Silicon Investor - Almonty Industries Inc.

[Sultan] Almonty Industries: The $800 Million Bet on Tungsten youtube.com

Sultan — 8/10/2026 1:03:23 AM

[Sultan] Hard Work A fortnightly note from the CEO of Almonty Industries Welcome ...

Sultan — 8/2/2026 2:21:17 AM

Hard Work
A fortnightly note from the CEO of Almonty Industries

Welcome back to Hard Work.

I wasn't sure what to expect when the first edition went out. What I got was a full inbox – some of it kind, some of it opinionated and a fair bit of it forwarded on to people I'd never have reached myself. Thank you for that. I said last time that sensible feedback was welcome and mild abuse would be entertained depending on my mood, and you took me at my word on both counts. I'm still working through the replies and I intend to answer every one, so if you haven't heard back yet, you will.

The short version of your response was: keep going. So let’s get into it.

The loophole was always the story

Since the last newsletter, the White House signed an executive order tightening the rules on where America's defense supply chain gets its critical materials. Plenty of people read the headline as "the US bans Chinese tungsten." That's not the news. The ban already existed – it's been on the books for a while. The news is the waiver.

Because there's always been a side door marked "exceptional circumstances." Can't find compliant material? Apply for a waiver, buy the Chinese material anyway, carry on. And the push for those waivers wasn't really coming from the industrial base. It was coming from traders.

Think about the incentive. A trader needs margin, and there's precious little tungsten available anywhere outside China. So step one, get a waiver; step two, find the cheap material; step three, make your money. For a good number of people, that was the whole business model.

The executive order takes the side door off its hinges. From the start of 2027, the waivers stop. Want one before then? You file a formal plan proving you hunted for alternatives and showing how you'll get the non-compliant material out of your chain, with a timeline attached. Traders lobbied for a five-year transition, but they didn't get it.

I'm not a political man, but this is the right thing to do, and I like the aggression of it. Every serious nation needs more than one place to go shopping. Like or dislike China, that's just the most basic rule of not being at someone else's mercy. The administration flagged this years ago. Everyone said "we’re on it," and then did nothing. So now it's a rule, not a suggestion. The companies that took the warning seriously are about to take a great deal of market share from the ones that didn't. That's the game, and it's finally being played on the level.

Tungsten marketsMichael Dornhofer, ISBP – assessment as of 31 July, 2026

It is no surprise that during vacation time, there is little movement in the tungsten world. The prices for tungsten raw material and tungsten downstream products did not change in recent weeks, neither in the west, nor on the Chinese domestic market. I assess APT at around US$3,000 to 3,200/mtu WO3, CIF Rotterdam and Baltimore.

As it is not expected that China will change its dual-use policy, the shortage of raw material in the west will persist, which supports tungsten prices in the mid- and long-term.

Chinese sources report that new and extended safety and environmental inspections have started in several mining provinces. In the past, such inspections always led to reduced mining output. Prices in the Chinese domestic market are therefore expected to rise again soon.

Higher raw material prices have prompted greater efforts to raise recycling volumes. But it must be said that significant recycling rates are achievable only in the hardmetal and tooling sector. Tools are certainly an important part of the tungsten downstream market. But the growing applications for tungsten are in military, electronics (including WF6 for semiconductors and memory chips), batteries and similar fields.

In all of these sectors, (nearly) no recycling is possible. The demand from these industries must be covered by fresh tungsten. The worldwide mining output must therefore grow notably faster than overall tungsten consumption.

Michael Dornhofer is founder of ISBP (Independent Supply Business Partner) in Graz, Austria. He has spent more than 20 years in tungsten, including 13 years at Wolfram Bergbau und Hütten, Sandvik's tungsten business, and has worked as an independent agent and consultant to the tungsten and hard metal industry since 2019.

Show me the metal

The executive order mentioned in my opener also pushes the responsibility down onto the defense primes. It's on them now to make sure the components they buy were made with tungsten that didn't come from China, Russia, North Korea or Iran. Which sounds simple, until you ask: how hard have they looked at their own supply chains? How much of the compliant material their suppliers promised is real and sitting in a yard – and how much is a story?

