Almonty starts tungsten output at Sangdong, launches Phase II

Almonty Industries Inc. (NASDAQ: ALM, Frankfurt: ALI1) has produced its first tungsten concentrate at its Sangdong mine in South Korea, marking the restart of a facility that had been idle since 1993, according to a shareholder letter from Chairman and CEO Lewis Black.

The mill is currently operating 13 hours a day, seven days a week, with plans to increase to 24-hour operations. The company says it has accumulated approximately 4.6 months of ore stockpile on site. Almonty has also formally announced Phase II of the Sangdong expansion, placing equipment orders with minerals processing firm Metso. Phase II is expected to be completed in 2027, targeting capacity of up to 1.2 million tonnes per annum and potential annual production of over 460,000 metric tungsten units (MTU).

Almonty also disclosed that it has repurchased and cancelled 2,914,739 common shares for approximately $48 million under its existing share buyback program. The company said it plans to implement an automatic repurchase plan to allow share purchases to continue during regulatory blackout periods.

In Spain, Almonty said its Los Santos mine, on care and maintenance since 2020, has signed a multi-year take-or-pay offtake agreement covering at least approximately 1,720 tonnes of contained WO₃ recoverable from existing tailings.

The company also announced the formation of Almonty Rwanda, a joint venture with the Government of Rwanda, in which the government holds a 25% stake in exchange for contributing the Shyorongi tungsten exploration concession and a mineral processing license. Rwanda ranks among the world's ten largest tungsten producers.

Black also noted that Almonty holds a permitted molybdenum project near the Sangdong site, with an offtake agreement in place in South Korea, though no timeline was provided.

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