Silicon Investor - Almonty Industries Inc.

[Sultan] Soaring tungsten prices add impetus to Vietnam mine sale effort mining.com

Sultan — 4/18/2026 4:20:33 PM

[Sultan] The Tungsten-AI Revolution youtube.com

Sultan — 4/18/2026 1:37:19 AM

[Sultan] The Law China Hasn't Announced Yet kamoacap.com

Sultan — 4/15/2026 12:13:22 PM

[Sultan] LB on Linkedin I need my competitors to succeed. For now. That may sound odd, ...

Sultan — 4/14/2026 10:25:06 PM

LB on Linkedin

I need my competitors to succeed. For now.

That may sound odd, but the logic is simple: there are too few producing Western tungsten mines to meet demand. If the next wave of projects doesn’t reach production, customers will hedge, wait and source finished products from China. That leaves the same problem in place and makes the market harder to rebuild.

I’ve written a new column on why the next 24 months matter so much for Western tungsten supply – and why helping the sector become more credible is, in my case, simple self-interest. Because if the market contracts, nobody wins.

Read it here: https://lnkd.in/dhKZr8yd

[Sultan] The picks and shovels of space Morgan Stanley has some investing ideas for ...

Sultan — 4/14/2026 10:23:16 PM

The picks and shovels of space

Morgan Stanley has some investing ideas for spacefarers.

brewmarkets.com

[Sultan] From Linkedin.com Andreas Mueller Principal Control Systems Engineer I just ...

Sultan — 4/14/2026 12:39:09 PM

From Linkedin.com

Andreas Mueller Principal Control Systems Engineer

I just wanted to take a moment to thank our amazing ECG engineers all for their ongoing hard work and dedication in South Korea, especially while working long hours and away from home. Their commitment and professionalism do not go unnoticed. This effort that this team is putting in to support Almonty in bringing this exciting process plant online is truly appreciated. They are delivering outstanding work and continuing to represent the ECG team to the highest industry standard. Thank you all for your dedication and effort.

media.licdn.com

media.licdn.com

media.licdn.com

[Sultan] Almonty Industries moves headquarters to Montana as tungsten push intensifies y...

Sultan — 4/14/2026 1:40:44 AM

Almonty Industries moves headquarters to Montana as tungsten push intensifies

youtube.com

[Sultan] Right.. May be just a token office for official purposes and to manage their Mon...

Sultan — 4/13/2026 2:28:18 PM

Right.. May be just a token office for official purposes and to manage their Montana Tungsten Project.. By far, their largest operation and manpower is in Sangdong, South Korea..

Only thing of interest to me is this comment from news release "Montana’s Gentung Tungsten Project, expected to restart production this year."

Dillon has 4000 + population..

[Paul Senior] Dillon Montana as corp HQ? At least its near tungsten deposits.

Paul Senior — 4/13/2026 2:08:07 PM

[Sultan] Almonty Industries Establishes U.S. Corporate Headquarters, Reinforcing Role as ...

Sultan — 4/13/2026 1:15:01 PM

Almonty Industries Establishes U.S. Corporate Headquarters, Reinforcing Role as America’s Tungsten Supplier

finance.yahoo.com

[Sultan] Why the price of tungsten is rising so much The price of tungsten continues to ...

Sultan — 4/12/2026 12:54:03 AM

Why the price of tungsten is rising so much

The price of tungsten continues to rise massively and becomes a stress test for industry and armaments. What are the causes, consequences and risks for industry, SMEs and supply chains?

Dörte Neitzel

technik-einkauf.de

[Sultan] Almonty Industries shares: Sales are about to explode boerse-global.de

Sultan — 4/11/2026 1:55:04 PM

[Sultan] The Tungsten War: China's Grip on the Global Chip Supply Chain youtube.com

Sultan — 4/9/2026 12:36:18 PM

[Sultan] Critical Minerals Institute Unveils 2026 Watchlist: Rhenium (Re) and Indium (In)...

Sultan — 4/6/2026 12:47:46 PM

Critical Minerals Institute Unveils 2026 Watchlist: Rhenium (Re) and Indium (In) Added, Tungsten (W) Elevated to Top 5 as Supply Chain Risks Intensify

investornews.com

[Sultan] Gangwon Provincial Assemblyman Kim Gil-soo ‘Urges securing sovereignty over key ...

Sultan — 4/5/2026 2:42:20 AM

Gangwon Provincial Assemblyman Kim Gil-soo ‘Urges securing sovereignty over key minerals and preparing measures for the development of the mineral industry’

localsegye.co.kr

[Sultan] Tungsten development company Almonty Industries joins the Montana Mining Associa...

Sultan — 4/5/2026 2:38:52 AM

Tungsten development company Almonty Industries joins the Montana Mining Association (MMA)

m-joongang.com

[Sultan] Historic. Strategic. Transformational. The completion of the SangdongMine mark...

Sultan — 4/1/2026 12:43:15 AM

Historic. Strategic. Transformational.

The completion of the SangdongMine marks a pivotal milestone for Almonty Industries Inc and a major step forward for the global tungsten supply chain.

