What Almonty does

Almonty Industries Inc. is a publicly traded tungsten mining company (NASDAQ: ALM, TSX: AII, ASX: AII, Frankfurt: ALI1) and the largest producer of tungsten concentrate outside China, operating through wholly owned subsidiaries across South Korea (Sangdong Tungsten Mine, Sangdong Molybdenum Project via Almonty Korea Tungsten Corp. and Almonty Korea Moly Corporation), Portugal (Panasqueira Mine via Beralt Ventures), Spain (Los Santos Mine and Valtreixal Project via Daytal Resources), and the United States (Gutung Browns Lake Tungsten Project in Montana). The core product is tungsten concentrate and tungsten oxide produced from underground mining and ore processing, with planned automated surface operations and an underground backfill mining method at Sangdong that uses processing-plant waste to stabilize chambers and minimize surface tailings.

The business model centers on selling conflict-free tungsten concentrate under long-term offtake agreements — including a binding supply arrangement with Tungsten Parts Wyoming and Metal Tech exclusively for U.S. defense applications and a memorandum of understanding with SeAH M&S for all Sangdong molybdenum output — alongside sales into global commodity markets priced at the European APT benchmark, which has surged above $3,000 per metric ton unit in 2026 from roughly $380/MTU eighteen months earlier, driven by Chinese export controls and rising defense and advanced-technology demand. Customers include U.S. defense primes and the Department of Defense (armor, munitions, electronics), advanced-technology manufacturers (semiconductors, EVs, wind turbines), and Western allied governments building strategic stockpiles through programs such as the U.S. Critical Minerals Strategic Reserve and the EU Critical Raw Materials Act.

Following a US$90 million NASDAQ IPO in July 2025, a US$129.375 million follow-on in December 2025, and an oversubscribed US$700 million convertible senior notes offering in June 2026 (net proceeds approximately US$772.7 million), Almonty is capitalized to execute a US$3 billion-plus market-cap growth plan anchored by Sangdong Phase 1 commissioning (March 2026, ~2,300 tpa), the planned 2027 Phase 2 doubling to ~4,600 tpa, molybdenum production targeting 60+ year reserves, and the Montana Gentung project. The April 2026 relocation of corporate headquarters from Toronto to Dillon, Montana, and the appointment of retired senior U.S. military and government officials — General Gustave F. Perna, Brigadier General Steven L. Allen, and former Under Secretary of Commerce Alan Estevez — underscore the strategic pivot toward U.S. defense procurement ahead of the January 2027 statutory restriction on Chinese tungsten in American military supply chains.

Name

Almonty

Legal name

Almonty Industries Inc.

Website

https://almonty.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Almonty Industries is the largest tungsten mining company outside China, producing tungsten concentrate and oxide from operating mines in South Korea, Portugal, Spain, and Montana for U.S. defense, advanced-technology, and allied-government customers via offtake agreements and global commodity markets.

Ownership category

akta.pro rank

Product category

Tungsten Mining and Mineral Production

NAICS

Ground or Treated Mineral and Earth Manufacturing (327992), All Other Nonmetallic Mineral Product Manufacturing (32799)

SIC

Miscellaneous Metal Ores (1090), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ)

Keywords

• Tungsten mining
• Molybdenum production
• Critical minerals supply
• Conflict-free metals
• Tungsten concentrate

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Tungsten Concentrate Sales: Primary revenue stream from production and sale of tungsten concentrate. The company operates mines in Portugal (Panasqueira), South Korea (Sangdong), and Spain (Los Santos, Valtreixal). Tungsten prices have surged significantly due to Chinese export controls and defense demand, with APT prices exceeding $3,000/MTU.
2. Molybdenum Production: Sangdong Molybdenum Project in South Korea targeting molybdenum production with reserves expected to sustain production for over 60 years. Offtake agreement signed with SeAH M&S, the world's largest molybdenum oxide smelter.
3. Long-term Offtake Agreements: Binding offtake agreement with U.S. defense contractors to supply tungsten oxide exclusively for American defense applications, providing revenue visibility and contracted demand.
4. Projected Revenue Growth: Q1 2026 revenue of $25.4 million (221% year-over-year increase) from Panasqueira mine. Sangdong mine expected to drive significant revenue growth with projected 2026 revenue of CAD 670 million upon ramp-up.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Almonty Industries mines, processes, and sells tungsten concentrate and tungsten oxide from a portfolio of operating and development mines in South Korea (Sangdong), Portugal (Panasqueira), Spain (Los Santos, Valtreixal), and the United States (Gentung Browns Lake in Montana). The company is also developing the Sangdong Molybdenum Project in South Korea. Production is sold primarily under long-term binding offtake agreements to defense contractors and industrial metals processors, and through global commodity markets benchmarked to APT prices.

Product overview

Almonty Industries is a leading global producer of conflict-free tungsten, operating a portfolio of mining projects across three continents. The company's core products include tungsten concentrate and tungsten oxide produced from its operating and development mines. The flagship asset is the Sangdong Tungsten Mine in South Korea, which returned to production in March 2026 after 30 years. Almonty's portfolio includes: Sangdong Tungsten Mine (South Korea - Phase 1 commissioned March 2026, Phase 2 expansion planned for 2027), Panasqueira Mine (Portugal - currently producing), Gutung Browns Lake Tungsten Project (Montana, USA - production targeted H2 2026), Sangdong Molybdenum Project (South Korea - drilling in progress), Los Santos Mine (Spain), and Valtreixal Project (Spain). The company targets supply of over 40% of global non-China tungsten production upon full capacity ramp-up.

