Tungsten miner Almonty Industries CEO and president Lewis Black says the company has made solid strides across several strategic initiatives to lay the groundwork for the company’s next phase of growth.

Commenting on the company’s performance in the three months ended June 30, Black confirms the company’s Panasquiera mine, in Portugal, remains a reliable cornerstone for the group, delivering steady tungsten output and valuable operational insights as Almonty prepares for first production from its flagship Sangdong mine, in South Korea.

Sangdong is expected to supply more than 80% of global non-China tungsten production once it reaches full capacity.

“Sangdong’s development reached a major milestone during the second quarter. With all processing equipment now installed and the final drawdown of a loan facility with German State-owned development bank KfW subsidiary International Project and Export Finance having been completed, the mine’s construction is effectively complete,” Black states.  

He adds that Almonty has transitioned into the final pre-production phase at what is one of the world’s largest and highest-grade tungsten projects outside of China, and the company remains on track to start initial production in the second half of this year.

Importantly, Sangdong’s significantly higher ore grades relative to Panasqueira should translate into robust production economics once operations begin.

“We also fortified our financial position, ending the second quarter with about $25-million in cash thanks to warrant exercises and other equity inflows,” Black affirms.

Subsequent to quarter end, Almonty listed on the Nasdaq Capital Market and raised $90-million in a public offering, significantly bolstering its balance sheet to fuel Sangdong’s ramp-up and future growth initiatives. Almonty also remains listed in Australia, Toronto and Frankfurt.

Moreover, Black says Almonty was invited to join a US Defence Department-backed critical minerals forum and signed an offtake agreement to supply tungsten oxide for the department.

“We also welcomed Alan Estevez, a former US Under Secretary of Commerce for Industry and Security, to our board of directors, adding deep national security and industry expertise to our leadership team,” Black states.

He concludes that with Sangdong on the cusp of production and global demand for tungsten rising, he believes Almonty is entering a transformative new chapter, poised to deliver long-term value to shareholders.