Almonty Receives U.S. Congressional Recognition for Strategic Role in U.S. Critical Minerals Supply Chain
TORONTO--(BUSINESS WIRE)--Jun 9, 2025--
Almonty Industries Inc. (TSX: AII | ASX: AII | OTCQX: ALMTF | Frankfurt: ALI) ('Almonty' or the 'Company'), a leading global producer of tungsten concentrate, today announced the receipt of a formal letter [available here] from the Chairman and Ranking Member of the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party.
The letter underscores Almonty's strategic importance to the United States as it seeks to secure critical mineral supply chains amid rising geopolitical tensions. Specifically, the Committee acknowledged: The significance of Almonty's Sangdong Mine in South Korea, which is expected to become the largest tungsten producer outside of China.
The Company's planned redomiciling to the United States, positioning Almonty to become the only U.S.-based company producing tungsten concentrates at commercial scale.
The Committee also expressed interest in ongoing engagement with Almonty, focusing on potential collaboration in support of the U.S. defense industrial base, including supply chain integration with American defense contractors and potential additions to the National Defense Stockpile.
The Company has subsequently responded to all questions posed by the Chairman and Ranking member of the U.S. House Select Committee.
Comment from Lewis Black, President and CEO of Almonty
'This recognition from U.S. congressional leaders affirms that Almonty's Sangdong project is far more than a commercial endeavor — it is strategic infrastructure vital to the security and resilience of U.S. and allied supply chains. As we prepare to redomicile to the United States, our objective is to go beyond being a supplier. We are positioning Almonty as a trusted partner in reshoring and friend-shoring critical mineral capacity at a time when geopolitical pressures demand greater transparency, reliability, and allied control. We are deeply aligned with U.S. national security priorities and remain focused on delivering long-term value to our shareholders.'
Almonty is nearing completion of its processing facilities at the Sangdong Mine, with first production targeted for 2025. With no commercial tungsten production in the United States since 2015, Almonty's entry into the market is expected to significantly bolster U.S. supply chain resilience for a mineral critical to munitions, aerospace, and other high-performance defense applications.
About Almonty
Almonty Industries Inc. is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. Its Sangdong tungsten mine in Gangwon Province, South Korea is currently under construction. The Sangdong mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, and has significant upside potential from an underlying molybdenum deposit. Additional development projects underway include the Valtreixal tin/tungsten project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty's activities may be found at www.almonty.com and under Almonty's profile at www.sedarplus.com .
Legal Notice
The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law, and therefore, persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology. Forward-looking information or statements in this press release include matters relating to the quantity of tungsten oxide to be purchased under the Offtake Agreement and the price at which such purchases will be made, the applications in which the purchased tungsten oxide will be used, the processing of the tungsten oxide, the time at which deliveries are expected to commence, the term of the Offtake Agreement and the anticipated benefits of the Offtake Agreement for Almonty. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ('APT') from which the sale price of Almonty's tungsten concentrate is derived, the risk that the Offtake Agreement may be terminated in accordance with its terms before the end of its initial term, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development, production and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, and challenges related to global financial conditions.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of APT, the continuing ability to fund or obtain funding for outstanding commitments, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, Almonty does not undertake any obligation to publicly update any forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250609317359/en/
CONTACT: Company
Lewis Black
Chairman, President & CEO
+1 647 438-9766
[email protected] Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
[email protected]
www.mzgroup.us
KEYWORD: NORTH AMERICA UNITED STATES SOUTH KOREA ASIA PACIFIC CANADA
INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES
SOURCE: Almonty Industries Inc.
Copyright Business Wire 2025.
PUB: 06/09/2025 07:30 AM/DISC: 06/09/2025 07:28 AM
http://www.businesswire.com/news/home/20250609317359/en
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