Almonty Targets 40% of Western Tungsten Market as U.S. Defense Supply Chain Shifts

Sangdong’s Transition to Production Anchors New Phase for Western Tungsten Supply

Almonty Industries has cemented its place at the heart of the Western tungsten industry with the shift of its flagship Sangdong Tungsten Mine from construction to production phase in December 2025. The first truckload of ore from Sangdong, located in South Korea, marks a major inflection point—not just for the company, but for Western attempts to reduce reliance on China, which currently produces over 80% of the world’s tungsten.

Almonty’s plan is ambitious: supply at least 40% of all non-China tungsten, strengthening the value chain for the United States and its allies at a time when geopolitical tensions have pushed tungsten to the top of critical mineral lists across North America, Europe, and Asia. Future operations will be underpinned by binding long-term offtake agreements, notably including commitments to the U.S. defense sector, ensuring visibility for future revenues and strategic alignment.

Tungsten Market Dynamics Drive Opportunity—U.S. and Allies Pivot Away from China

2025’s steep 160% rise in tungsten prices underscores the rapid and fundamental transformation underway in this market. China’s moves to restrict exports and bar dual-use tungsten have collided with new U.S. defense procurement bans on Chinese tungsten (effective 2027), creating a perfect storm for Western suppliers. Almonty, now the largest western-aligned and only U.S.-based active tungsten producer, is strategically positioned to step into the gap as demand continues to surge.

Strategic Expansion Bolsters Western Critical Mineral Independence

Almonty’s 2025 momentum was also driven by expansive moves outside Asia. In Portugal, the company advanced drilling at the Panasqueira Mine, the world’s longest-running tungsten mine, with plans to extend the mine life and enhance ore grade. In North America, the acquisition of the Gentung Browns Lake Project in Montana gives Almonty a domestic asset well-aligned with U.S. policy to “reshore” supply chains. Production at Gentung is on track for readiness in the second half of 2026, adding crucial extra capacity for U.S. defense and advanced tech sectors.

The company’s pipeline further expands with development of the high-grade Sangdong Molybdenum Project—viewed as a strategic complement given robust demand in defense and energy applications.

Financial Strength and Leadership Signal Readiness for Next-Phase Growth

After two successful U.S. capital market raises totaling $219.40 million, and with high-profile appointments to the executive team and board, Almonty is well-capitalized for its next growth phase. The company’s U.S. stock exchange listing has opened up a broader investor base, while an experienced leadership team brings significant credentials in finance, operations, military logistics, and global strategy.

Outlook: Western Tungsten Supply Chain Realignment Accelerates

In 2026 and beyond, Almonty’s focus will be on scaling Sangdong to full commercial operations and fast-tracking Phase II expansion—raising output to potentially over 460,000 MTU per year. Panasqueira’s Level 4 expansion and Gentung’s ramp-up will further reinforce the company’s production base, while ongoing exploration may add additional growth avenues. Given the company’s long-term supply agreements, diversified asset base across continents, and close alignment with U.S. and allied supply-chain priorities, Almonty is poised to remain a central figure as Western governments drive toward greater critical mineral independence.

Key Takeaways for Investors

• Strategic Transformation: Almonty’s progression to active production at Sangdong comes just as Western demand and supply-chain vulnerability concerns peak.
• Capital & Scale: Recent large capital raises position Almonty for rapid development, while its 40% non-China supply target highlights unmatched sector influence.
• Watch 2026–2027 Milestones: Progress on Sangdong Phase II, Panasqueira expansion, and Gentung Browns Lake development will be crucial signals for investors.

With a stronger balance sheet, robust asset base, and clear strategic backing, Almonty enters 2026 as a leading force in Western tungsten—and one to watch as global supply-chain priorities continue to evolve.

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