“Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces. That distinction matters. We have been running ore through the plant since June, 2026; now we are permitted to turn that material into concentrate that can be invoiced, shipped and delivered into South Korea and into export markets.
“The timing is not lost on us. Tungsten prices are at historic highs, China has tightened its grip on the material the Western industrial base depends on, and commencing January 2027, United States defense procurement rules will look all the way back to where the ore was mined. Sangdong is one of very few assets anywhere that can answer that question with a Western address and the scale to matter. With more than 90% of our Phase I production already contracted for 21 years from first delivery, the task in front of us is a simple one: operate the plant safely, ramp it steadily and deliver.”
Home » Press Releases »
Mining facility inspection certificates issued September 17, 2026 authorize Almonty to commercially operate the Sangdong processing plant and crushing facilities and commence sales of tungsten concentrate
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 received mining facility inspection certificates for the processing plant and crushing facilities at the Sangdong Mine (“Sangdong”) in Yeongwol, Gangwon Province, South Korea. Issued September 17, 2026, the certificates authorize Almonty to commercially operate the facilities. This is the final administrative requirement necessary before commercially processing tungsten concentrate at Sangdong for the South Korean market and export overseas.
The concentrate Sangdong produces is already substantially contracted. In July 2026, Almonty amended its long-term offtake agreement with Global Tungsten & Powders LLC (“GTP”), a member of Austria’s Plansee Group, extending the term to 21 years from first delivery and increasing total contracted volume to 4,410,000 metric tonne units (“MTU”) of tungsten concentrate, with minimum contracted volumes of 210,000 MTU per year following ramp-up. The agreement covers more than 90% of Phase I production from Sangdong. Under South Korean mining regulations, facilities and equipment must pass inspection before they can be placed into operation. Following a satisfactory inspection, the certificates were issued on September 17, 2026. With the certificates issued, Almonty is now able to crush and process tungsten ore mined at Sangdong into saleable tungsten concentrate, and to place that concentrate with customers in South Korea and abroad. The certification is the final step in Sangdong’s transition from facility construction, trial operation and commissioning to commercial production.
Lewis Black, Chairman, President and Chief Executive Officer of Almonty, commented:
“Sangdong now has the clearance it needs to commercially operate its processing plant and to sell what that plant produces. That distinction matters. We have been running ore through the plant since June, 2026; now we are permitted to turn that material into concentrate that can be invoiced, shipped and delivered into South Korea and into export markets.
“The timing is not lost on us. Tungsten prices are at historic highs, China has tightened its grip on the material the Western industrial base depends on, and commencing January 2027, United States defense procurement rules will look all the way back to where the ore was mined. Sangdong is one of very few assets anywhere that can answer that question with a Western address and the scale to matter. With more than 90% of our Phase I production already contracted for 21 years from first delivery, the task in front of us is a simple one: operate the plant safely, ramp it steadily and deliver.”
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 entered into a long-term tungsten concentrate supply agreement with Wolfram Bergbau und Hütten AG (“WBH”), a subsidiary of the Sandvik Group.
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