The supplier's whole incentive is to be the reliable one. Nobody wins a contract with a prime by saying "this will be difficult." They say "don't worry, we've got this," turn up in a good suit with a healthy balance sheet, and everyone finds it easier to take the reassuring answer than to check it. The primes aren't villains. They've simply never had to think about this, because for thirty years the supplier always said it was handled.

Think of how a developer runs a build. He hands out the contract for the steel and he doesn't accept "it's coming." He says: show me the steel. I want to see it in the yard, and I want to count it. That's the posture defense procurement is being dragged toward, and not before time – the free market is full of people who'll tell you exactly what you want to hear.

And now when "prove it's not Chinese" becomes the rule, a lot of energy will go into making material look not-Chinese. Conflict material, allegedly, can come out of Myanmar, find its way into China, get reprocessed somewhere like Vietnam, and emerge with a clean passport. Is it Chinese now? Not on paper. The harder you police origin, the more creative the laundering gets. And everyone will have their excuse ready – Trump told them no Chinese material, nobody gave them a waiver, so what were they supposed to do?

What I’m hearing

China's just launched one of the biggest amphibious assault ships anyone's ever built. One ship isn't a tungsten story – but it tells you defense is front and center for everyone now, not just us. China won't tell you how much tungsten it's using on its own programs, but map their build-out against ours and it's more than they can supply themselves. They're a net importer of concentrate and scrap now. So they're chasing the exact same material we are – except they can shop in our market, and we can't shop in theirs.

What I’m readingEveryone in AI suddenly loves "open"?
Twenty-five of the biggest names in technology – Meta, Nvidia and Y Combinator among them – have signed an open letter begging Washington not to restrict "open-weight" AI models, the kind you can download and run yourself. The arguments are high-minded: open access drives innovation, helps security researchers, keeps America ahead. Probably all true. But look at who's signing. The labs want to stay in the race, the investors want startups that are cheaper to fund, the hardware crowd wants everyone buying more chips. Every one of them has a commercial reason to want "open" to win, and every one has dressed it up as a principle. Read more

Zuckerberg discovers the little guy

Mark Zuckerberg used the pages of the Wall Street Journal last week – behind its paywall, unfortunately – to explain that the future of artificial intelligence belongs to everyone, that power should sit with individuals rather than a handful of institutions, and that history punishes the centralizers. It ran the same week Meta reported its free cash flow had fallen ninety-one percent, from $8.5bn to under $800m, as it threw better than $30bn in a single quarter at AI, with the tab for the year now past $130bn. The shares dropped about ten percent. And there's the small matter that the champion of decentralized power has arranged Meta's shares so that he, personally, cannot be outvoted or removed by anyone. I've read plenty of manifestos about handing power to the people. They're usually written by the man holding onto it.

NASCAR remembers what it is

I am, unashamedly, a ‘car guy’. So I enjoyed this read on NASCAR trying to win back an audience that's wandered off to Formula 1 – with half the TV numbers it had a decade ago and a slicker European rival claiming the younger crowd. Its answer isn't to imitate F1. The new marketing campaign all but sneers at it: "if you want perfect turns and polite applause, you know where to find it." Fighter jets, muscle cars, Lynyrd Skynyrd, fans camped trackside with nobody behind a velvet rope. Whether it works or not, I admire the clarity. Too many businesses lose themselves trying to be a classier version of a rival. NASCAR looked hard at what it is – loud, unpolished, unmistakably American – and decided to lean in.

Opinion

Let me pick a fight with a word: "rare."

We put rare earths, lithium, graphite and tungsten on the same lists and treat them as one problem. They're not. Rare earths, lithium, graphite – none of it is actually rare. There's plenty in the ground; it just hasn't been dug up yet. So if you're a government or an investor, you can find a deposit, back a project, and reasonably expect something at the end of it. Hard, but doable.

Tungsten is more tricky. It genuinely is rare, it comes in stubbornly low grades, and it's a brute to process – hard, heavy, unforgiving. Worse, when cheap Chinese material shut nearly every Western mine in the 1990s, the know-how went with them – and no one trained the next generation.

