ALMONTY drills 37% of molybdenum program in South Korea

Almonty Industries Inc. (NASDAQ: ALM) reported that approximately 37% of its planned drilling program at the Sangdong Molybdenum Project in Yeongwol, Gangwon Province, South Korea, has been completed, with assay results showing grades consistent with historical data.

The program consists of 26 planned drill holes covering approximately 12,000 meters in total. The project is located adjacent to Almonty's existing Sangdong Mine. The company said it plans to begin mining once the full extent of the molybdenum ore body is confirmed.

Lewis Black, Chairman, President and CEO, stated: "The early results from this campaign are highly encouraging. With approximately 37% of the program complete, the grades we are encountering are consistent with the historical data, reinforcing our confidence in the scale and quality of the molybdenum resource at Sangdong."

The company said it is accelerating the drilling campaign in response to a molybdenum supply shortage in South Korea, noting that the South Korean government has issued public notices urging private companies to secure the metal as national stockpiles have fallen short.

The spot price of molybdenum has risen approximately 23.5% over the past year to 592.34 CNY/kg, according to data cited by the company from dailymetalprice.com.

Molybdenum is used in aerospace, defense, nuclear energy, petrochemicals, semiconductors, and renewable energy applications due to its heat and corrosion resistance properties when added to steel or specialty alloys.

According to the press release, Almonty has previously identified the Sangdong Tungsten Mine as its only material mineral project under National Instrument 43-101 standards and ASX Listing Rules, while stating it remains engaged in developing other properties including the Sangdong Molybdenum Project.

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