Sangdong is not just returning to production. It is re-establishing a critical mineral asset of global significance, built to support the industries that matter most: defense, semiconductors and advanced manufacturing.

This is Almonty delivering on vision, scale and strategic relevance.
The future of Tungsten starts here!

dms.licdn.com

[Sultan] Cramer on Almonty cnbc.com|email&par=sharebar

Sultan — 3/30/2026 11:12:32 PM

[Sultan] Almonty Industries (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) CEO Lew...

Sultan — 3/30/2026 12:05:54 AM

Almonty Industries (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) CEO Lewis Black Update

youtube.com

[Sultan] [SMM Tungsten Express] As of March 26, European tungsten prices edged higher ami...

Sultan — 3/26/2026 5:38:17 PM

[SMM Tungsten Express] As of March 26, European tungsten prices edged higher amid tight supply. SMM data shows APT CIF Rotterdam at $2,600-3,000/mtu, averaging $2,800/mtu, up $150 from last week. Ferrotungsten Rotterdam warehouse at $310-330/kg W, averaging $320/kg W, up $5 from last week. Transactions remained limited while feedstock tightness continues to support modest upward price movement.

news.metal.com

[Sultan] D.A. Davidson reiterates Buy on Almonty Industries stock on tungsten pricing in...

Sultan — 3/26/2026 1:19:55 PM

D.A. Davidson reiterates Buy on Almonty Industries stock on tungsten pricing

investing.com

[LoneClone] Thanks for the link! I had been following Home in print for years, so it is inte...

LoneClone — 3/25/2026 3:23:16 PM

Thanks for the link! I had been following Home in print for years, so it is interesting to hear jim talk.

The part about tungsten was informative, but the rest of the podcast after was a truly fascinating discourse on how metal markets have changed, most informative, and not just because it confirms what I have been saying; when Home says something it comes with a lot more import.

LC

[Sultan] Fairly conservative price projection in the same general ball park as others.. ...

Sultan — 3/25/2026 12:38:37 PM

Fairly conservative price projection in the same general ball park as others..

Apparently, they have not taken into account a lot of projects, Sangdong Phase 2, Moly valuation, Oxide Plant, Portugal expansion, Montanta etc. which is fine just to put the PT in context. Ofcourse, all of it will depend on flawless execution so let's see where we are headed..

FWIW

[Sultan] Andy Home on supply concerns in the aluminum and tungsten markets markets. Star...

Sultan — 3/25/2026 12:11:38 PM

Andy Home on supply concerns in the aluminum and tungsten markets
markets.

Starts at the 36.30 minute mark and the Tungsten bit starts at the 1.00.00 minute mark.
Dont forget to turn the sound on.

youtube.com

[LoneClone] Keep in mind that AII paid for this as part of a promotional campaign... Diamon...

LoneClone — 3/25/2026 10:37:54 AM

Keep in mind that AII paid for this as part of a promotional campaign...

Diamond Equity Research Releases Update Note on Almonty Industries, Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1)

finance.yahoo.com

Diamond Equity Research LLC; Almonty Industries, Inc.
Wed, March 25, 2026 at 5:00 AM PDT 6 min read

New York, March 25, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released an Update Note on Almonty Industries, Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1). The research summary below is from an issuer-sponsored report commissioned by Almonty Industries, Inc. and produced by Diamond Equity Research. The update note includes detailed information on the Almonty Industries’ business model, services, industry overview, financials, valuation, management profile, and risks.

The full update note is available below.

Almonty Industries Update Note March 2026

Highlights from the report include:

2026 Outlook and Key Growth Milestones Highlight Transition Towards Scaled Production and Multi-Asset Expansion Amid Record Tungsten Prices - Looking ahead to 2026, Almonty’s strategic focus is on advancing the Sangdong Tungsten Mine toward the commencement of the planned Phase II expansion, expected to be completed in 2027. Phase II is designed to lift throughput capacity to approximately 1.2 million tonnes per annum, positioning Sangdong to potentially produce more than 460,000 MTUs annually, materially increasing Almonty’s global tungsten output and revenue base at a time when APT benchmark prices have reached record levels of approximately $2,500/MTU. In parallel, the Company’s large-scale drilling program at the Panasqueira Mine is expected to define the mine plan for development into Level 4, supporting higher-grade ore access, a potential increase in annual production to approximately 124,000 MTUs, and an extension of mine life. Almonty continues to advance the Sangdong Molybdenum Project, one of the highest-grade molybdenum deposits globally at 0.26% MoS2, toward reserve definition and development planning, while targeting production readiness at the Gentung Browns Lake Project in Montana by the second half of 2026. Beyond these core projects, management indicated that 2026 will also be a year of continued evaluation of additional tungsten opportunities, supported by its long-standing relationships with governments and strategic customers seeking secure, non-China supply sources.
Fourth Quarter 2025 and Subsequent Operational Highlights Reflect Transition to Production, Strengthen Balance Sheet, and Expand Strategic Footprint Across Key Markets: Almonty delivered a series of key operational and strategic milestones during the fourth quarter of 2025 and the subsequent period, reflecting its transition from development to production and its expanding role within Western critical minerals supply chains. The Company marked the completion of the nearly three-year development of the Sangdong Tungsten Mine with a formal commissioning ceremony in March 2026, following the earlier milestone in December 2025 when the first truckload of ore was delivered to the ROM pad, signaling the shift to active mining operations. Financially, Almonty significantly strengthened its liquidity position through a US$129.4 million public offering in December 2025, increasing total cash and cash equivalents to $268.4 million as of year-end, providing substantial funding for ongoing ramp-up and growth initiatives. Strategically, the Company expanded its asset base with the acquisition of the Gentung Tungsten Project in Montana, adding a near-term U.S. production asset aligned with domestic supply chain priorities. In parallel, Almonty enhanced its operational and strategic leadership through the appointment of Brigadier General (Ret.) Steven L. Allen, as Chief Operating Officer, focused on optimizing global tungsten deliveries and advancing key development projects, followed by the appointment of Guillaume Wiesenbach de Lamaziere, CFA, as Chief Development Officer to lead corporate development strategy.
Valuation - Since our initiation, tungsten prices have increased approximately sixfold to more than $2,500/MTU, reflecting a structurally tighter supply environment driven by China’s export restrictions and rising strategic demand for critical minerals. This dynamic is further supported by geopolitical tensions, including the Israel–U.S.–Iran conflict, which is likely to elevate defense-related tungsten consumption and exacerbate supply constraints. In parallel, Almonty’s Sangdong Mine has transitioned into the commercialization phase, significantly reducing development and execution risk while improving long-term production and cash flow visibility. The convergence of structurally higher commodity prices and meaningful asset-level de-risking supports a lower perceived risk profile for the Company. Accordingly, we reduce our discount rate by 100 bps to 7.0%, reflecting enhanced pricing power, reduced project uncertainty, and Almonty’s increasingly strategic role in the global tungsten supply chain. Additionally, we have increased our near-term tungsten APT price forecasts to $2,275 and $2,160 for 2026E and 2027E, respectively, which materially lifts our revenue and cash flow projections. Incorporating these updated assumptions, along with the latest financial results and share count, into our model, we derive a revised illustrative valuation of $27.00 per share, contingent upon successful execution by the Company.

About Almonty Industries, Inc.

Almonty Industries Inc. is a global leader in tungsten mining, with strategically positioned assets in geopolitically stable regions including South Korea, Portugal, and Spain. The company is positioning to potentially become the largest tungsten producer outside China upon the commissioning of its flagship Sangdong Mine.

About Diamond Equity Research

Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

For more information, visit globenewswire.com.

Disclosures:

Diamond Equity Research LLC is being compensated by Almonty Industries, Inc. for producing research materials regarding Almonty Industries, Inc. and its securities, which is meant to subsidize the high cost of creating the report and monitoring the security, however the views in the report reflect that of Diamond Equity Research. All payments are received upfront and are billed for research engagement. As of 03/25/26 the issuer had paid us $100,000 for our company sponsored research services, which commenced 03/07/2025 and is billed annually for $50,000. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 03/25/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. This report is based on information we consider reliable, including the subject of the report. This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Investors need to be aware of the high degree of risk in small capitalization equities including the complete loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Almonty Industries, Inc. Please review the updated report attached for full disclosure page.

Attachment

Almonty Industries Update Note March 2026

CONTACT: Diamond Equity Research research@diamondequityresearch.com

[LoneClone] The latest from metals analyst supreme Andy Home. Column: Every missile fired o...

LoneClone — 3/23/2026 3:01:25 PM

The latest from metals analyst supreme Andy Home.

Column: Every missile fired over Iran is burning through US tungsten stocks - Andy Home

reuters.com Andy Home

March 23, 202612:18 AM PDTUpdated 2 hours ago

LONDON, March 23 (Reuters) - The U.S. and Israel have used thousands of munitions in their air campaign against Iran. Most, if not all of them, contain tungsten - a super-hard metal that allows missiles to penetrate armour or underground bunkers.

Unlike a tungsten ?carbide drill bit, which can be recycled, tungsten used in munitions is consumed on detonation. It is gone for good.

The Iran war, coming on top ?of Ukraine - now in its fifth year - is draining stocks not just of missiles but of the metals that make them so lethally efficient.

Replacing what has been used will be challenging. The tungsten market was already struggling before China tightened its export controls in February 2025 in response to U.S. tariffs. Now it is in crisis.

TUNGSTEN ROCKET

Tungsten prices have gone parabolic ever since. The Rotterdam market for ammonium paratungstate (APT), an intermediate product used to make tungsten metal, has surged ?from under $400 per metric ton a year ago to over $2,200, according to, opens new tab Chinese price reporting agency Shanghai Metals Market.

That makes tungsten one of the strongest-performing commodities in recent months, ?outpacing gains in copper, gold and oil.

According to consultancy Project Blue, citing U.S. Geological Survey data, tungsten products are now trading at their ?highest level in at least 90 years.

China accounts for around 80% of global mined production, according to the USGS, and is leveraging its dominance of tungsten supply just as it ?is doing in the rare earths sector.

