Almonty's Financial Flex: Fortifying the West's Tungsten Supply

TORONTO, ON – December 15, 2025 – In a move that speaks volumes about its newfound financial might, Almonty Industries Inc. recently announced the voluntary withdrawal of a base shelf prospectus. While such an administrative filing might typically fly under the radar, the reason behind it is a clear signal to the market: after successfully closing an upsized US$129.375 million public offering, Almonty has no immediate need to solicit further investment. The company is, in effect, fully funded and ready to execute.

This development is more than just a corporate finance footnote; it marks a pivotal moment for the global supply chain of strategic materials. Almonty is a leading producer of tungsten, a metal so critical to defense, aerospace, and advanced manufacturing that it has become a focal point in the geopolitical chess match between Western nations and China. For industries across the value chain, including the high-tech manufacturing and robotics that underpin the biopharmaceutical sector, a secure supply of materials like tungsten is not a luxury—it is a prerequisite for innovation and operational stability. Almonty's successful capital raise and subsequent strategic pivot are therefore critical indicators of a major shift in the landscape for this essential commodity.

A War Chest for Market Dominance

The financial details underscore the significance of Almonty’s achievement. The offering, which closed on December 10, 2025, saw the sale of 20.7 million common shares at US$6.25 per share. Led by BofA Securities, the syndicate of underwriters also included Cantor Fitzgerald & Co., D.A. Davidson & Co., and A.G.P./Alliance Global Partners. Crucially, the deal was not only upsized from its initial targets but also saw the full exercise of the underwriters' over-allotment option—a clear testament to overwhelming investor demand.

This influx of over $129 million, following a separate $90 million offering earlier in the year, transforms Almonty's balance sheet and strategic posture. The company now possesses the capital to aggressively advance its portfolio without the distraction of near-term fundraising. This financial fortification allows management to focus squarely on operational execution, particularly the final commissioning of its crown jewel asset and the expansion of its global footprint. The withdrawal of the shelf prospectus is the ultimate confirmation of this new reality: Almonty has moved from seeking capital to deploying it.

The Sangdong Mine: A Strategic Giant Awakens

At the heart of Almonty's strategy is the Sangdong Mine in South Korea. Historically one of the world's largest and highest-grade tungsten deposits, Sangdong is on the verge of re-emerging as a dominant force in the market. Almonty projects that upon reaching full capacity, the mine will be capable of supplying over 80% of the world's tungsten from outside of China. This is not merely a commercial goal; it is a direct answer to a pressing strategic vulnerability for Western economies.

With construction substantially complete as of late 2025, the Sangdong project is transitioning into its final commissioning and production ramp-up phases. The capital from the recent offering is the high-octane fuel needed to accelerate this process, ensuring a swift path to commercial production. The funding de-risks the final stages of development and empowers Almonty to fully realize the mine's vast potential. Furthermore, the company has allocated proceeds to explore the adjacent Sangdong Molybdenum Project, signaling ambitions to develop a larger critical minerals complex at the site, further enhancing its strategic value.

Redrawing the Global Map for Critical Materials

The timing of Almonty's ascent could not be more critical. The terms 'non-China' and 'conflict-free' have evolved from niche ESG considerations to core tenets of national security and industrial policy. For decades, China has maintained a stranglehold on the global tungsten market, creating significant supply chain risks for industries reliant on the metal's unique properties of hardness and heat resistance. Tungsten is indispensable in everything from armor-piercing munitions and missile components to semiconductor manufacturing and the radiation shielding used in advanced medical imaging and oncology equipment.

Recent U.S. defense procurement bans and Chinese export restrictions have laid bare the dangers of this dependency. In response, Western governments and their defense industrial bases are actively seeking to build resilient, diversified, and ethically sourced supply chains. Almonty, with its explicit focus on providing 'conflict-free' tungsten from politically stable jurisdictions like South Korea, Portugal, and Spain, is perfectly positioned to meet this demand. The company is not just a miner; it is becoming an essential strategic partner in the West's effort to secure its technological and defensive future. The Sangdong Mine is the cornerstone of this strategy, promising a reliable, large-scale source of tungsten completely independent of Chinese control.

A Multi-Pronged Strategy for Growth

While the Sangdong Mine is the headline asset, Almonty's strategy is far from one-dimensional. The company's prudent allocation of its new capital across its portfolio demonstrates a long-term vision for sustained growth. A portion of the proceeds is earmarked for exploration and development at the Gentung Browns Lake Tungsten Project in the United States, representing a key effort to build a domestic American supply source. Further funds will support expansion work at the company's long-operating Panasqueira Mine in Portugal, one of the few significant tungsten producers currently operating in Europe.

This multi-pronged approach diversifies operational risk and builds a global network of strategic assets in key allied nations. By investing in projects in North America and Europe alongside its flagship Asian mine, Almonty is constructing a robust and resilient supply chain capable of serving a broad range of Western customers. This strategic distribution of assets further solidifies its role as the preeminent non-Chinese supplier of a metal that is foundational to modern industry and defense. With its balance sheet secure and its operational path clear, Almonty is no longer just a company with potential—it is an emerging powerhouse poised to reshape a critical global market.