Almonty Montana tungsten project strengthens US critical minerals supply

Almonty Industries

Almonty Montana tungsten project will strengthen US tungsten supply as the company acquires Gentung Browns Lake in Montana. The asset ranks among the most advanced undeveloped US tungsten projects, according to Almonty Industries. As a result, the deal positions Almonty as a key North American tungsten concentrate supplier.

Strategic acquisition terms and project timeline

Almonty Industries will acquire Gentung Browns Lake for $9.75mn in a combined cash and share transaction. The package includes $750,000 in cash and $9mn in Almonty shares, aligning seller incentives with long-term project success. However, the relatively modest entry cost underscores the value upside if tungsten prices tighten.

Almonty expects production at the Almonty Montana tungsten project could begin as early as the second half of 2026. This timing would place new US tungsten output into the market amid ongoing concerns about Chinese supply dominance. Therefore, the project fits broader US and allied efforts to diversify strategic metals sourcing.

Permits, infrastructure and processing advantages

The acquisition also includes plant permits, water rights and tungsten processing equipment from a Montana-based operator. These assets shorten the development timeline and can lower initial capital intensity for the Almonty Montana tungsten project. Meanwhile, existing permits reduce early-stage regulatory risk, always a critical factor for US mining projects.

Almonty plans to use the acquired equipment to process ore from Gentung Browns Lake once mining starts. Integrating permits, water rights and processing infrastructure allows a more streamlined ramp-up path. As a result, the project can move faster from feasibility work to cash-generating tungsten concentrate production.

The Metalnomist Commentary

This move confirms Almonty’s strategy to build a multi-asset tungsten portfolio anchored in OECD jurisdictions. For the US, incremental output from Montana will not replace Chinese supply, but it will matter for defense and high-performance alloy chains. Investors should watch how Almonty sequences capex and offtake deals as tungsten regains attention as a strategic metal.

Almonty Industries Announces U.S. Relocation to Strengthen Global Tungsten and Molybdenum Market Presence

Almonty Industries

A Strategic Move to Enhance Competitiveness and Address Evolving Market Demands

Almonty Industries, a major player in critical minerals mining based in Toronto, Canada, has announced its decision to move its jurisdiction of incorporation to the United States. This strategic shift aims to enhance the company's competitiveness in the global tungsten and molybdenum markets. By relocating closer to its key North American customers, Almonty positions itself favorably amidst changing geopolitical landscapes and evolving U.S. policies.

Navigating Geopolitical Tensions and Regulatory Changes

The decision comes in response to significant changes in global politics and policy, including China's export restrictions on super-hard materials and the U.S. government's focus on strengthening domestic supply chains for essential metals. This move aligns with U.S. efforts, spearheaded by President Donald Trump's recent executive order, to reassert the country's dominance in critical mineral production and supply.

Strategic Implications for Defense and Technology Sectors

Almonty's relocation is particularly timely given the upcoming U.S. defense policy changes, which will impose restrictions on tungsten sourcing from countries like China and Russia. With these new rules set to take effect in January 2027, Almonty's U.S.-based operations will likely become a pivotal source of tungsten for defense contractors and technology firms focusing on semiconductors and batteries.

Almonty continues to operate its tungsten mines in Europe and is progressing its Sangdong project in South Korea, anticipated to significantly boost its tungsten oxide production. Furthermore, the company is exploring opportunities to expand its processing capabilities to enhance its supply chain integration or potentially partner with established players in the industry.

Almonty tungsten funding targets $112.5mn for W and Mo projects

Almonty Industries

Almonty Industries has launched Almonty tungsten funding to raise $112.5mn for growth projects. The company will sell 18 million shares at $6.25 each in United States markets. The syndicate includes BofA Securities, Cantor Fitzgerald, D.A. Davidson, and AGP/Alliance Global Partners. The deal also offers a 30-day option for 2.7 million additional shares.

Almonty will direct the proceeds to three priority workstreams across Montana, Portugal, and South Korea. The plan covers development at its Gentung Browns Lake tungsten project, expansion at the Panasqueira Mine, and drilling at the Sangdong Mine. Therefore, the raise supports near-term execution plus working capital flexibility.

Funding priorities and near-term project milestones

Almonty tungsten funding puts Montana’s Gentung Browns Lake on a clearer timeline for first output. Management expects production to start in the second half of 2026, based on its recent update. Meanwhile, the company will use capital to advance exploration and site development work.

Almonty will also push tungsten project financing into brownfield improvements at Panasqueira. The company started drilling programs at Panasqueira during the July–September quarter. As a result, it can target throughput upgrades and resource confidence for longer mine life.

