Almonty Updates Drilling Program at Sangdong Molybdenum Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 16 2026
0mins
Almonty Industries announced an update on its large-scale drilling program at the Sangdong Molybdenum Project adjacent to Almonty's Sangdong Mine in Yeongwol, Gangwon Province, South Korea, to confirm molybdenum resources ahead of future project development. Lewis Black, Chairman, President and Chief Executive Officer of Almonty Industries, commented, "The early results from this campaign are highly encouraging. With approximately 37% of the program complete, the grades we are encountering are consistent with the historical data, reinforcing our confidence in the scale and quality of the molybdenum resource at Sangdong. We are advancing this work with urgency, as South Korea confronts a critical shortage of molybdenum, and we believe Sangdong Molybdenum Project can become a stable, allied source of supply for a metal that is vital to defense, energy and advanced manufacturing."
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About ALM
Almonty Industries Inc. is a global producer of tungsten concentrate. Its segments include The Los Santos Mine, The Panasqueira Mine, The Valtreixal Mine, Woulfe, and The Gentung Tungsten Project. It is engaged in the development of the Sangdong tungsten mine project in South Korea (the Sangdong Mine), and it is also mining, processing, and shipping tungsten concentrate from the Panasqueira tin and tungsten mine in Covilha, Castelo Branco, Portugal (the Panasqueira Mine). The Company is evaluating its molybdenum project with inferred mineral resources on a separate property adjacent to the tungsten orebody at the Sangdong Mine, its Valtreixal tin and tungsten mine project located in Western Spain in the province of Zamora (the Valtreixal Mine) and the Gentung Browns Lake tungsten project located in Montana, United States (the Gentung Tungsten Project). It also owns the Los Santos tungsten mine located near Salamanca, Spain (the Los Santos Mine), which is under care and maintenance.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sangdong Mine Transitions to Revenue-Generating Operations
- Operational Milestone: Almonty Industries announced that its Sangdong Mine in Gangwon Province, South Korea, has commenced processing ore, marking a pivotal transition from development to revenue-generating operations, which is expected to significantly enhance company revenues.
- Ore Stockpile Status: As of Q1 2026, the Sangdong Mine has approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (WO₃), with an additional 19,700 tonnes mined in Q2 at 0.35%, providing a solid foundation for future production.
- Economic Value Assessment: The current stockpile's tungsten content is projected to support about 2.6 months of production, with a total in-process value of approximately $68 million, highlighting the mine's profit potential in the current high tungsten price environment.
- Strategic Implications: With the commissioning of the Sangdong Mine, Almonty is advancing towards its goal of becoming a leading tungsten producer in the West, particularly as global demand for non-China tungsten supply increases, further solidifying its market position.
See More
Almonty Industries Joins Russell 1000 and 3000 Indexes
- Index Inclusion Milestone: Almonty Industries announced its inclusion in the Russell 1000® and Russell 3000® Indexes effective June 29, 2026, marking a significant growth in market capitalization and expected to enhance its visibility among institutional investors.
- Increased Market Recognition: CEO Lewis Black stated that qualifying for these indexes based on objective market capitalization criteria reflects the market's recognition of Almonty as a strategic metal producer, potentially attracting more index-tracking funds.
- Liquidity Improvement Expectations: With Almonty becoming a constituent of the Russell indexes, it is anticipated to improve the trading liquidity of its shares and provide a more stable base for long-term shareholders, enhancing the company's market position in defense and advanced technology sectors.
- Supply Chain Security Strategy: Almonty's Sangdong Mine is expected to become a significant source of global non-China tungsten production, addressing the rising demand for supply chain security from Western allies, further solidifying its leadership in the tungsten market.
See More
Western Star Resources Launches White Star Tungsten Project Amid Supply Concerns
- Project Launch: Western Star Resources has commenced modern exploration at its White Star Tungsten Project in Nevada, conducting the first high-resolution UAV magnetic survey, which is expected to provide critical data for future drilling targets and position the company advantageously ahead of the 2027 procurement ban.
- Price Surge Context: The benchmark tungsten price reached $3,000 to $3,200 per metric tonne in mid-2026, reflecting a 900% increase from 2025 lows, indicating a structural repricing of global tungsten supply risks, which Western Star aims to address by developing domestic resources.
- Strategic Integration Plan: The company plans to consolidate data from the White Star and Rowland tungsten projects into a unified geological model, enhancing the resource potential of historic mining areas through modern exploration techniques and strengthening its competitive position in the U.S. market.