The hard problem always loses to the easy one. You can announce a lithium project and look busy tomorrow; tungsten won't let you fake it. Which is why there are a hundred tungsten juniors and barely a tungsten mine. The one metal that's genuinely hard to replace is the one almost no one is seriously trying to.

In the mediaThe New York Times went underground at Sangdong. The paper sent a reporter and photographer into the tunnels of our Korean mine for a long read on America's scramble for tungsten. There's a good historical detail in it I didn't know myself. This isn't the first time America has turned to this mountain. When the Korean War broke out and Chinese tungsten was cut off, Washington sent a geologist to Sangdong to see if it could fill the gap, with orders to report straight back to the Secretary of State and General MacArthur. The US ran the mine and bought its output until 1954. Three-quarters of a century on, here we are again – same mountain, same reason.

We also took two of our longest-standing shareholders down into Sangdong –
through the mine, the processing plant and past the growing ore stockpile. These are people who backed us years ago, when leaning on China still looked to most of the world like the sensible thing to do. Showing them what that faith built, now it finally starts to matter, was a real pleasure. We're not a development story any more, and they saw it for themselves. See our LinkedIn post about the trip here.

Drop me a line

That's Edition 2 wrapped. You wrote back in numbers last time, and a fair amount of it changed how I think about what goes in here – so keep it coming, agreements and arguments both. And if there's someone who ought to be on this list, please send them my way. They can sign up here.

I’ll be back in your inbox in a fortnight.

Cheers!

Lewis Black
CEO, Almonty Industries · NASDAQ: ALM

almonty.com

[Sultan] youtube.com

Sultan — 7/29/2026 6:51:03 PM

[Sultan] Almonty seeks growth from tungsten pain mining-journal.com

Sultan — 7/27/2026 5:47:37 PM

[Sultan] Almonty to Voluntarily Delist From ASX finance.yahoo.com

Sultan — 7/23/2026 6:46:22 PM

[Sultan] Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy 2...

Sultan — 7/21/2026 2:01:42 AM

Original-Research: Almonty Industries Inc. (von Sphene Capital GmbH): Buy

20.07.2026 / 12:21 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Classification of Sphene Capital GmbH to Almonty Industries Inc.

Company Name:	Almonty Industries Inc.
ISIN:	CA0203987072

Reason for the research:	Update Report
Recommendation:	Buy
from:	20.07.2026
Target price:	CAD 38.90 (previously: CAD 37.40)
Target price on sight of:	36 months
Last rating change:	-
Analyst:	Peter Thilo Hasler

Extension of the off-take agreement increases planning certainty

Almonty has significantly expanded its long-term off-take agreement, in place since 2018, with Global Tungsten & Powders (GTP), a subsidiary of the Austrian Plansee Group. The agreement relates exclusively to production from Phase I of the Sangdong mine and will in future cover around 90% of the tungsten concentrates produced there. The contract term has been extended to 21 from 15 years and will therefore run until the late 2040s. At the same time, the contractually binding supply volume has increased by 40% to 4.41 million MTU, which, once full production capacity is reached, corresponds to a minimum annual purchase of 210,000 MTU. Particularly positive is, in our view, the renegotiation of the pricing formula: for all contract volumes, the realisable selling price will increase by an average of 6.3%. Based on the current APT price level, management expects this to generate additional revenue of at least USD 30 mn per year, or around USD 630 mn over the entire contract term.

The contract amendment took place immediately after the Sangdong plant commenced operations and, in our view, significantly improves the visibility of future cash flows. At the same time, it confirms the mine’s strategic importance for Western supply chains. GTP is one of North America’s leading manufacturers of tungsten powders and supplies customers in the US defence and aerospace industries, amongst others. Against the backdrop of Chinese export restrictions and a structurally tight tungsten market, GTP is thereby securing long-term access to conflict-free tungsten produced outside China. From our perspective, it is also worth noting that the agreement covers only production from the first phase of development. The planned Phase II, which is intended to roughly double the mine’s processing capacity, is not part of the contract, nor is production from Almonty’s other mines. This leaves Almonty with a significant share of future volumes that can be marketed at a later date – possibly under even more attractive market conditions.

