Almonty to Commence Production at Sangdong Tungsten Mine in December 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
0mins
Source: Businesswire
- Mining Operations Launch: Almonty plans to commence active mining operations at the Sangdong Tungsten Mine in South Korea in December 2025, marking a critical milestone in the company's strategy to become a major supplier of tungsten outside China, catering to U.S. and allied needs.
- Significant Market Opportunity: With China restricting tungsten exports, prices surged over 160% in 2025, positioning Almonty uniquely to fill the supply gap and ensure future revenue visibility, particularly in defense applications.
- Resource Development Advancements: The company is advancing a large-scale drilling program at the Sangdong Molybdenum Project to define mineral reserves and support future development, while also progressing expansion plans at the Panasqueira Mine in Portugal, expected to extend mine life and improve ore grades.
- Capital Market Entry: In 2025, Almonty successfully entered the U.S. capital markets, raising approximately $90 million in its initial public offering and closing a second upsized offering in December, significantly strengthening its financial foundation to support future growth.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy ALM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on ALM
Wall Street analysts forecast ALM stock price to fall
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 18.160
Low
12.00
Averages
12.00
High
12.00
Current: 18.160
Low
12.00
Averages
12.00
High
12.00
About ALM
Almonty Industries Inc. is a diversified and global producer of tungsten concentrate. The Company is engaged in mining, processing and shipping tungsten concentrate from its Panasqueira Mine in Portugal. It also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong Mine. Its additional development projects include the Valtreixal Project in northwestern Spain and Los Santos Mine in western Spain. The Panasqueira Mine is located in Covilha, Castelo Branco, Portugal. The Sangdong Mine is located at Sangdong in the south-eastern Korean Peninsula, approximately 170 km east-southeast of Seoul, South Korea. The Valtreixal Mine is a potential open pit operation, and is located in the northwest part of the Zamora province, in the Castilla de Leon region of Spain. It also operates Woulfe, whose properties are located in Gangwon Province, Republic of Korea, and whose operations relate primarily to the development of the Sangdong Project.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Almonty Delivers First Ore to Sangdong Mine, Transitioning to Active Mining Operations
- Ore Delivery Milestone: Almonty successfully delivered its first truckload of ore to the Run-of-Mine pad at the Sangdong Mine in December 2025, marking the transition from development to active mining operations, which is expected to provide a critical tungsten supply for Western industrial and defense supply chains.
- Surge in Tungsten Prices: As of March 2026, the trailing twelve-month average price of tungsten APT increased by 534% year-over-year to US$2,250 per MTU, driving a 39% revenue increase in Q4 2025 to $8.7 million, reflecting strong market demand.
- Significant Financial Losses: The net loss for Q4 2025 reached CAD 102.3 million, a substantial increase from CAD 5.4 million in the same quarter last year, primarily due to non-cash losses from the revaluation of derivative liabilities, reflecting a significant appreciation in the company's share price.
- Strategic Executive Appointments: Almonty appointed Brigadier General (Retired) Steven L. Allen as Chief Operating Officer to optimize tungsten deliveries and accelerate the development of the Sangdong Molybdenum Project and Gentung Tungsten Project, demonstrating the company's focus on future growth.
See More
Almonty Industries Q4 Financial Results
- Adjusted EBITDA Loss: Almonty Industries reported an adjusted EBITDA loss of $6.2 million for Q4, worsening from a loss of $2 million in the same quarter last year, indicating significant challenges in cost management and operational efficiency that could undermine investor confidence.
- Weak Revenue Growth: Although Q4 revenue increased by 38.1% year-over-year to $8.7 million, it fell short of analyst expectations by $1.64 million, highlighting volatility in market demand and potential shortcomings in the company's sales strategy.
- Financial Performance Review: Historical earnings data for Almonty Industries suggests that despite revenue growth, ongoing losses may limit the company's ability to raise capital in the markets, thereby impacting its long-term strategic initiatives.
- Uncertain Market Outlook: The financial challenges and missed revenue targets faced by the company could negatively affect its future market positioning and competitiveness, prompting investors to closely monitor subsequent financial adjustments and strategic planning.
See More
Almonty Resumes Production at Sangdong Tungsten Mine Amid Record Prices
- Production Resumption: Almonty Industries has completed Phase 1 commissioning at its Sangdong tungsten mine in South Korea, marking a return to production amid record tungsten prices, with an expected output of 2,300 tons/year of high-grade tungsten concentrate to meet defense and semiconductor demands.
- Capacity Enhancement: The modernized underground mine will process approximately 640,000 metric tons of ore, with a planned Phase 2 expansion in 2027 expected to increase throughput to 1.2 million tons/year, effectively doubling production capacity to 4,600 tons/year and significantly boosting market supply.
