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 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.

USAC Antimony Expansion Targets July Start for US Defense Stockpile Supply

USAC Antimony

USAC antimony expansion at Thompson Falls in Montana is expected to be fully online by mid-July, strengthening US domestic supply of a critical defense metal. The company has started commissioning the smelter expansion and plans to bring operations online in phases.

USAC antimony expansion will add capacity at a time when Washington is trying to secure antimony ingots for the national defense stockpile. Antimony is used in ammunition, flame retardants, alloys and other defense-related applications.

USAC antimony expansion depends on the arrival of furnace parts expected in the last week of May. The company plans to start one to two furnaces each week until all nine furnaces are operating around mid-July.

By the end of July, US Antimony expects the expansion to produce at nearly 80% of its 230 t/month capacity. The company then plans to temporarily shut its older 75 t/month plant for four to eight weeks for maintenance and emissions upgrades.

Montana Capacity Supports Fixed-Price DLA Contract

The Thompson Falls expansion is directly tied to US Antimony’s five-year fixed-price contract with the Defense Logistics Agency. The contract covers 6.7mn lb, or 3,039t, of antimony ingots for the national defense stockpile and is worth up to $245mn.

USAC has received $12mn in DLA sales orders to date. It has also received the first two delivery notices for finished antimony ingots to the Department of Defense.

The federal contract will become a major revenue driver. USAC expects $75mn-95mn of its estimated $125mn revenue in 2026 to come from shipments to the US government.

That structure makes the Montana expansion strategically important. The project is not only a capacity increase; it is part of a government-backed supply chain for a material with limited domestic production.

USAC’s antimony inventories also increased sharply. Inventories reached $21.7mn at the end of the first quarter, up from $12mn at the end of 2025.

However, execution has not been smooth. The expansion was initially expected to be completed in January but was delayed by supplier and third-party issues involving concrete pads, building construction and heat exchangers.

Federal Funding Pushes US Antimony Beyond Thompson Falls

The Department of Defense awarded USAC $27mn in Defense Production Act Title III funds in February to expand antimony production and refining capacity in Montana and Alaska. The company received $12.8mn of that grant in April.

This funding shows that US antimony supply is now a defense industrial priority. China’s dominant role in antimony processing has made domestic and allied capacity more strategically valuable.

USAC is also pursuing a larger hydrometallurgical processing project in Idaho with Canadian miner Americas Gold and Silver. The joint venture was established in February.

The partners expect to complete construction of the Idaho facility in 2028. The project is targeting capacity of up to 1,000 t/month of 99.9% pure antimony.

USAC has applied for more than $274mn in federal grants across several projects. These include the hydromet facility and tungsten exploration at the Fostung site in Canada.

The company’s financial results still show the strain of expansion. USAC reported an $11.3mn first-quarter loss, compared with a $0.5mn profit a year earlier, while revenue fell by 3% to $6.8mn.

The near-term challenge is therefore operational execution. USAC must bring the Montana furnaces online, meet emissions requirements, deliver to the DLA and convert federal support into reliable production.

The Metalnomist Commentary

USAC’s Montana expansion shows how the US is trying to rebuild antimony capacity through defense contracts, stockpiles and public funding. The strategic risk is execution: domestic supply security depends on furnaces actually running, not only grants and offtake contracts.