Tungsten exports have fallen by nearly 40% since the new controls were implemented, according to William Parry-Jones, founder of Wolfram Advisory, a tungsten consultancy.

There is a second ?problem beyond the export curbs. Project Blue estimates that China's mined production fell 10% year-on-year to 61,000 tons in 2025, due to lower government quotas and environmental clampdowns on smaller miners.

More tungsten is also being absorbed by China's own domestic market. Export volumes from the world's largest producer would likely be falling even without the new restrictions.

PRIMING THE PIPELINE

Western supply is improving, albeit from a low base. Non-Chinese production rose by 20% year-on-year to ?19,000 tons last year, Project Blue estimates.

That was largely down to the start of the Boguty mine in Kazakhstan, a country that is emerging as a potential key link in ?a non-Chinese tungsten supply chain.

U.S. mining investment company Cove Capital signed a deal in November to lead development of another large tungsten deposit in Kazakhstan, backed by $900 million from the U.S. Export-Import Bank.

The Pentagon sought fresh supplies of ?13 critical ?minerals — including tungsten — from industry partners the day before U.S. and Israeli strikes on Iran began.

Federal awards have gone to Guardian Metal Resources (GMET.L), opens new tab to fund studies, opens new tab into the Pilot Mountain deposit in Nevada and to Amermin for enhanced recycling capacity.

The problem is that core components of this expanding portfolio are still years away from actually producing metal.

CIVILIAN CASUALTIES

That sets the stage for increased competition between defence and civilian sectors for available supply.

The defence sector accounted for around 10% of global consumption last year, according to Project Blue.

That ratio is only going to rise as Western countries, ?particularly the U.S., look to rebuild stocks of ?munitions after the drain caused by ?the war in Ukraine and now the missile-intensive hostilities in the Gulf.

Military buyers will always be able to outbid civilian buyers, which could spell trouble ahead for high-end manufacturers using tungsten in semiconductors, printed circuit boards and solar panels.

Electronics is a fast-growing component of tungsten demand, complementing ?the metal's usage in cemented carbide tools in the construction, mining and oil and gas sectors.

MINERALS BOTTLENECK

Tungsten is only one of many ?critical minerals used in munitions.

The ?Tomahawk cruise missile, for example, is thought to contain up to 18 critical metals across its guidance, electronics and warhead systems, although detailed information is classified.

Amanda van Dyke, founder of the Critical Minerals Hub, argues, opens new tab that "missile math is mineral math" and that the current Gulf conflict amounts to a massive "mineral sink."

But most of the minerals in question are currently produced in China.

The Iran war will reinforce ?the West's drive ?for greater mineral autonomy. But building multiple new supply chains from mine to processing to product is going ?to take time.

Time the West may no longer have.

(The opinions expressed here are those of Andy Home, a columnist for Reuters.)

[Paul Senior] Thanks for reports. I'll go for a few more shares here.

Paul Senior — 3/23/2026 1:06:06 PM

[Sultan] Almonty Industries CEO touts tungsten’s pivotal role in AI era koreatimes.co.kr

Sultan — 3/23/2026 12:47:27 PM

[Sultan] What is the best investment for wartime? Not gold, not silver, not even AI stoc...

Sultan — 3/23/2026 12:55:22 AM

What is the best investment for wartime? Not gold, not silver, not even AI stocks

youtube.com

[Sultan] No doubt, they need some one full time on Communications now that they are playi...

Sultan — 3/20/2026 3:14:01 PM

No doubt, they need some one full time on Communications now that they are playing in big arena and have a lot of projects at the same time.. Hopefully, they will take care of it.. Although, CEO is notoriously reluctant to add new employees..

[LoneClone] Good for you for taking some profits.i I thought Panasqueira was producing thes...

LoneClone — 3/20/2026 2:34:12 PM

Good for you for taking some profits.i

I thought Panasqueira was producing these days -- though as usual they make it hard to find out through their PRs on their website -- so I was foolishly expecting they would report those production numbers.

The last decent information about Panasqueira was the announcement of a drill campaign on Nov.3, but as usual not a mention of that drill programme in the quarterlies. I also went through the MD&A and although it says that Panasqueira is currently mining, processing, and shipping tungsten concentrate, there is zero information about how much. So bizarre...

Based on how poor they are at sharing information, if they didn't have such a good thing going I would not invest in such a secretive company.

LC

[Sultan] B. Riley Raises Price Target on Almonty Industries to $23 From $17, Keeps Buy Ra...

Sultan — 3/20/2026 12:35:33 PM

B. Riley Raises Price Target on Almonty Industries to $23 From $17, Keeps Buy Rating

[Sultan] Alliance Global raised the firm’s price target on Almonty (ALM) to $19.25 from $...

Sultan — 3/20/2026 12:31:00 PM

Alliance Global raised the firm’s price target on Almonty ( ALM) to $19.25 from $14 and keeps a Buy rating on the shares following the 2025 results. Almonty is the leader in the tungsten space and the “primary avenue for investors to gain exposure to tungsten prices going forward,” the analyst tells investors in a research note.

[Sultan] Sangdong mine relaunch signals Korea’s return to tungsten production By Ko Dong...

