Almonty Targets 40% of Global Non-China Tungsten Market with U.S. Defense Contracts and Expansion Plans

Strategic Supply Chain: Almonty Sets Sights on Dominating Western Tungsten Market

Almonty Industries’ latest shareholder update puts one fact front and center: the Western world’s critical tungsten supply is about to change hands. With the Sangdong Tungsten Mine now operational and a series of binding long-term offtake agreements—specifically for U.S. defense applications—Almonty is positioning itself as the cornerstone of a new, geopolitically aligned supply chain. The company’s vision? To provide at least 40% of all non-China tungsten, directly addressing the West’s strategic vulnerabilities.

Production Milestones and Supply Commitments Highlight First-Mover Advantage

In December 2025, Almonty commenced active mining at Sangdong, South Korea, marking a crucial transition from construction to production. The mine is expected to become one of the largest and longest-life tungsten producers outside China. Crucially, Almonty has secured hard floor offtake deals—some tied to U.S. defense needs—which not only validate the strategic value of its output but also provide forward revenue visibility in a tightening global market. The move couldn’t be more timely, as recent export restrictions from China and a U.S. ban on Chinese-sourced tungsten for defense have stoked prices—up over 160% in 2025 alone, with ongoing gains seen into 2026.

Market Conditions: Price Surge Highlights Tungsten’s Geopolitical Importance

Almonty’s bullish outlook is underpinned by two critical market shifts. First, the overwhelming dominance of China—responsible for more than 80% of global supply—has come under scrutiny, especially after Beijing’s export controls and the U.S. import ban for defense procurement beginning in 2027. Second, demand from the West continues to climb for applications in armor, munitions, and high-tech electronics. Almonty, now the largest Western-aligned producer of tungsten, is strategically positioned as the only U.S.-listed operator currently producing this key metal.

Capitalization and Talent: Almonty’s Resources Back Growth Ambitions

Funding for these initiatives is secure, following a $90 million U.S. IPO and a subsequent $129.4 million secondary offering in 2025. Leadership additions—including a CFO with deep U.S. market experience and a COO with decades of American military logistics expertise—reflect Almonty’s intent to scale in line with Western defense and security priorities.

2026 and Beyond: Aggressive Growth, Defense Alignment, and Supply Chain Resilience

The company’s 2026 targets are set: reach full commercial operation of Sangdong Phase 1, begin Phase II expansion (boosting capacity to 1.2 million tons annually), and advance mining expansion in Portugal and Montana. Notably, Almonty expects Gentung to be production-ready in late 2026. Its ongoing partnerships are reinforced by multiple governments and defense customers seeking a secure, non-China source of tungsten for strategic reserves.

Key Takeaways: Almonty Poised at the Nexus of Strategic Metals and Western Security

For those tracking macro supply-chain shifts, Almonty’s journey signals a pivotal moment for critical minerals. With binding defense-linked contracts, aggressive growth targets, and a robust financial position, the company has moved from vision to execution. Expect continued market attention as new projects come online and as policy-driven demand for tungsten shows few signs of abating. Those watching Western re-armament and technology supply security will likely keep Almonty firmly in focus in 2026 and beyond.

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