“The most immediate opportunity here is the material that is already being produced. Rwanda’s small-scale license holders are producing ore, pre-concentrate and panning tailings today, and this agreement allows us to collect, upgrade and export that material while we build out the collection and processing plant. We are combining that existing production base with modern processing, traceability and our own exploration program, with the Government of Rwanda participating alongside us as an equity partner.
That gives us the ability to build the platform from material that already exists while we explore for the future. This is part of our ongoing strategy to find shorter-term solutions to the widening supply deficit in the West. That program is being undertaken at the request of the Western tungsten industrial base, and we are pursuing several avenues. This is the first of them.”
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Partnership follows introduction by U.S. Department of State under the 2025 U.S.-Rwanda Framework for Shared Economic Prosperity
Government of Rwanda to receive a 25% equity interest in a platform combining the near-term collection and export of ore, pre-concentrate and panning tailings from Rwanda’s existing small-scale license holders with mobile processing and new exploration
DILLON, Montana – Almonty Industries Inc. (“Almonty” or the “Company”) (NASDAQ: ALM) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it has entered into a binding agreement with the Government of Rwanda (the “GOR”) under which the GOR will receive a 25% interest in Almonty Rwanda Pty Ltd (“Almonty Rwanda”) in exchange for the contribution of the Shyorongi tungsten exploration concession and a mineral processing license, with Almonty holding the remaining 75%.
The agreement also provides for Almonty Rwanda, with the assistance of the GOR, to acquire ore, pre-concentrate and panning tailings from Rwandan mining license holders, including small-scale license holders, for sale or upgrading. Almonty Rwanda intends to export that material until a collection and processing plant is built in Rwanda. This gives the partnership access to material from Rwanda’s existing production base in the near term, rather than depending solely on future exploration at Shyorongi.
Rwanda is the only African country among the world’s ten largest tungsten producers. The partnership is designed to combine three elements of that sector within a single platform: the acquisition and upgrading of ore, pre-concentrate and panning tailings from Rwandan mining license holders, including small-scale license holders; a mobile processing unit intended to operate temporarily near existing tailings dams rather than requiring all of the material to be transported to a centralized plant from day one; and exploration at the approximately 32 square kilometer Shyorongi block. A collection and processing plant in Rwanda is contemplated as the next stage.
This joint venture agreement is contemplated as the first stage towards a more comprehensive investment and development framework with the Government of Rwanda, covering future investment and development in Rwanda and the construction and operation of a collection and processing plant. The intent is to modernize and expand Rwanda’s tungsten sector while strengthening trade and long-term supply-chain security between Rwanda and the United States, extending Almonty’s strategy of building a secure, Western-aligned tungsten supply chain.
Key Transaction Highlights
Near-Term Material from Rwanda’s Existing Producers
Unlike a conventional greenfield exploration transaction, the partnership is structured to draw on material that Rwanda’s mining sector is already producing. Collection from small-scale license holders, together with the mobile tailings processing unit operating temporarily near the relevant tailings dams, is intended to allow Almonty Rwanda to acquire, upgrade and export material while a collection and processing plant in Rwanda is designed and constructed. That next stage will be subject to reaching a binding investment and development agreement with the GOR.
This strategic partnership bolsters Rwanda’s tungsten sector at a critical juncture. Rwanda is the only African country among the world’s ten largest tungsten producers, and a significant portion of the country’s tungsten output is drawn from small-scale license holders. The partnership’s goal of designing, funding and constructing a centralized collection and processing plant to receive ore and pre-concentrate from those license holders across the country is intended to provide the supply chain integrity required to meet the stringent standards of Western defense and technology end-users.
The partnership follows an introduction by the United States Department of State and is aligned with the 2025 U.S.-Rwanda Framework for Shared Economic Prosperity, as well as the Regional Economic Integration Framework of the Washington Accords for Peace and Prosperity, both of which contemplate United States-supported investment in the region’s critical minerals sector.
Government co-operation is a recurring feature of Almonty’s project portfolio. Construction of the Sangdong Mine in South Korea was financed by KfW IPEX-Bank, part of Germany’s state-owned KfW banking group, under export credit cover issued by Oesterreichische Kontrollbank AG, Austria’s official export credit agency, and Almonty has worked with the South Korean government since 2022 on measures to strengthen that country’s domestic supply chain. With the introduction in Rwanda coming from the United States Department of State, the Government of Rwanda joins that list; in this case as a direct equity partner in the project itself.
The partnership also comes ahead of a significant change in United States defense procurement rules. Effective January 1, 2027, restrictions on specified tungsten materials sourced from covered foreign nations extend back through the supply chain to the mining or production of the tungsten ore or feedstock, making documented and traceable origin increasingly important for tungsten entering covered United States defense supply chains.
Management Commentary
Lewis Black, Chairman, President and Chief Executive Officer of Almonty, said:
“The most immediate opportunity here is the material that is already being produced. Rwanda’s small-scale license holders are producing ore, pre-concentrate and panning tailings today, and this agreement allows us to collect, upgrade and export that material while we build out the collection and processing plant. We are combining that existing production base with modern processing, traceability and our own exploration program, with the Government of Rwanda participating alongside us as an equity partner. That gives us the ability to build the platform from material that already exists while we explore for the future. This is part of our ongoing strategy to find shorter-term solutions to the widening supply deficit in the West. That program is being undertaken at the request of the Western tungsten industrial base, and we are pursuing several avenues. This is the first of them.”
Alice Uwase, Chief Executive Officer of the Rwanda Mining Board, said:
“Rwanda is pleased to welcome Almonty as a strategic partner in the development of our tungsten industry. This investment will help to transform our mining sector by introducing world-class processing infrastructure, international standards for environmental and social governance, and a comprehensive training program to develop Rwandan talent. The partnership advances our vision of building a modern, sustainable mining industry that creates lasting value for the people of Rwanda. The U.S.-Rwanda Framework for Shared Economic Prosperity is a valuable tool in this regard.”
Almonty Industries has secured a corrective disclosure from Pure Tungsten following a successful legal settlement, confirming that Tiger Kim never held an executive, officer or director position with Almonty and that his limited involvement as an independent contractor ended in 2015.
Almonty Industries has issued a shareholder update highlighting the start of tungsten production at the Sangdong Mine, the launch of Phase II development, and continued expansion of its Western-aligned tungsten supply strategy across South Korea, Europe and Rwanda.
Almonty today announced that it has received mining facility inspection certificates for the processing plant and crushing facilities at the Sangdong Mine (“Sangdong”) in Yeongwol, Gangwon Province, South Korea.
Almonty (NASDAQ: ALM) (FSE: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Tungsten Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit almonty.com.
Legal Notice
The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws.
All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as “plan”, “development”, “growth”, “continued”, “intentions”, “expectations”, “emerging”, “evolving”, “strategy”, “opportunities”, “anticipated”, “trends”, “potential”, “outlook”, “ability”, “additional”, “on track”, “prospects”, “viability”, “estimated”, “reaches”, “enhancing”, “strengthen”, “target”, “believes”, “next steps” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the completion of the Offering, the Company’s redomiciling initiatives, the Company’s position as a leading supplier of tungsten to the U.S. and its allies, the timing of any listing of the Common Shares on the Nasdaq and trading on the Frankfurt Stock Exchange, and the use of proceeds of the Offering.
Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the absence of market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company’s industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility.
Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty’s management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty’s control. Any of these risks could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company’s Registration Statement, the most recent Annual Information Form and the amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
For further information, please contact:
Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
Email: info@almonty.com