- Global Market Impact: Once fully operational, Sangdong is projected to supply about 40% of global tungsten demand outside of China, which will help reduce reliance on Chinese tungsten supplies and enhance strategic security for Western nations in defense supply chains.
- Long-term Development Potential: The mine has an expected life exceeding 45 years, with an average tungsten trioxide grade of 0.51%, above the global average, indicating its potential to provide a stable supply of high-quality tungsten for decades to come.
See More
Metals Fabrication Shares Decline
- Sector Decline: Metals fabrication and products shares collectively fell by approximately 0.9%, indicating a weak performance in the sector that may undermine investor confidence.
- Ampco-Pittsburgh Plummets: Ampco-Pittsburgh's stock dropped by about 32.5%, a significant decline likely driven by weak fundamentals or market concerns regarding its future prospects, prompting investor sell-offs.
- Almonty Industries Under Pressure: Almonty Industries saw a decline of approximately 6.4%, reflecting market doubts about its competitiveness and profitability in the metals sector, which could impact its financing and expansion plans.
- Market Sentiment Deteriorates: The poor performance of the metals fabrication sector may lead related companies to adopt a more cautious approach in future financing and investment decisions, potentially affecting the long-term growth of the industry.
See More
Sangdong Resumes Production After 30 Years, Set to Supply 40% of Western Tungsten Demand
- Production Resumption: Almonty Industries announced the commissioning of its Sangdong Tungsten Mine in Gangwon Province, South Korea, after over 30 years of inactivity, with an annual ore processing capacity of 640,000 tonnes expected to yield approximately 2,300 tonnes of tungsten concentrate, marking a significant return to the global tungsten market.
- Expansion Plans: The planned Phase 2 expansion, set to come online in 2027, aims to double processing capacity to 1.2 million tonnes of ore annually, increasing tungsten output to about 4,600 tonnes, with Sangdong projected to supply around 40% of global tungsten demand outside China, significantly enhancing market supply security.
- Investment and Development: Since acquiring the project in 2015, Almonty has invested over $100 million to redevelop the site into a modern underground mining operation, including approximately four kilometers of underground tunnel development and advanced operational monitoring systems, ensuring the mine's long-term sustainability.
- Strategic Implications: The resumption of operations at Sangdong represents a crucial step for the U.S. and its allies in diversifying critical mineral supply chains, directly supporting U.S. defense procurement requirements for non-China tungsten sourcing post-2027, thereby enhancing resource security and solidifying South Korea's strategic position in global tungsten production.
See More
Denison Mine Reports Quarterly Loss in Line with Estimates
- Quarterly Performance: Denison Mine reported a quarterly loss of $0.02 per share for the quarter ended December 2025, aligning with the Zacks consensus estimate and matching last year's loss, indicating stability in profitability.
- Revenue Beat: The company posted revenues of $0.88 million, exceeding the Zacks consensus estimate by 12.44%, and showing growth from $0.84 million a year ago, reflecting enhanced competitiveness in the market.
- Stock Performance: Denison Mine shares have risen approximately 43.2% since the beginning of the year, contrasting with a 0.7% decline in the S&P 500, showcasing the company's relative strength and attracting investor interest.
- Future Outlook: While the current EPS estimate stands at -$0.02 with a revenue forecast of $3.2 million for fiscal 2025, Denison Mine is rated Zacks Rank #2 (Buy) within the top 25% of Zacks industries, suggesting potential market outperformance ahead.
See More
Almonty Delivers First Ore to Sangdong Mine, Transitioning to Active Mining Operations
- Ore Delivery Milestone: Almonty successfully delivered its first truckload of ore to the Run-of-Mine pad at the Sangdong Mine in December 2025, marking the transition from development to active mining operations, which is expected to provide a critical tungsten supply for Western industrial and defense supply chains.
- Surge in Tungsten Prices: As of March 2026, the trailing twelve-month average price of tungsten APT increased by 534% year-over-year to US$2,250 per MTU, driving a 39% revenue increase in Q4 2025 to $8.7 million, reflecting strong market demand.
- Significant Financial Losses: The net loss for Q4 2025 reached CAD 102.3 million, a substantial increase from CAD 5.4 million in the same quarter last year, primarily due to non-cash losses from the revaluation of derivative liabilities, reflecting a significant appreciation in the company's share price.
- Strategic Executive Appointments: Almonty appointed Brigadier General (Retired) Steven L. Allen as Chief Operating Officer to optimize tungsten deliveries and accelerate the development of the Sangdong Molybdenum Project and Gentung Tungsten Project, demonstrating the company's focus on future growth.
See More
Almonty Industries Q4 Financial Results
- Adjusted EBITDA Loss: Almonty Industries reported an adjusted EBITDA loss of $6.2 million for Q4, worsening from a loss of $2 million in the same quarter last year, indicating significant challenges in cost management and operational efficiency that could undermine investor confidence.