- Growing Market Demand: Tungsten consumption is forecasted to significantly increase over the next decade, particularly in defense, aerospace, and semiconductors, aligning Western Star's projects with the urgent U.S. demand for non-Chinese tungsten supplies.
See More
Almonty Accelerates Molybdenum Development Amid South Korea's Supply Crisis
- Exploration Progress: Almonty has completed approximately 37% of its drilling program at the Sangdong Molybdenum Project in South Korea, covering about 12,000 meters, with initial results indicating molybdenum grades consistent with historical data, thereby reinforcing the company's confidence in the scale and quality of the resource.
- Surging Market Demand: Molybdenum, a strategic metal widely used in high-temperature and high-pressure industries such as aerospace and defense, has seen its spot price increase by approximately 23.5% over the past year to 592.34 CNY/Kg, reflecting a rapid growth in demand for this metal.
- Addressing Supply Crisis: With South Korea facing a critical shortage of molybdenum, the government has issued notices urging companies to secure supplies, positioning Almonty's project as a stable source of molybdenum to support national defense and advanced manufacturing.
- Strategic Investment Outlook: Almonty plans to move into production immediately upon confirming the full extent of the molybdenum ore body, leveraging its existing infrastructure and expertise in tungsten to create long-term value for shareholders while enhancing national resource security.
See More
Western Star Acquires New Mexico Tungsten Mine Amid Strategic Supply Concerns
- Strategic Acquisition: Western Star Resources Inc. has acquired the Eagle Point Tungsten Mine in New Mexico, featuring a remarkable 27.6% tungsten trioxide surface sample, positioning the company strategically ahead of the impending U.S. defense procurement deadline to reduce reliance on Chinese tungsten.
- Historical Context: The mine was once deemed a strategic asset by the U.S. government in the 1950s, which signed a contract to fund 75% of drilling costs, but the project was never executed, making its current acquisition a focal point reflecting tungsten's significance in defense and industry.
- Market Dynamics: China controls approximately 85% of global tungsten supply, and the recent price surge of 900% over the past year underscores the urgent need for the U.S. to secure domestic tungsten sources to comply with the upcoming DFARS procurement restrictions.
- Future Plans: Western Star intends to advance the Eagle Point project through high-resolution drone magnetic surveys and systematic rock-chip geochemical sampling to establish drilling targets, aiming to validate the mine's potential resources.
See More
NevGold's Rise Amid U.S. Antimony Supply Chain Reshaping
- Rising Importance of Antimony: Antimony has become a national strategic priority as a critical material for military ordnance, flame retardants, and next-generation batteries, with the U.S. producing almost none, attracting significant capital interest.
- NevGold's Project Advantage: The Limousine Butte project leverages existing infrastructure from a historical mining site, with expectations for near-term antimony production within 12 to 18 months, significantly shortening the production timeline.
- Supporting Technical Results: NevGold reported high-grade antimony-gold oxide intercepts, indicating that both antimony and gold can be sequentially recovered from the same feed stream, with gold recoveries exceeding 93%, laying the groundwork for future resource estimates.
- Funding Support and Development Plans: In spring 2026, NevGold successfully upsized a C$42 million financing to fund a 20,000-meter drill program aimed at resource conversion and new target development, enhancing the company's financial strength and market competitiveness.
See More
Sangdong Mine Transitions to Revenue-Generating Operations
- Operational Milestone: Almonty Industries announced that its Sangdong Mine in Gangwon Province, South Korea, has commenced processing ore, marking a pivotal transition from development to revenue-generating operations, which is expected to significantly enhance company revenues.
- Ore Stockpile Status: As of Q1 2026, the Sangdong Mine has approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (WO₃), with an additional 19,700 tonnes mined in Q2 at 0.35%, providing a solid foundation for future production.
- Economic Value Assessment: The current stockpile's tungsten content is projected to support about 2.6 months of production, with a total in-process value of approximately $68 million, highlighting the mine's profit potential in the current high tungsten price environment.
- Strategic Implications: With the commissioning of the Sangdong Mine, Almonty is advancing towards its goal of becoming a leading tungsten producer in the West, particularly as global demand for non-China tungsten supply increases, further solidifying its market position.
See More
Almonty Industries Joins Russell 1000 and 3000 Indexes
- Index Inclusion Milestone: Almonty Industries announced its inclusion in the Russell 1000® and Russell 3000® Indexes effective June 29, 2026, marking a significant growth in market capitalization and expected to enhance its visibility among institutional investors.
- Increased Market Recognition: CEO Lewis Black stated that qualifying for these indexes based on objective market capitalization criteria reflects the market's recognition of Almonty as a strategic metal producer, potentially attracting more index-tracking funds.
