Company Overview

Almonty Industries Inc. is a Canadian-based specialty mining company focused on the acquisition, development, and operation of tungsten projects. The company operates within the critical minerals and metals mining industries, with tungsten as its sole commodity focus. Tungsten is used in industrial tooling, aerospace, defense, automotive manufacturing, and electronics due to its hardness, heat resistance, and high density. Almonty’s strategy is centered on becoming a leading non-Chinese supplier of tungsten concentrates to Western markets.

The company’s primary revenue drivers are the production and sale of tungsten concentrate from operating mines and the development of long-life tungsten assets. Almonty positions itself as a strategic supplier to customers seeking supply chain diversification away from China, which dominates global tungsten production. Founded in 2011, Almonty has evolved from a project acquisition vehicle into an international tungsten producer and developer through the acquisition and restart of historical tungsten mines in Europe and Asia.

Business Operations

Almonty’s operations are organized around its wholly owned mining subsidiaries, which manage individual tungsten assets. Its producing asset is the Panasqueira Mine in Portugal, operated through Almonty Portugal S.A., which generates revenue from the sale of tungsten concentrate to international customers. The company also owns the Los Santos Mine in Spain, which has been on care and maintenance, and the Sangdong Tungsten Mine in South Korea, operated by Almonty Korea Tungsten Corp., which is under development and intended to become the company’s flagship asset.

The company’s business model combines near-term cash flow from Panasqueira with long-term production growth from Sangdong. Almonty controls mining licenses, processing facilities, and associated infrastructure at its sites. It has entered into long-term offtake and financing-related arrangements in connection with the development of Sangdong, reflecting its focus on securing stable demand and funding for large-scale tungsten production.

Strategic Position & Investments

Almonty’s strategic direction is centered on establishing a secure, large-scale tungsten supply chain outside of China, with particular emphasis on serving Western industrial and defense markets. The development of the Sangdong Tungsten Mine, historically one of the world’s largest tungsten producers, represents the company’s most significant investment and growth initiative. The project has received substantial capital investment for underground mine development, processing facilities, and related infrastructure.

In addition to Sangdong, Almonty continues to invest in sustaining and optimizing production at Panasqueira while preserving optionality at Los Santos. The company has also pursued downstream integration opportunities, including potential tungsten processing capabilities, to enhance value capture and supply reliability. Its asset portfolio is concentrated but strategically differentiated by jurisdictional stability and long mine life potential.

Geographic Footprint

Almonty Industries operates across Europe and Asia, with corporate headquarters in Canada. Its producing and development assets are located in Portugal, Spain, and South Korea, providing the company with a geographically diversified operational base within OECD and allied jurisdictions. This footprint supports its positioning as a supplier to customers seeking politically stable and transparent mining regions.

The company’s most significant future production is expected to come from South Korea, while Portugal currently represents its primary source of operating revenue. Almonty’s international presence also includes commercial relationships with customers in North America, Europe, and Asia, reflecting the global nature of the tungsten market.

Leadership & Governance

Almonty is led by an executive team with experience in mining finance, project development, and specialty metals. The leadership emphasizes disciplined capital allocation, long-life asset development, and alignment with strategic industrial and governmental stakeholders focused on critical mineral security.

Key executives include:

• Lewis Black – President and Chief Executive Officer
• Gert Lerchbaumer – Chief Financial Officer
• Dr. Thomas Gutschlag – Chairman of the Board
• Mikko T. Saarikoski – Chief Operating Officer

The company’s governance structure is designed to support long-term asset development and regulatory compliance across multiple jurisdictions, with board oversight focused on risk management, financing strategy, and operational execution.