Almonty Kicks Off Sangdong Production, Eyes 40% of Non-China Tungsten Market — Almonty Industries Inc.

Event summary

Almonty began active mining operations at its Sangdong Tungsten Mine in December 2025, marking the transition from construction to production.
The company secured binding hard floor offtake agreements, including long-term commitments to supply tungsten oxide for U.S. defense applications.
Tungsten prices surged over 160% in 2025 due to China’s export controls and rising demand, with steady increases continuing into early 2026.
Almonty raised approximately $90 million in a July 2025 IPO and an additional $129.4 million in December 2025, strengthening its balance sheet.

The big picture

Almonty’s strategic positioning as a Western-aligned tungsten supplier is critical amid geopolitical tensions and China’s dominance of the global tungsten market. The company aims to capture 40% of non-China tungsten production, addressing supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions. With a strengthened balance sheet and a diversified asset base, Almonty is well-positioned to meet rising demand from Western allies committed to supply-chain security.

What we're watching

Production Scaling: How Almonty will advance toward full-scale commercial operation of Phase I at Sangdong and commence Phase II expansion in 2027.
Market Dynamics: Whether the company can sustain its position as the largest Western-aligned tungsten producer amid China’s export restrictions and rising demand from U.S. defense procurement bans starting in 2027.
Geographic Expansion: The pace at which Almonty will develop additional projects, such as the Gentung Browns Lake Project in Montana, to further align with U.S. policy initiatives aimed at reshoring critical mineral supply chains.