Reflecting the continued and, in our view, sustainable strength in tungsten prices, we raise our price target to CAD 38.90 from CAD 37.40 per share. Our updated valuation incorporates higher GTP payables and current APT tungsten prices for Sangdong, revised forecasts for Panasqueira, Gentung, and Los Santos, and a discounted valuation of the Valtreixal development project. This implies an upside of 102.1% from yesterday's closing price of CAD 19.25. We view the recent share price weakness as a buying opportunity and reiterate our Buy rating for the shares of Almonty Industries.

You can download the research here: Almonty_UpdateReport20260720_english

Contact for questions:
Peter Thilo Hasler, CEFA
+49 (152) 31764553

boerse.de
peter-thilo.hasler@sphene-capital.de

[LoneClone] It was the last straw for me. I of course with I had sold at $30 a share, but I ...

LoneClone — 7/20/2026 3:30:43 PM

It was the last straw for me. I of course with I had sold at $30 a share, but I still made a lot of money on AII.

Good lick to you, I hope you do really with holding. I don't plan to look back.

Now to figure out exactly where to deploy the proceeds...

LC

[Sultan] I have no plans to sell until may be later in the year.. Delisting from TSX is ...

Sultan — 7/20/2026 11:40:49 AM

I have no plans to sell until may be later in the year.. Delisting from TSX is disappointing but does not change the narrative..

[LoneClone] I just tried to sell my shares as a result of this announcement but couldn't bec...

LoneClone — 7/20/2026 10:37:47 AM

I just tried to sell my shares as a result of this announcement but couldn't because Webbroker is down...

LC

[Sultan] Almonty to Voluntarily Delist From TSX DILLON, Mont., July 17, 2026--( BUSINESS...

Sultan — 7/18/2026 1:23:56 AM

Almonty to Voluntarily Delist From TSX

DILLON, Mont., July 17, 2026--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it will voluntarily delist the common shares of the Company (the "Common Shares") from the Toronto Stock Exchange (the "TSX") effective as of the close of trading on July 31, 2026 (the "Delisting"). Following such date, the Common Shares will no longer be traded on the TSX, but will continue to trade on the Nasdaq Capital Market (the "Nasdaq") under the symbol ALM.

Given that the majority of the Company's daily trading volume is on the Nasdaq, and considering the financial, administrative and compliance obligations and costs associated with maintaining its TSX listing, the Company believes that the Delisting is in the Company's best interests and that maintaining its Nasdaq listing will help deliver better value to the Company, its shareholders and its other stakeholders. Pursuant to Subsection 720(b) of the TSX Company Manual, shareholder approval of the Delisting is not required as an alternative market for the Common Shares, the Nasdaq, exists.

Most brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on the Nasdaq. Shareholders holding Common Shares in Canadian brokerage accounts should contact their brokers to confirm how to trade their Common Shares on the Nasdaq.

finance.yahoo.com

[Sultan] Swedes Bank AB Form 4 secform4.com

Sultan — 7/17/2026 2:51:11 PM

[LoneClone] I am guessing that today's swirly is due to analysts realizing and pointing out ...

LoneClone — 7/15/2026 12:19:13 PM

I am guessing that today's swirly is due to analysts realizing and pointing out what that sweetheart deal announced with GMM yesterday really means (and remember that GMM is an insider). I would love to know how many millions of dollars in potential future income was forfeited due to this deal.

This is yet another indicator for how poorly managed AII is, with management having zero regard for retail investors.

LC

[Sultan] Why the UK is falling behind on critical tungsten supplies – Matthew Campbell (C...

Sultan — 7/15/2026 11:52:57 AM

Why the UK is falling behind on critical tungsten supplies – Matthew Campbell (C5 Capital)

youtube.com

[Sultan] Almonty Expands Sangdong Tungsten Offtake Agreement with Global Tungsten & Powde...

Sultan — 7/14/2026 12:09:23 PM

Almonty Expands Sangdong Tungsten Offtake Agreement with Global Tungsten & Powders to US$490 Million in Contracted Annual Revenue at Current APT Pricing

finance.yahoo.com

[Sultan] Almonty Hits Tungsten Concentrate at Sangdong; Analyst Lifts Target to $33 While...

