Almonty Industries Inc: Achieves key milestone at Sangdong, begins Tungsten concentrate production

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Almonty Industries Inc: Achieves key milestone at Sangdong, begins Tungsten concentrate production

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Almonty Industries Inc

Achieves key milestone at Sangdong,

begins Tungsten concentrate production

Maintain Rating: BUY | PO: 23.00 USD | Price: 15.71 USD

Sangdong de-risked, revenue inflection ahead. Buy. 02 July 2026

Almonty Industries (ALM) announced the commencement of processing operations at its Equity

Sangdong mine in South Korea and the production of saleable tungsten concentrate. The

Lawson Winder, CFA >>

transition from construction to production materially de-risks the investment thesis, Research Analyst

with stockpiled concentrate representing $68 million (m) in gross revenue over the next Merrill Lynch (Canada) +1 416 369 7592

3 months from Sangdong alone (vs. $33m reported for full year 2025 from its lawson.winder@bofa.com

Panasqueira mine in Portugal). This should improve further as underground mining ramps Sathish Kasinathan

up and grades improve. We maintain our Buy rating given ALM's strong volume growth, Research Analyst BofAS

relatively low-cost structure, and a solid balance sheet. As one of only two listed +1 646 855 2769

'Western' producers, and the only US-listed, ALM is a unique vehicle to gain exposure to sathish.kasinathan@bofa.com

strong tungsten prices and growing Western demand for critical minerals. AdamResearchSmiarowski,Analyst CFA >>

Merrill Lynch (Canada)

Stockpiled ore supports ramp-up, grade upside ahead +1adam.smiarowski@bofa.com416 369 7780

As of Q2-end, Sangdong had 139,700 tonnes (t) of stockpiled ore grading ~0.25%

tungsten trioxide (WO₃), including 19,700t mined during Q2’26 at a higher 0.35% WO₃

grade. This inventory represents roughly 2.6 months of Phase I plant feed and per