Sultan — 3/20/2026 12:25:36 PM

Sangdong mine relaunch signals Korea’s return to tungsten production

By Ko Dong-hwan

Published Mar 19, 2026 6:10 pm KST

AKTC completes ore processing plant

Lewis Black, CEO and president of Almonty Industries, delivers a speech during the Sangdong mine completion ceremony at Almonty Korea Tungsten Corp.’s newly built tungsten ore processing plant in Yeongwol County, Tuesday. Courtesy of AKTC

YEONGWOL, Gangwon Province — Almonty Korea Tungsten Corp. (AKTC) on Tuesday marked the launch of tungsten production in Korea by hosting a completion ceremony for its processing plant at the Sangdong mine, tapping into strategically significant tungsten ore reserves.

The ceremony for the plant adjacent to the Sangdong mine follows the site’s closure in 1994, when tungsten prices plunged amid increased supply from China. The event marks the revival of operations at a mine that once accounted for more than half of Korea’s total exports in the aftermath of the Korean War.

The mine still holds vast economic potential, backed by more than $100 million invested by Almonty Industries, a New York-based global tungsten developer that operates its Korean subsidiary, AKTC. The company acquired ownership of the mine in 2015 and has since invested in modernizing its operations.

The ceremony was held inside Building C of the plant, a crushing facility that processes raw ore. Lewis Black, CEO and president of Almonty Industries, welcomed around 200 guests at the site. He highlighted the mine’s significance to both the company and the Korean economy, while expressing gratitude for support from Gangwon Province and Yeongwol County.

Gangwon Special Self-Government Province Gov. Kim Jin-tae delivers congratulatory remarks during the Sangdong mine completion ceremony at the plant in Yeongwol County, Gangwon Province, Tuesday. Courtesy of AKTC

“Today marks a defining milestone for the mine, Korea and for the global strategic minerals supply chain. When we first looked at Sangdong, many saw an abandoned mine. I saw a sleeping giant, one of the world’s most remarkable tungsten deposits, located in a country known for technological excellence, stability and innovation," Black said in his speech.

"Now, the mine has been transformed into a modern, responsible and strategic operation, ready to contribute to secure and allied tungsten supply for decades to come."

He added: “Sangdong is far more than a mining operation. It signals a shift from dependence to resilience, linking reliable production with advanced industry and downstream innovation. In a world where supply chain security and transparency have become essential, Sangdong stands as a model of responsible and sustainable development.”

Gangwon Special Self-Government Province Gov. Kim Jin-tae said that the plant site, once an empty field, is now home to a state-of-the-art ore processing facility.

“Tungsten is a key material essential for advanced strategic industries such as semiconductors and the defense industry. This completion will serve as a starting point for supplying raw materials that will breathe new life into future industries of Gangwon,” he said in his congratulatory remarks.

Yeongwol Mayor Choi Myung-seo said, “I expect an advanced industry core materials complex jointly being promoted by Yeongwol and Gangwon, along with a tungsten oxide plant currently planned by AKTC inside the complex, will greatly contribute to regional economic revitalization and industrial development.”

Participants in the Sangdong mine completion ceremony applaud during a group event marking AKTC's launch of its processing plant and the revival of Korea’s tungsten production after 32 years in Yeongwol County, Tuesday. Courtesy of AKTC

The ceremony was also attended by Alexei Kral, economic minister-counselor at the U.S. Embassy in Korea, along with a representative from the Ministry of Trade, Industry and Resources’ Mineral Resources Team and the heads of Korea Mine Reclamation Corp. and Korea Institute of Geoscience and Mineral Resources.

Members of the Sangdong Middle and High School baseball team and regional leaders from Sangdong-eup in Yeongwol also attended the event, underscoring AKTC’s ongoing support for local communities.

The plant will process the ore from the mine, which has been retrofitted by AKTC with advanced infrastructures and underground galleries that extend from the old mine. The plant is currently capable of processing 640,000 tons of ore per year.

Following a scheduled expansion next year, the plant’s capacity is expected to increase to 1.2 million tons, with tungsten concentrate production doubling from 2,300 tons to 4,600 tons annually. At full capacity, AKTC will be able to supply 40 percent of global tungsten demand outside China.

AKTC plans to further advance tungsten's value chain in Korea by jointly establishing a new tungsten oxide manufacturing plant with Yeongwol in an advanced industrial core materials complex in the county's Sansol District. The plant is being designed to produce 4,000 tons of the chemical product per year, and is meant to complete AKTC's entire value chain involving the mineral, from ore excavation to core material production.

koreatimes.co.kr

[Sultan] As the price of shares climbed towards $ 30, I sold few shares along the way.. ...

Sultan — 3/19/2026 5:29:39 PM

As the price of shares climbed towards $ 30, I sold few shares along the way.. Most of them way too early.. My last sale was at $ 28 .. However, overall today's share price is still above where my average sale in total..

But I am not worries about the share price.. If they live up to the projected recovery and tons processed for Sangdong, we are good.. Price of Tungsten may pull back but Sangdong margin is going to be very rich.. And let's not forget.. When the dust settles in Middle East, the demand for Tungsten is going to be huge.. At this point, there are only two companies producing .. EQR.XA out of Australia and ALM (AII)..

