Almonty to Lead Global Supply Chain Re-entry of Tungsten in South Korea

Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), through its wholly-owned South Korean subsidiary, Almonty Korea Tungsten Corporation (“AKTC”), is pleased to announce that it has recently hosted a delegation from the United States Geological Survey (“USGS”) at its Sangdong Mine in Yeongwol County, Gangwon Province, to assess the ongoing redevelopment of our tungsten mine. The visit marks a significant milestone in the resurgence of Korea’s position as a key player in the global tungsten market.

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Nathaniel Bernardo, Chief Geologist (left) AKTC, is using UV mineral light to observe the tungsten orebody, with and Jamie L. Brainard, Physical Scientist from the U.S. Geological Survey. (Photo: Business Wire)

Sean Xun, Assistant Chief at the National Minerals Information Center (“NMIC”) of the US Geological Survey, led a team of four mineral resource scholars to the site. During their visit, they conducted an extensive review of the progress made in the resumption of tungsten concentrate production, the development of the underground galleries, the processing plant under construction, and of Almonty’s planned tungsten oxide plant in Yeongwol. The NMIC plays a crucial role in gathering and analyzing data on the production and supply chain of critical minerals worldwide. In addition, the USGS will be making a significant update and upgrade on the Company’s Sangdong Mine in its 2025 Report due out during the first quarter of 2025.

Since 2018, tungsten has been designated and managed as a critical mineral by the United States. A representative from the NMIC emphasized the urgent need for the Sangdong Mine to resume production, highlighting that Korea’s re-entry into the tungsten market would significantly mitigate the Western world's dependence on tungsten produced within China. China currently controls nearly 80% of the global tungsten market, making the resumption of production at the Sangdong Mine in South Korea a strategic necessity for diversifying supply chains and enhancing global resource security.