Almonty starts ore processing at Sangdong tungsten mine in Korea

Almonty Industries Inc. (NASDAQ: ALM) announced it began feeding stockpiled run-of-mine ore through the processing plant at its Sangdong Mine in Gangwon Province, South Korea, in June 2026, moving the operation from development into active production of saleable tungsten concentrate.

The company exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (WO₃). During the second quarter, Almonty mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO₃, while advancing 214.6 meters of underground development along the Main Vein. Total stockpiled ore stands at approximately 139,700 tonnes at a blended grade of approximately 0.25% WO₃.

At prevailing tungsten prices, the company said the contained tungsten in the current stockpile represents approximately 2.6 months of Phase I throughput feed, with an illustrative gross in-process value of approximately $68 million.

Lewis Black, Chairman, President and Chief Executive Officer, said in a statement: "This is the moment our team has worked toward for years; the transition from building and commissioning a mine to actually processing ore into saleable tungsten concentrate."

The company noted it is using lower-grade ore during the initial ramp-up phase and expects higher grades as the process advances. According to the press release, Sangdong's low-grade ore is approximately three times higher in grade than that of Almonty's Panasqueira mine in Portugal.

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