Sultan — 7/12/2026 1:07:35 PM

Almonty Hits Tungsten Concentrate at Sangdong; Analyst Lifts Target to $33 While Director Trims Stake

ad-hoc-news.de

[Sultan] Almonty Industries stock reflects tungsten mine development and long term growth...

Sultan — 7/12/2026 1:06:32 PM

Almonty Industries stock reflects tungsten mine development and long term growth plans.

ad-hoc-news.de

[Sultan] Almonty price target raised to $33 from $25 at DA Davidson DA Davidson raised...

Sultan — 7/10/2026 11:57:56 AM

Almonty price target raised to $33 from $25 at DA Davidson

DA Davidson raised the firm’s price target on Almonty ( ALM) to $33 from $25 and keeps a Buy rating on the shares after hosting meetings with its CEO Lewis Black. The firm comes away from the discussion with the fundamental thesis on the stock and the broader tungsten industry well intact, the analyst tells investors in a research note. It is informed by positive Sangdong mine updates, soon-to-be announced involvement with United States Government, a strong balance sheet providing investment optionality, and record tungsten pricing, the firm added.

tipranks.com

[Sultan] 2026-07-10 12:20:00 GMT DJ Almonty Indus Price Target Raised to $33.00/Share Fro...

Sultan — 7/10/2026 11:27:23 AM

2026-07-10 12:20:00 GMT DJ Almonty Indus Price Target Raised to $33.00/Share From $25.00 by DA Davidson

[LoneClone] Is this supposed to be meant as a joke? Why not just give more detailed reports...

LoneClone — 7/7/2026 6:47:28 PM

Is this supposed to be meant as a joke? Why not just give more detailed reports to all shareholders? Are the two 'representatives' we didn't choose going to give every other shareholder a personal report of the experience?

What a clown show...

LC

[Sultan] Insider Trade Mark Trachuk, a Director, disposed of 200,000 Common Shares on a...

Sultan — 7/7/2026 1:19:22 PM

Insider Trade

Mark Trachuk, a Director, disposed of 200,000 Common Shares on a direct ownership basis at a price of $24.070 on July 2nd, 2026. This represents a $4,814,000 divestment of the company's shares and an account share holdings change of -7.4%.

Balance of Account - 2,504,773 shares

[Sultan] Almonty Flips the Switch at Sangdong as China’s Tungsten Tightens Its Grip o...

Sultan — 7/7/2026 1:15:50 PM

Almonty Flips the Switch at Sangdong as China’s Tungsten Tightens Its Grip on Global Supply

Almonty Industries ramps up Sangdong mill in South Korea as Chinese export curbs drive tungsten prices up over 200%, marking a strategic shift from developer to producer.

ad-hoc-news.de

[Sultan] Op-Ed: Molybdenum and the geopolitics of substitution mining.com

Sultan — 7/7/2026 2:46:22 AM

[Sultan] I’m pleased to announce that we have selected two of our long-time shareholders ...

Sultan — 7/6/2026 9:22:41 PM

I’m pleased to announce that we have selected two of our long-time shareholders to join me as guests for a tour of our Sangdong Tungsten Mine in Yeongwol County, South Korea.

As the largest individual shareholder in the company, I deeply appreciate the support of our fellow shareholders, many of whom backed our vision years ago when Western governments and industry were content to rely on China for this irreplaceable metal.

With the support of our shareholders, we have transformed Sangdong into the most technologically advanced mine in the world. We brought the first load of ore to the ROM pad in December and have commissioned our tungsten concentrate plant.

We are no longer a development story, and I look forward to showing these two representative shareholders what we have all built together.

- Lewis Black, President & CEO Almonty Industries

[Sultan] South Korea’s Tungsten Mine Draws US, Japan Interest businesskorea.co.kr

Sultan — 7/6/2026 2:27:06 AM

[Sultan] “Watch Out for the Ambulance Chasers” as Tungsten Heats Up | Adshead-Bell youtu...

