Almonty Industries Reaches Key Milestone with Sangdong Mine Launch

Almonty Industries resumes operations at its major Sangdong tungsten mine in South Korea, capitalizing on record-high metal prices while expanding its North American project.

Almonty Industries, a producer of tungsten, has entered a pivotal new phase. The company has formally restarted operations at its Sangdong mine in South Korea after a hiatus spanning more than thirty years. This resumption comes at an opportune moment, with market prices for tungsten recently hitting record levels.

Financial Performance and Market Context

The company's latest annual results, released on March 19, 2025, present a mixed financial picture. Driven by surging tungsten prices, Almonty reported a 39% increase in fourth-quarter revenue to $8.7 million. Full-year revenue climbed to $32.5 million. The twelve-month rolling average price for the metal soared by 534% to $2,250 per metric tonne unit (MTU).

Despite this top-line growth, Almonty posted a net loss of $161.9 million for the year. A significant portion of this loss, $87.3 million, is attributed to a non-cash revaluation of derivatives—a direct result of the substantial rise in the company's share price during 2025. However, Almonty concluded the year with a strong liquidity position of $268.4 million, providing ample runway for its ongoing expansion efforts.

The timing for Sangdong's production start appears favorable. On March 16, 2026, the price for Ammonium Paratungstate (APT) on the Rotterdam market reached an all-time high of $2,525.80 per metric tonne unit.

Sangdong Mine Transitions to Commercial Operations

The formal commissioning of Phase 1 at the Sangdong tungsten mine in Gangwon Province was celebrated on March 17, 2026. Considered one of the world's largest high-grade tungsten deposits, the mine's transition from development to active extraction was demonstrated earlier when Almonty delivered its first ore to the run-of-mine pad in December 2025. The commercial ramp-up to full production is scheduled for the second quarter of 2026.

In the long term, the company aims to supply approximately 40% of the global tungsten demand originating from outside China.

Expansion in North America and Capital Markets Activity

Alongside its South Korean operations, Almonty is advancing a second strategic project. The company is progressing its Gentung tungsten project in Montana, USA, with production readiness targeted for the second half of 2026. This initiative represents another step in building a Western supply chain for critical minerals less dependent on Chinese sources.

In a related capital markets development, a Rule 144 filing was submitted on March 23 regarding a planned sale of five million common shares through Merrill Lynch. The total market value of this offering is approximately $84.65 million. Almonty's stock was last quoted at CAD $23.40, trading significantly above its 200-day moving average of CAD $11.34—a reflection of the fundamental progress achieved over the preceding twelve months.