As for the likes of TUNG.CN even though they are raking in a lot of cash, I'd say even if they have the resources in the ground, they are likely 2-3 years away from any production..

Keep in mind however, Sangdong is just going into commercial production so I don't expect them to have much to show for it through commissioning process for 1st Qtr. 2026.. 2nd Qtr. numbers will be critical.. Portugal operations seems to be running smoothly considering they mentioned a $ 3.1 order slipping into 2026..

Tungsten price hitting $ 2,400 or so has been a huge gift to a lot of projects chasing revival.. I guess we will have to see if it lasts..

[LoneClone] So weird! Why does the quarterly results PR say nothing about how much tungsten ...

LoneClone — 3/19/2026 4:51:03 PM

So weird! Why does the quarterly results PR say nothing about how much tungsten they actually produced during the quarter?

Were you smart enough to sell any shares over $30? I wasn't.

Fortunately the underlying economics of AII pretty much guarantee that AII will not return to penny stock status the way NPK did after its share price peaked.

LC

[Sultan] Almonty Industries Reports Fourth Quarter and Full Year 2025 Financial Results ...

Sultan — 3/19/2026 12:04:03 AM

Almonty Industries Reports Fourth Quarter and Full Year 2025 Financial Results

First Ore Delivered to Sangdong Mine ROM Pad, Marking Transition to Active Mining Operations Ahead of Commercial Production

Tungsten Pricing Seeing Strong Growth, with TTM Average APT Price Increasing 534% Year-Over-Year to US$2,250 per MTU

TORONTO, March 19, 2026--( 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 its financial results for the three and twelve months ended December 31, 2025.

Financial Summary:
Unless otherwise indicated, all figures are expressed in millions of Canadian dollars.

	Three Months Ended		Year Ended December 31,
	December 31,
	2025	2024	2025	2024
Revenue	$8.7	$6.3	$32.5	$28.8
Income (Loss) from Mining Operations	$1.3	($0.5)	$2.4	$2.0
General and Administrative Costs	$9.4	$1.8	$20.5	$6.2
Income (Loss) Before Other Expenses & Income Taxes	($16.3)	($3.4)	($36.2)	($13.3)
Non-Cash Gain (Loss) on Valuation of Embedded Derivative Liabilities, Due to Share Price Appreciation	($87.3)	($0.3)	($97.4)	($0.6)
Net Income (Loss) for the Period	($102.3)	($5.4)	($161.9)	($16.3)
Adj. EBITDA (non-IFRS) (1)	($6.2)	($2.0)	($17.1)	($3.1)

Key Fourth Quarter 2025 & Subsequent Operational Highlights

On March 17th, 2026, Almonty hosted a formal commissioning ceremony at its Sangdong Tungsten Mine in Gangwon Province, South Korea, marking the nearly three year completion of development and the transition of the project toward commercial operations. Sangdong is one of the largest and highest-grade tungsten deposits in the world and is expected to become a key source of secure supply for Western industrial and defense supply chains.
In December 2025, Almonty achieved a pivotal milestone with the delivery of the first truckload of ore to the Run-of-Mine (ROM) pad at the Sangdong Mine in South Korea, marking the transition from mine development to active mining operations and the final step before commencement of commercial production.
In December 2025, the Company closed a successful public offering of 20.7 million common shares for gross proceeds of US$129.4 million, bringing total cash and cash equivalents to $268.4 million at December 31, 2025.
Almonty completed the acquisition of the Gentung Tungsten Project in Beaverhead County, Montana, adding a near-term U.S. production asset to the Company’s portfolio.
Appointed Brigadier General (Retired) Steven L. Allen as Chief Operating Officer to optimize tungsten deliveries across Almonty’s operations and accelerate development of the Sangdong Molybdenum Project and Gentung Tungsten Project.
Subsequent to the quarter, Almonty appointed Guillaume Wiesenbach de Lamaziere, CFA as Chief Development Officer to spearhead corporate development strategy and execution.

Fourth Quarter and Full Year 2025 Financial Results Highlights

Revenue recorded in the fourth quarter of 2025 increased by 39% to $8.7 million, as compared to $6.3 million in the same year-ago quarter. For the full year ended December 31, 2025, revenue increased by 13% to $32.5 million, as compared to $28.8 million in the prior year. The increase was driven by a significant increase in the spot price of tungsten APT, with the trailing twelve-month average APT price increasing 534% to US$2,250 per MTU as of March 13, 2026.

General and administrative expenses in the fourth quarter of 2025 totaled $9.4 million, as compared to $1.8 million in the same year-ago quarter. For the full year ended December 31, 2025, general & administrative expenses totaled $20.5 million, as compared to $6.2 million in the prior year. The increase was primarily attributable to additional legal fees and costs incurred in connection with ongoing corporate and regulatory activities, including costs associated with the December 2025 public offering, the Company’s special meeting held on September 29, 2025 and the Company’s proposed U.S. domestication process.