- Liquidity Improvement Expectations: With Almonty becoming a constituent of the Russell indexes, it is anticipated to improve the trading liquidity of its shares and provide a more stable base for long-term shareholders, enhancing the company's market position in defense and advanced technology sectors.
- Supply Chain Security Strategy: Almonty's Sangdong Mine is expected to become a significant source of global non-China tungsten production, addressing the rising demand for supply chain security from Western allies, further solidifying its leadership in the tungsten market.
See More
Western Star Resources Launches White Star Tungsten Project Amid Supply Concerns
- Project Launch: Western Star Resources has commenced modern exploration at its White Star Tungsten Project in Nevada, conducting the first high-resolution UAV magnetic survey, which is expected to provide critical data for future drilling targets and position the company advantageously ahead of the 2027 procurement ban.
- Price Surge Context: The benchmark tungsten price reached $3,000 to $3,200 per metric tonne in mid-2026, reflecting a 900% increase from 2025 lows, indicating a structural repricing of global tungsten supply risks, which Western Star aims to address by developing domestic resources.
- Strategic Integration Plan: The company plans to consolidate data from the White Star and Rowland tungsten projects into a unified geological model, enhancing the resource potential of historic mining areas through modern exploration techniques and strengthening its competitive position in the U.S. market.
- Growing Market Demand: Tungsten consumption is forecasted to significantly increase over the next decade, particularly in defense, aerospace, and semiconductors, aligning Western Star's projects with the urgent U.S. demand for non-Chinese tungsten supplies.
See More
Almonty Accelerates Molybdenum Development Amid South Korea's Supply Crisis
- Exploration Progress: Almonty has completed approximately 37% of its drilling program at the Sangdong Molybdenum Project in South Korea, covering about 12,000 meters, with initial results indicating molybdenum grades consistent with historical data, thereby reinforcing the company's confidence in the scale and quality of the resource.
- Surging Market Demand: Molybdenum, a strategic metal widely used in high-temperature and high-pressure industries such as aerospace and defense, has seen its spot price increase by approximately 23.5% over the past year to 592.34 CNY/Kg, reflecting a rapid growth in demand for this metal.
- Addressing Supply Crisis: With South Korea facing a critical shortage of molybdenum, the government has issued notices urging companies to secure supplies, positioning Almonty's project as a stable source of molybdenum to support national defense and advanced manufacturing.
- Strategic Investment Outlook: Almonty plans to move into production immediately upon confirming the full extent of the molybdenum ore body, leveraging its existing infrastructure and expertise in tungsten to create long-term value for shareholders while enhancing national resource security.
See More
Western Star Acquires New Mexico Tungsten Mine Amid Strategic Supply Concerns
- Strategic Acquisition: Western Star Resources Inc. has acquired the Eagle Point Tungsten Mine in New Mexico, featuring a remarkable 27.6% tungsten trioxide surface sample, positioning the company strategically ahead of the impending U.S. defense procurement deadline to reduce reliance on Chinese tungsten.
- Historical Context: The mine was once deemed a strategic asset by the U.S. government in the 1950s, which signed a contract to fund 75% of drilling costs, but the project was never executed, making its current acquisition a focal point reflecting tungsten's significance in defense and industry.
- Market Dynamics: China controls approximately 85% of global tungsten supply, and the recent price surge of 900% over the past year underscores the urgent need for the U.S. to secure domestic tungsten sources to comply with the upcoming DFARS procurement restrictions.
- Future Plans: Western Star intends to advance the Eagle Point project through high-resolution drone magnetic surveys and systematic rock-chip geochemical sampling to establish drilling targets, aiming to validate the mine's potential resources.
See More
NevGold's Rise Amid U.S. Antimony Supply Chain Reshaping
- Rising Importance of Antimony: Antimony has become a national strategic priority as a critical material for military ordnance, flame retardants, and next-generation batteries, with the U.S. producing almost none, attracting significant capital interest.
- NevGold's Project Advantage: The Limousine Butte project leverages existing infrastructure from a historical mining site, with expectations for near-term antimony production within 12 to 18 months, significantly shortening the production timeline.
- Supporting Technical Results: NevGold reported high-grade antimony-gold oxide intercepts, indicating that both antimony and gold can be sequentially recovered from the same feed stream, with gold recoveries exceeding 93%, laying the groundwork for future resource estimates.
- Funding Support and Development Plans: In spring 2026, NevGold successfully upsized a C$42 million financing to fund a 20,000-meter drill program aimed at resource conversion and new target development, enhancing the company's financial strength and market competitiveness.
See More