Differentiator

Problem solved

Functional benefit

Products and services

• Sangdong Tungsten Mine Flagship tungsten mine in Yeongwol, Gangwon Province, South Korea — historically one of the world's largest and highest-grade tungsten deposits, expected to supply over 40% of global non-China tungsten production upon full capacity. Sold to industrial processors, defense contractors, and commodity markets.
• Panasqueira Mine Operating tungsten and tin mine in Portugal with over 127 years of operating history; currently Almonty's primary revenue source, producing tungsten concentrate with approximately 250 employees including 15% immigrants. Sold to industrial metals markets globally.
• Gutung Browns Lake Tungsten Project Tungsten project in Beaverhead County, Montana, USA, with independently verified total mineral resources of 7.53 million tonnes and expected production of approximately 140,000 metric ton units per year. Sold to defense and industrial markets.
• Sangdong Molybdenum Project Molybdenum exploration project at the Sangdong mine in Yeongwol County, Gangwon Province, South Korea. Reserves expected to sustain production for more than 60 years. MOU signed with SeAH M&S (world's largest molybdenum oxide smelter) for supply of all molybdenum ores.
• Los Santos Mine Tungsten mine operation in Spain, part of Almonty's diversified portfolio of tungsten projects across conflict-free regions. Sold to industrial metals markets.
• Valtreixal Project Tungsten exploration project in Spain, included in Almonty's portfolio of tungsten assets in Europe. Sold to industrial metals markets upon development.

Quantifiable outcome

• Expected to supply over 80% of global non-China tungsten production upon reaching full capacity
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SeAH M&ScoreChannel Partner/ Reseller/ Distributor · 18 June 2026Memorandum of understanding with SeAH M&S, the world's largest molybdenum oxide smelter, to supply all molybdenum ores from the Sangdong mine. This agreement will reduce Korea's dependence on China for over 90% of its molybdenum imports.
• Panasqueira Mine Drilling PartnersminorStrategic or Co-development Partner · 3 November 2025Large-scale drilling program at Panasqueira Mine in Portugal with €2.5 million investment over 12 months, involving surface and underground diamond drilling covering approximately 14,000 meters using three rigs to define mine plan for Level 4 expansion.
• Critical Minerals Forum (DARPA)coreStrategic or Co-development Partner · 20 May 2025Membership in the Critical Minerals Forum, a DARPA-funded not-for-profit trade association dedicated to building resilient critical minerals supply chains. CMF provides AI-driven forecasts for pricing, supply and demand data and facilitates collaboration between miners, processors, investors, and government institutions.
• Tungsten Parts Wyoming, Inc.coreGTM or Marketing Partner · 7 May 2025Binding offtake agreement with TPW, a U.S.-based defense contractor, and Metal Tech (Israel-based tungsten processor) to supply tungsten oxide solely for U.S. defense applications. This partnership positions Almonty as a key supplier to the American defense industrial base.
• American Defense InternationalcoreGTM or Marketing Partner · 18 March 2025Strategic partnership agreement with American Defense International, a prominent government relations and business development firm based in Washington, D.C., supporting Almonty's position as a leading allied supplier of tungsten to the American defense and technology industries.

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Emerging players

• Defense Metals: Canadian-listed developer of the Wicheeda rare earths deposit. Comparable as a North American critical minerals developer positioned to supply defense and advanced technology customers, with similar U.S.-friendly positioning and end-market exposure.
• Vital Metals: Australian-listed critical minerals company developing the Nechalacho rare earths project. Comparable as a publicly-listed non-China critical mineral developer focused on Western supply chain diversification, with partial thematic overlap.
• Elementos Limited: Australian-listed tungsten developer with the Oropesa project in Spain—geographically overlapping with Almonty's Spanish assets. Comparable as an emerging non-China tungsten developer targeting similar European end-markets.
• Tungsten Mining NL: Australian-listed tungsten exploration and development company with Mt Carbine and Watershed deposits. Comparable as a publicly-traded non-China tungsten developer, though at an earlier stage than Almonty with no current production.

Direct peers

• Wolfram Bergbau und Hütten: Austrian-based tungsten mining and processing company and one of the few major non-China tungsten producers. Directly comparable as a Western tungsten miner serving defense and industrial markets, similar business model to Almonty.
• Masan High-Tech Materials: Vietnam-based tungsten and critical minerals producer operating the Nui Phao mine, one of the largest tungsten producers outside China. Direct competitor in the non-China tungsten market with similar customer base in advanced manufacturing and defense.

Regional players

• Korea Tungsten: South Korean tungsten producer and one of Almonty's most direct regional competitors. Operates tungsten mining and processing in Korea, competing for the same end-markets in Asia and overlapping with Almonty's Sangdong mine jurisdiction.

Broad incumbents

• H.C. Starck Tungsten: German-based tungsten powder and processing specialist (now part of Masan). Comparable as a Western tungsten processor serving defense and industrial customers, though focused on downstream processing rather than mining.
• Global Tungsten & Powders: Austria-based (Plansee Group) tungsten powder producer serving Western defense and industrial customers. Comparable as a Western tungsten value-chain participant focused on downstream processing, with overlapping customer base.
• Xiamen Tungsten: China's largest tungsten producer and a major global player. While Almonty is positioned as the non-China alternative, Xiamen represents the competitive benchmark and primary incumbent whose supply controls Almonty's pricing dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Almonty_
• YouTubeyoutube.com/@almontyindustries6389
• Facebookfacebook.com/almontyindustries
• LinkedInlinkedin.com/company/almonty

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds8 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Almonty