Home » Press Releases »
Electric vehicles (EVs) are becoming increasingly popular as the world moves towards cleaner and more sustainable forms of transportation.
As the demand for EVs continues to grow, so too does the demand for materials used in the production of EV batteries, including tungsten. One company that is set to benefit from this trend is Almonty Industries Inc, which owns the Sangdong Mine in South Korea.
Tungsten, also known as wolfram, is a metallic element that is known for its high density and high melting point. These properties make it an ideal material for use in EV batteries, as it can withstand the high temperatures and pressures that are generated during the charging and discharging of the battery. Additionally, tungsten is a highly conductive material, which makes it an excellent choice for use in the electrodes of EV batteries.
One of the main reasons why tungsten is becoming an essential component in the production of EV batteries is its ability to improve the energy density of the battery. Energy density is a measure of how much energy a battery can store per unit of volume, and a higher energy density means that a battery can store more energy in a smaller space. This is important for EV batteries, as it means that the battery can be made smaller and lighter without sacrificing performance.
The Sangdong Tungsten Mine, which was recently reopened by Almonty Industries, is set to play a crucial role in the production of EV batteries. The mine will offer a stable and affordable supply of high-grade tungsten, with well-established logistical systems, providing a reliable shelter from the tightening supply of tungsten. This ensures a stable and sustainable supply of this essential material for the EV battery manufacturing industry in Korea.
The availability of tungsten from the Sangdong Tungsten Mine is important, as the cost of EV batteries is one of the main barriers to the widespread adoption of Electric Vehicles. By using tungsten from the Sangdong Tungsten Mine, manufacturers can help to reduce the cost of EV batteries without sacrificing performance or safety.
The EV battery manufacturing market is highly competitive, with LG Energy Solution, Samsung SDI, and SK Innovation forming three of the 10 major players from Korea as can be seen from the table above. However, these manufacturers currently rely on Chinese tungsten in their supply chain, which poses a significant risk to their operations. Almonty Industries’ Sangdong Tungsten Mine provides a stable and affordable alternative for these companies, allowing them to diversify their supply chains and reduce their dependence on China.
The use of tungsten in EV batteries offers advantages, but there are also challenges. One of the main challenges is that tungsten is a brittle material which is very difficult to source and process without specialist knowledge. Additionally, tungsten is a relatively new material for use in EV batteries and there are only a limited number of manufacturers that can produce EV batteries with tungsten components at this stage in their development.
Despite these challenges, the use of tungsten in EV batteries is becoming increasingly popular as manufacturers continue to explore new ways to improve the performance, safety and cost-effectiveness of EV batteries. As demand for EVs continues to grow, tungsten is likely to play an increasingly important role in the production of EV batteries, with the Sangdong Tungsten Mine providing a reliable source of this essential material for the industry.
In conclusion, as the world moves towards cleaner and more sustainable forms of transportation, tungsten is likely to play a crucial role in the development of EV batteries, and Almonty Industries’ Sangdong Tungsten Mine is well-positioned to benefit from this trend. As the technology continues to improve, we can expect to see the use of tungsten in EV batteries increase, and for it to become an even more essential component in the production of electric vehicles.
Powered by Tungsten (W): 0-60mph: 1.69 seconds. Top Speed: 249mph / 400kph
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
