Almonty Secures $490M Annual Revenue Boost with Expanded Sangdong Tungsten Deal — Almonty Industries Inc.

Event summary

Almonty extended its offtake agreement with GTP by six years, covering tungsten concentrate from Phase I of the Sangdong Mine.
Contracted volumes increased by 40% to 4.41 million MTU annually, with minimum annual deliveries of 210,000 MTU post-ramp-up.
Pricing improved by 6.3%, boosting expected annual revenue to $490M at current APT pricing.
The deal covers 90% of Phase I production and does not include planned Phase II expansion or other operations.

The big picture

The amended agreement with GTP solidifies Sangdong as a critical non-Chinese tungsten supplier amid U.S. defense procurement shifts and global supply chain realignment. With Phase I now processing, Almonty is positioning itself to capture rising demand for strategic metals in Western defense and industrial sectors. The $490M annual revenue target underscores the mine’s scale and the value of long-term supply partnerships in volatile commodity markets.

What we're watching

Geopolitical Supply Dynamics: How China’s export restrictions will sustain tungsten price premiums and demand for conflict-free supply.
Execution Risk: The pace at which Sangdong ramps to full Phase I capacity and integrates the expanded GTP contract volumes.
Phase II Expansion: Whether Almonty can secure similar long-term offtake agreements for future production phases.