Almonty Industries: Sangdong ramp-up and strong tungsten prices drive a step change in revenue and earnings - GBC AG

Almonty Industries Inc. is a Montana-based mining company focused on the production and development of tungsten assets in South Korea, Portugal, Spain and the United States. Its operating base is the long-established Panasqueira mine in Portugal, which produces high- quality tungsten concentrate. The flagship Sangdong mine in South Korea began processing ore in July 2026 and is progressing through commissioning toward recurring production and commercial shipments. A planned expansion offers substantial potential to increase output over time. Almonty is also developing the adjacent Sangdong molybdenum project and the Gentung tungsten project in Montana. Its Spanish portfolio comprises the Los Santos mine and the Valtreixal development project. The company aims to establish a diversified and con- flict-free supply of tungsten for Western industrial, aerospace and defense customers. Its Nasdaq listing and subsequent convertible-note financing have significantly strengthened the balance sheet and provide substantial flexibility to fund expansion and pursue further growth opportunities.

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