitioning to a revenue-generating producer as key shareholder lock-up periods expire and the stock rallies.

The shift from project developer to active producer represents one of the most critical transitions for any mining company. Almonty Industries has now successfully navigated this juncture, announcing the official commencement of mining operations at its Sangdong tungsten mine in South Korea. This operational achievement coincides with the expiration of significant lock-up periods for existing shareholders, a combination that may influence near-term trading activity for the stock.

A New Phase of Revenue Generation

With the completion of its initial construction phase, the Sangdong mine's infrastructure is now operational and designed to process approximately 640,000 tonnes of tungsten ore annually. The company is not stopping there; plans are already in motion for a second development phase slated for 2027, which is expected to substantially increase output volumes. This strategic move establishes Almonty as a meaningful supplier of critical minerals outside of China. The company's strategy is further de-risked by offtake agreements already in place, which include contracts to supply the defense industry.

Expiring Shareholder Lock-Ups Meet a Surging Stock

Several lock-up agreements covering shares, restricted share units (RSUs), and options are set to lapse. Events of this nature typically increase the public float, as previously restricted investors gain the ability to trade their holdings on the open market. This technical shift in market dynamics comes as Almonty's shares have already experienced a significant rally, climbing nearly 85% since the start of the year to close at 22.25 Canadian Dollars (CAD) yesterday.

Market Analysts Recalibrate Their Outlooks

The fundamental backdrop supports the company's operational progress. For the recently concluded 2025 fiscal year, revenue increased by 13% to $32.5 million USD, driven by firm spot prices for tungsten APT. In light of the production launch and a capital position exceeding $268 million USD, several Wall Street firms have updated their assessments:

• B. Riley Financial: Price target $23.00 USD (Buy rating)
• DA Davidson: Price target $25.00 USD
• Oppenheimer: Price target $19.00 USD ("Outperform" rating)

The initiation of mining in South Korea marks a pivotal refocusing for Almonty, moving the emphasis from pure project development to operational execution and margin generation. Successfully meeting the production targets of this first phase will now serve as the direct foundation for the planned capacity expansion in 2027.