Net loss in the fourth quarter of 2025 was $102.3 million, as compared to a loss of $5.4 million in the same year-ago quarter. For the full year ended December 31, 2025, net loss was $161.9 million, as compared to a loss of $16.3 million in the prior year. The change was primarily attributable to a non-cash loss of $87.3 million on the revaluation of embedded derivative liabilities associated with convertible debentures taken in the fourth quarter of 2025, which was driven by the significant appreciation in Almonty’s share price during the year from C$1.36 at December 31, 2024 to C$12.07 at December 31, 2025. This non-cash accounting charge does not impact the Company’s operating performance, cash flow, or liquidity position.

Adjusted EBITDA, a non-IFRS measure, was ($6.2) million in the fourth quarter of 2025, as compared to ($2.0) million in the same year-ago quarter. For the full year ended December 31, 2025, Adjusted EBITDA was ($17.1) million, as compared to ($3.1) million in the prior year.(1)

Cash as of December 31, 2025 totaled $268.4 million, as compared to $7.8 million as of December 31, 2024. The increase was primarily a result of the receipt of gross proceeds from two public offerings completed during 2025: the July 2025 Nasdaq IPO (US$90 million) and the December 2025 offering (US$129.4 million).

Note on Non-Cash Items

As Almonty has evolved from a junior mining company into a more established tungsten producer with listings across four international exchanges, including the Nasdaq listing in July 2025, its financial reporting has necessarily become more complex and reflects the standards expected of a larger and more broadly held public company. The non-cash fair value revaluation of derivative and warrant liabilities in particular are a function of that transition and of the Company’s changing capital structure during the year.

While these accounting impacts materially affected reported net income, they did not affect its cash position, liquidity, or the operational progress the Company made across the business.

Management Commentary

Lewis Black, Chairman, President & CEO, commented: "The fourth quarter marked a defining milestone for Almonty with the delivery of the first ore to the ROM pad at Sangdong, transitioning us from development into active mining operations at what we expect will become one of the Western world’s largest tungsten mines. Coupled with a transformative year of capital markets activity that has strengthened our balance sheet with over $268 million in cash, continued production from Panasqueira, and Sangdong advancing toward commissioning, the Company believes it is well positioned for its next phase of growth.

"Looking ahead, we are focused on completing commissioning at Sangdong and optimizing throughput to meet surging demand from Western governments and defense customers seeking secure, long-term tungsten supply. With APT prices reaching record levels above US$2,200 per MTU and the structural supply deficit expected to deepen, Almonty is poised to play a central role in reshaping allied tungsten trade flows for decades to come."

Brian Fox, Chief Financial Officer, added: "Our fourth quarter results reflect the impact of significant non-cash accounting charges driven by the appreciation in our share price during 2025, which required revaluation of certain financial instruments under IFRS. Excluding these non-cash derivative revaluation charges, our operating results were consistent with expectations as the Panasqueira Mine continued to deliver steady revenue growth supported by the strengthening APT price environment. Additionally, $3.1 million of revenue was deferred to the first quarter of 2026 due to the timing of concentrate shipments, which we believe better reflects the underlying operating performance of the quarter. These types of adjustments have been and continue to be seen across a broad section of companies and sectors as growth and valuation typically increase with the transition from Junior to Mid Cap."

finance.yahoo.com

[Sultan] Sangdong Tungsten Mine Commissioning Transforms Global Supply Chain Dynamics By...

Sultan — 3/17/2026 12:35:30 PM

Sangdong Tungsten Mine Commissioning Transforms Global Supply Chain Dynamics

By Muflih Hidayaton March 17, 2026

discoveryalert.com.au

[Sultan] Almonty Completes Phase 1 of Sangdong Tungsten Mine in South Korea Sangdong Re...

Sultan — 3/16/2026 2:07:41 PM

Almonty Completes Phase 1 of Sangdong Tungsten Mine in South Korea

Sangdong Returns to Production After More Than 30 Years, Designed to Supply Approximately 40% of Western Tungsten Demand at Full Capacity

almonty.com

[Sultan] Almonty participates in a conference call with DA Davidson [graphic] TheFlyMar ...

Sultan — 3/13/2026 5:55:46 PM

Almonty participates in a conference call with DA Davidson

TheFlyMar 13, 2026, 09:55 AM

Conference call with Chairman & CEO Black to be held on March 24 at 10 am hosted by DA Davidson.

[Sultan] European Tungsten Market Surges 36%, APT Prices Hit $3,000/mtu Amid Tight Supply...

Sultan — 3/13/2026 5:51:51 PM

European Tungsten Market Surges 36%, APT Prices Hit $3,000/mtu Amid Tight Supply Conditions

[SMM Tungsten Express] March 13: European tungsten market surged sharply. Latest APT transaction prices reached $3,000/mtu, skyrocketing 36% from yesterday. Driven by this, European carbide blade scrap offers jumped to €130-140/kg, up 29% from yesterday. Market sentiment turned exuberant amid tightening supply conditions.

news.metal.com

[Sultan] [graphic]

Sultan — 3/10/2026 1:08:18 PM

[Sultan] If Hormuz Closes, Critical Metals Markets Explode youtube.com

Sultan — 3/9/2026 1:56:32 PM

[Sultan] China’s Export Controls Reshape Global Tungsten Supply Chains discoveryalert.co...

