Almonty Industries Inc. (NASDAQ: ALM) has amended its long-term offtake agreement with Global Tungsten & Powders LLC (GTP), a member of Austria's Plansee Group, covering tungsten concentrate from Phase I of its Sangdong Mine in South Korea, according to a press release.

The amendment extends the agreement's term from 15 to 21 years from the date of first delivery, pushing contracted deliveries into the late 2040s. Total contracted volumes increase by 40%, from 3,150,000 to 4,410,000 metric tonne units (MTU), with minimum annual contracted volumes of 210,000 MTU following ramp-up. Pricing improves by approximately 6.3% across all contracted volumes, bringing expected annual contract revenue to $490 million at current ammonium paratungstate (APT) pricing.

The amendment adds at least $30 million in approximate annual revenue at current APT prices compared to the prior agreement terms. The agreement covers approximately 90% of Phase I tungsten concentrate production from the Sangdong Mine. It does not include the planned Phase II expansion, which is anticipated to roughly double the mine's annual processing capacity, nor production from Almonty's other operations.

The amendment follows the commencement of processing plant throughput operations at Sangdong, announced July 1, 2026, as the mine ramps toward full Phase I capacity.

GTP, headquartered in Towanda, Pennsylvania, is described as one of the largest Western producers of tungsten powders and a supplier to U.S. defense and industrial supply chains.

Lewis Black, Chairman, President and CEO of Almonty, said the amendment "reflects both the strength of that partnership and what the Sangdong Mine's conflict-free tungsten is worth in today's market," adding that improved pricing is expected to generate "roughly $630 million over the life of the amended Agreement."

Almonty also operates in Portugal and has projects in Spain and the United States.