Almonty Industries Scores $800M Funding and SpaceX-Affiliated Molybdenum Contract Ahead of Sangdong Ramp-Up

Almonty Industries raises $800M in convertible notes, secures molybdenum offtake with SpaceX supplier SeAH M&S, boosting critical metals for defence.

A rare metals producer with ambitions to reshape western supply chains has locked in both an enormous capital injection and a sales agreement tied to one of the most prominent names in space exploration. Almonty Industries this week closed an heavily oversubscribed convertible bond worth $800 million while simultaneously securing an exclusive offtake deal for molybdenum with a South Korean processor that counts SpaceX among its customers.

The convertible notes, which carry a 2.25% coupon and mature in 2031, included a fully exercised greenshoe option of $100 million, bringing gross proceeds to $800 million. After fees and expenses, around $772.7 million flowed into the company’s coffers. The bulk of that capital will retire existing debt and accelerate the ramp-up of the Sangdong mine in South Korea, one of the largest tungsten deposits outside China with proven reserves of 7.9 million tonnes at an average grade of 0.47% WO?.

Alongside the bond placement, Almonty inked a multi-year molybdenum purchase agreement with SeAH M&S, a South Korean molybdenum processor and known supplier to SpaceX. The contract guarantees a minimum price of $19.00 per pound for molybdenum sourced from the Sangdong molybdenum project, with production targeted to begin before the end of 2026. A 11,700-metre drilling campaign is already underway to support the project.

The twin announcements coincide with this year's shareholder meeting, where the seven-member board was re-elected. CEO Lewis Black secured approximately 79% of votes cast, while other directors Daniel D’Amato and Mark Trachuk received just over 60%. In contrast, two retired US generals, Gustave F. Perna and Alan Estevez, each garnered over 99% support – a clear signal that the market endorses Almonty’s deepening focus on defence and aerospace end-markets. Tungsten and molybdenum are critical inputs for armour-piercing munitions, rocket nozzles, and high-temperature components.

To address investor concerns over potential dilution from the convertible notes, the company executed capped-call transactions that kick in when the share price reaches $41.36. The stock was trading at €14.76 on Friday morning. On a single day earlier in the week, the shares advanced nearly 9% as news of the bond and molybdenum deal spread.

Almonty’s first-quarter results for fiscal 2026 showed revenues of $25.4 million against a net loss of $5.3 million – a typical profile for a miner still in the capital-intensive ramp phase. The company already produces tungsten from its Panasqueira mine in Portugal and plans to bring the Gentung-Browns-Lake project in Montana into operation during the second half of 2026. Sangdong itself benefits from a 15-year, inflation-protected offtake agreement with the Plansee Group. The market now capitalises Almonty at roughly A$6.8 billion, and investors will be watching whether the convertible proceeds turn that net loss into a profit by year-end as Sangdong moves toward full output.