Sultan — 3/8/2026 1:47:26 AM

China’s Export Controls Reshape Global Tungsten Supply Chains

discoveryalert.com.au

[Paul Senior] Quite a bullish prediction. Hope they are right. I'll up my small position a l...

Paul Senior — 3/6/2026 2:29:25 PM

Quite a bullish prediction. Hope they are right. I'll up my small position a little here.

[Sultan] Almonty Industries: P/E ratio for 2027 under 10 On Tuesday, it briefly look...

Sultan — 3/6/2026 1:28:57 PM

Almonty Industries: P/E ratio for 2027 under 10

On Tuesday, it briefly looked as if the record run on Almonty shares had ended for the time being. The stock buckled by over 15%. After more than 100% since the beginning of the year, profit-taking would be quite understandable. But the decline was immediately used for purchases. Yesterday, the stock was again trading above $20 on the Nasdaq.

And if we go to Cantor Fitzgerald, the record hunt is not over yet. The analysts released their study update on the tungsten producer on Wednesday. Their price target is USD 25.80 or CAD 36.00. They have thus raised their price target by more than 50%. On the one hand, you point to the rising price of tungsten. This has more than doubled since the beginning of the year. Meanwhile, over USD 1,800 is paid for the metric ton (mtu) of the rare raw material at the Rotterdam trading center. A year ago, the price was well below USD 400. The war in the Middle East is likely to further fuel military spending and thus the price of tungsten. Because the particularly hard metal is scarce and is needed in the arms industry for missiles and ammunition, among other things.

From analysts' perspective, Almonty is on track to become the largest non-Chinese tungsten supplier to Western markets. Annual production is expected to increase from around 58,000 mtu/year to 800,000 mtu by 2028. The expansion of the mine in Portugal, the start-up of the mine in South Korea –incidentally, it is probably the most efficient in the world– and the development of the US mine in Montana are intended to contribute to this.

Increasing production at high prices naturally has a massive impact on Almonty's sales and profit performance. Cantor Fitzgerald expects the tungsten group's sales in the current year to be CAD 472.3 million will increase more than tenfold. In 2027, sales should then be CAD 1.2 billion lie. Earnings per share in 2026 will be reported by analysts on CAD 1.16 estimated. In the coming year, it will already be CAD 3.21 be. There seems to be the current rate of CAD 27.56 still not high despite the rally this year. The P/E ratio for 2027 is below 10. This makes Almonty shares a purchase for Cantor Fitzgerald.

esg-aktien.de

[Sultan] [graphic]

Sultan — 3/6/2026 12:55:52 PM

[Sultan] DA Davidson raised its price target on Almonty Industries stock (NASDAQ:ALM) to ...

Sultan — 3/6/2026 12:45:26 PM

DA Davidson raised its price target on Almonty Industries stock (NASDAQ:ALM) to $25.00 from $18.00 while maintaining a Buy rating. The stock currently trades at $18.52, representing a remarkable 860% gain over the past year as the tungsten market dynamics have shifted dramatically.

investing.com

[Sultan] Price of Tungsten ctia.com.cn

Sultan — 3/3/2026 1:16:48 PM

[LoneClone] GLOBAL TUNGSTEN DISPOSES OF SHARES IN ALMONTY INDUSTRIES . ...

LoneClone — 3/2/2026 10:46:36 AM

GLOBAL TUNGSTEN DISPOSES OF SHARES IN ALMONTY INDUSTRIES .

newswire.ca

News provided by Global Tungsten & Powders LLC Feb 27, 2026, 23:03 ET

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Feb. 27, 2026 /CNW/ - Global Tungsten & Powders LLC ("GTP") announces the privately negotiated sale of 2,500,000 common shares of Almonty Industries Inc. ("Almonty") (the "Shares") (which Shares are held and under common control by GTP Europe S.A.R.L. ("GTP Europe")). The Shares represent approximately 0.8974% of the issued and outstanding common shares of Almonty on a non-diluted basis.

Prior to the transaction, GTP had control over 30,156,474 common shares of Almonty (on a post-consolidation basis) (which shares are held and under common control by GTP Europe) representing approximately 10.8253% of the issued and outstanding shares of Almonty on a non-diluted basis.

Immediately after the transaction, GTP has control over 27,656,474 common shares of Almonty (which shares are held and under common control by GTP Europe) representing approximately 9.9279% of the issued and outstanding common shares of Almonty on a non-diluted basis. Accordingly, GTP is no longer subject to the early warning reporting requirements under National Instrument 62-103.

GTP has no current plan or future intentions to acquire additional securities of Almonty. Depending upon market conditions and other factors, GTP may, from time to time, acquire or dispose of additional securities of Almonty, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Almonty.

The head office address of Almonty is 100 King Street West, Suite 5700, Toronto, ON M5X 1C7.

SOURCE Global Tungsten & Powders LLC

For further information or to obtain a copy of the Early Warning Report filed by GTP, please contact Eric Rowe at (570) 268-5101.