What the raise signals for critical metals supply chains

Almonty tungsten funding highlights how miners are funding security-of-supply goals through capital markets. Tungsten supports aerospace, defense, and industrial tooling demand, where buyers value stable concentrates. Meanwhile, molybdenum supports high-performance steels and energy infrastructure, which remain strategic under reindustrialization policies.

The company’s three-region footprint also spreads operational risk across different regulatory environments. Therefore, customers can diversify sourcing options while Almonty scales. However, investors will watch execution discipline and cost control across multiple sites.

The Metalnomist Commentary

This raise fits a broader shift toward critical metals re-shoring and allied-supply buildouts. Therefore, financing access now becomes a competitive advantage for mid-tier producers. Meanwhile, Almonty’s multi-asset pipeline could attract long-term offtake discussions if milestones stay on track.

Almonty Tungsten Oxide Supply for US Defense Strengthens Critical Mineral Chain

Tungsten Parts Wyoming

Strategic Agreement Secures Domestic Defense Supply

Almonty Industries has signed a binding deal to supply tungsten oxide for US defense programs through Tungsten Parts Wyoming (TPW). The agreement ensures a monthly minimum of 40t of tungsten oxide for three years, reinforcing North America's critical mineral security. The agreement includes a hard price floor and automatic annual renewal, though pricing details remain undisclosed.

Multi-National Processing and Supply Chain

TPW will send the tungsten oxide to Metal Tech, an Israeli processor, for conversion into tungsten metal powder. Processing will occur in Israel or the US, after which the powder will feed into TPW’s products used in US military programs. These include tungsten super shot, blasting media, and specialized components for defense-grade applications.

Sandong Mine to Anchor Long-Term Supply

Tungsten oxide deliveries will begin once Almonty launches commercial-scale output from its Sandong mine in South Korea. The mine targets 2.3mn t/yr of oxide in its first phase, with nearly half committed to US-based Global Tungsten & Powders. Almonty also signed an offtake agreement with South Korea’s SeAH for all molybdenum output from the same project.

The Metalnomist Commentary

This deal marks a critical step toward onshoring and diversifying tungsten supply chains for US defense. As geopolitical risks mount, multi-national processing and guaranteed offtakes offer essential redundancy and resilience.

EU Tungsten Prices Surge Amid Tight Supply and China Export Controls

EU Tungsten Scrap

Export Restrictions and Low Inventories Drive Up Tungsten Prices in Europe

European tungsten prices have surged to multi-year highs due to restricted supply, dwindling inventories, and newly imposed Chinese export controls. The Focus Keyphrase "EU tungsten prices" has gained attention from global buyers navigating a market reshaped by policy shifts and geopolitical uncertainty.

European tungsten concentrate prices are now $310–320/dmtu in Rotterdam warehouses, up from $260–270/dmtu in early January — the highest level since the index’s launch in 2017. This price rally stems from low inventories and tightening global supply, particularly as China has lowered its tungsten mining quota and extended export licensing to include more products.

Western Buyers Lock in Long-Term Contracts Amid Risk

Western buyers are responding to this supply disruption by securing multi-year offtake deals. According to Australia-based producer EQ Resources, these contracts often include large prepayments to hedge against delays in Chinese export licence approvals.

Meanwhile, the defense sector's growing demand for tungsten is driving further contract activity. Almonty Industries, for instance, has signed a multi-year agreement to supply tungsten oxide to U.S.-based TPW for military applications. These agreements underscore the metal's strategic importance and the urgency among buyers to secure long-term supply.

However, some traders question how long the upward momentum can last. While markets like Vietnam remain willing to pay premium prices, others find current rates difficult to accept.

APT Prices Rise as Chinese Controls Disrupt Market

The price of ammonium paratungstate (APT), a key tungsten intermediate, has also spiked. European APT prices now range between $395–405/dmtu, a 20% increase since January and the highest since 2013. China’s restrictions have further worsened European availability, leading to extremely low warehouse stock levels.

As a workaround, some buyers have started importing ammonium tungstate (ATM), which is not currently subject to export controls. Although ATM cannot be converted into oxide, it is usable in limited applications. Industry sources caution that ATM could be restricted if the trade environment worsens.

Adding to the cost pressure, concentrate payables have jumped to 80–85% of APT price, up from the typical 70%, reflecting the sharp increase in feedstock costs.

The Metalnomist Commentary

EU tungsten prices are being reshaped not just by market forces, but by geopolitics. With China tightening control over its critical minerals, Western buyers are being pushed into a new era of strategic procurement. As APT and concentrate prices continue to climb, Europe’s reliance on Chinese tungsten remains a vulnerability — one that may prompt diversification strategies and renewed investment in local supply chains.