Almonty to Acquire Strategic U.S. Tungsten Project in Beaverhead County, Montana
TORONTO, October 28, 2025--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it has entered into a binding share purchase transaction involving U.S. Tungsten Inc., a United States ("U.S.") based privately-owned minerals explorer, to acquire the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead County, Montana in the United States (the "Gentung Browns Lake Tungsten Project") for aggregate consideration of US$9,750,000.
The Gentung Browns Lake Tungsten Project is among the most advanced undeveloped tungsten assets in the U.S. and is positioned for near-term production as early as the second half of 2026. This is attributed to the fact that the current owners have conducted significant work over the years to prepare the site for production. The project is located in a historic U.S. tungsten district that once supplied the U.S. national strategic stockpile and offers existing road access and infrastructure, supporting a relatively expeditious path to initial production.
As consideration for the Gentung Browns Lake Tungsten Project, Almonty has agreed to pay US$750,000 in cash and issue US$9 million of its common shares issued at a price per common share determined on the day of signing and converted into U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the date of the agreement (the "Consideration Shares"). The Consideration Shares are subject to restrictions under applicable securities laws in addition to a one-year contractual lock-up from the date of closing. The closing of the transaction is subject to customary conditions for a transaction of this nature, including the receipt of applicable stock exchange approval.
In a separate transaction, Almonty also announced today that, pursuant to a share purchase agreement, it has agreed to acquire the shares of a privately held Montana corporation holding a number of assets including, but not limited to, a plant permit, water rights and tungsten mining equipment for use in the processing of tungsten from the Gentung Browns Lake Tungsten Project for US$250,000 in cash. The closing of the transaction contemplated by the share purchase agreement is conditional on the acquisition of the Gentung Browns Lake Tungsten Project. Both transactions are expected to close on or about October 31, 2025.
Lewis Black, Chairman and CEO of Almonty Industries, commented, "The Gentung Browns Lake Project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly. With this acquisition, we are able to import Almonty’s proprietary tungsten processing and mining technologies and further expand our global footprint and resource base into the U.S. market, strengthening our position as the world’s leading non-Chinese supplier of tungsten concentrate. As defense and manufacturing demand grow, supporting a healthy tungsten pricing environment, we are increasingly well positioned to meet the tungsten needs of the United States and its allies."
The Consideration Shares will be issued and sold in a transaction not involving a public offering and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and will not be offered and sold in reliance on Section 4(a)(2) of the Securities Act. The securities when issued may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any common shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
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