- Weak Revenue Growth: Although Q4 revenue increased by 38.1% year-over-year to $8.7 million, it fell short of analyst expectations by $1.64 million, highlighting volatility in market demand and potential shortcomings in the company's sales strategy.
- Financial Performance Review: Historical earnings data for Almonty Industries suggests that despite revenue growth, ongoing losses may limit the company's ability to raise capital in the markets, thereby impacting its long-term strategic initiatives.
- Uncertain Market Outlook: The financial challenges and missed revenue targets faced by the company could negatively affect its future market positioning and competitiveness, prompting investors to closely monitor subsequent financial adjustments and strategic planning.
See More
Almonty Resumes Production at Sangdong Tungsten Mine Amid Record Prices
- Production Resumption: Almonty Industries has completed Phase 1 commissioning at its Sangdong tungsten mine in South Korea, marking a return to production amid record tungsten prices, with an expected output of 2,300 tons/year of high-grade tungsten concentrate to meet defense and semiconductor demands.
- Capacity Enhancement: The modernized underground mine will process approximately 640,000 metric tons of ore, with a planned Phase 2 expansion in 2027 expected to increase throughput to 1.2 million tons/year, effectively doubling production capacity to 4,600 tons/year and significantly boosting market supply.
- Global Market Impact: Once fully operational, Sangdong is projected to supply about 40% of global tungsten demand outside of China, which will help reduce reliance on Chinese tungsten supplies and enhance strategic security for Western nations in defense supply chains.
- Long-term Development Potential: The mine has an expected life exceeding 45 years, with an average tungsten trioxide grade of 0.51%, above the global average, indicating its potential to provide a stable supply of high-quality tungsten for decades to come.
See More
Metals Fabrication Shares Decline
- Sector Decline: Metals fabrication and products shares collectively fell by approximately 0.9%, indicating a weak performance in the sector that may undermine investor confidence.
- Ampco-Pittsburgh Plummets: Ampco-Pittsburgh's stock dropped by about 32.5%, a significant decline likely driven by weak fundamentals or market concerns regarding its future prospects, prompting investor sell-offs.
- Almonty Industries Under Pressure: Almonty Industries saw a decline of approximately 6.4%, reflecting market doubts about its competitiveness and profitability in the metals sector, which could impact its financing and expansion plans.
- Market Sentiment Deteriorates: The poor performance of the metals fabrication sector may lead related companies to adopt a more cautious approach in future financing and investment decisions, potentially affecting the long-term growth of the industry.
See More
Sangdong Resumes Production After 30 Years, Set to Supply 40% of Western Tungsten Demand
- Production Resumption: Almonty Industries announced the commissioning of its Sangdong Tungsten Mine in Gangwon Province, South Korea, after over 30 years of inactivity, with an annual ore processing capacity of 640,000 tonnes expected to yield approximately 2,300 tonnes of tungsten concentrate, marking a significant return to the global tungsten market.
- Expansion Plans: The planned Phase 2 expansion, set to come online in 2027, aims to double processing capacity to 1.2 million tonnes of ore annually, increasing tungsten output to about 4,600 tonnes, with Sangdong projected to supply around 40% of global tungsten demand outside China, significantly enhancing market supply security.
- Investment and Development: Since acquiring the project in 2015, Almonty has invested over $100 million to redevelop the site into a modern underground mining operation, including approximately four kilometers of underground tunnel development and advanced operational monitoring systems, ensuring the mine's long-term sustainability.
- Strategic Implications: The resumption of operations at Sangdong represents a crucial step for the U.S. and its allies in diversifying critical mineral supply chains, directly supporting U.S. defense procurement requirements for non-China tungsten sourcing post-2027, thereby enhancing resource security and solidifying South Korea's strategic position in global tungsten production.
See More
Denison Mine Reports Quarterly Loss in Line with Estimates
- Quarterly Performance: Denison Mine reported a quarterly loss of $0.02 per share for the quarter ended December 2025, aligning with the Zacks consensus estimate and matching last year's loss, indicating stability in profitability.
- Revenue Beat: The company posted revenues of $0.88 million, exceeding the Zacks consensus estimate by 12.44%, and showing growth from $0.84 million a year ago, reflecting enhanced competitiveness in the market.
- Stock Performance: Denison Mine shares have risen approximately 43.2% since the beginning of the year, contrasting with a 0.7% decline in the S&P 500, showcasing the company's relative strength and attracting investor interest.
- Future Outlook: While the current EPS estimate stands at -$0.02 with a revenue forecast of $3.2 million for fiscal 2025, Denison Mine is rated Zacks Rank #2 (Buy) within the top 25% of Zacks industries, suggesting potential market outperformance ahead.
See More