Sultan — 7/3/2026 1:36:17 PM

“Watch Out for the Ambulance Chasers” as Tungsten Heats Up | Adshead-Bell

youtube.com

[Sultan] Tungsten in the crosshairs: US demand for military metal drives market frenzy s...

Sultan — 7/3/2026 1:08:16 PM

Tungsten in the crosshairs: US demand for military metal drives market frenzy

stockhead.com.au

[LoneClone] That is certainly an impressive list of accomplishments, but just imagine what m...

LoneClone — 7/3/2026 12:17:13 PM

That is certainly an impressive list of accomplishments, but just imagine what more experienced managements who actually want to communicate with shareholders rather than keeping them in the dark could have accomplished.

And let us not forget the huge element of luck, as no one I know of had predicted that tungsten prices would have taken off the way they did, and at just the right time for Sangdong.

The new Montana operation is a perfect example of how frustrating this management group is. Their various competitors for restarting American tungsten production all put out plenty of PRs -- too many in some cases -- containing detailed updates about how the rehabilitation, exploration and development activities at their mines are progressing, but surprise, surprise, from AII we get crickets...

Given their obvious contempt for retail shareholders, I continue to be surprised that management hasn't taken the company private.

Still hoping for a buyout for at least $50 per share....

LC

[Sultan] While I have owned it say over 10-12 years, it went from around $ 0.50 to $ 1 t...

Sultan — 7/2/2026 3:26:56 PM

While I have owned it say over 10-12 years, it went from around $ 0.50 to $ 1 to today around CA$ 22 while management's incompetence.. That is after touching CA$ 33.. In the meantime, they also listed on Nasdaq and now due to big volume and institutional holdings, they are also on Russell 1,000 and 3,000 as of this month.. Most of the trading volume now a days is in ALM on Nasdaq..

All without diluting the crap out of small shareholders.. The fact that management owned signifcant stake in the company I am sure was the reason for it.. Along the way, they managed to get loan at really good rate and very big off take agreements while the production was years away..

I have taken some profit along the way.. Turned out prematurely but this has been one of the big multibagger for a small company so I am not complaining..

So Phase I of production is going through production process with plants that were designed specifically for it.. From pilot plants to 16x scale to production plant which was always the risky part of this investment.. Thankfully, it seems to be finally getting some where.. But no doubt, they have at least quarter or two to reach the planned production numbers and share will fluctuate along the way.. The fact that Sangdong is a multigenerational mine, 60-80 years mine life does not hurt the valuation..

Let's not forget the Montana Operation.. Much better shape in resources and a small plant that they manage to acquire for literally peanuts.. While all the current Tungsten wannabee players on Venture etc. are literally years away from any production if they survive..

They are working for Phase II to double the production in 2027.. No doubt, it will again not going to be smooth sailing in terms of meeting various project deadlines..

Let's not forget Moly, Oxide Plant etc. etc.. With all the financing, specially the last one, management's, CEO's, % in the company is a lot smaller now and as the company gets it's footing sooner or later some one bigger will take them out.. May be in a year or two.. CEO is on record about how he cashed out his last public company, 22 times earning and will more then likely do it again..

FWIW, I am not in a rush to bail..

[LoneClone] That was likely -- please forgive me -- a 'sense'ible decision. I have been cont...

LoneClone — 7/2/2026 2:45:28 PM

That was likely -- please forgive me -- a 'sense'ible decision. I have been contemplating doing the same for some time now, particularly since that latest ruinous and unnecessary financing.

What keeps me holding on are two possibilities: a re-rating once they are in full production; 2) the possibility of a buyout by a major,

I certainly agree with your assessment of management. Actually, that could be another catalyst -- replacing the incompetents who 'run' the company.

We shall see.

LC

[Sultan] Almonty Commences Processing Operations at Sangdong Mine, Marking Transition to ...

Sultan — 7/1/2026 12:10:38 PM

Almonty Commences Processing Operations at Sangdong Mine, Marking Transition to Saleable Tungsten Concentrate Production

Milestone Advances Sangdong Mine from Development Phase into Active, Revenue-Generating Operations; Initial Plant Feed Drawn from an Approximate 139,700-Tonne Run-of-Mine Ore Stockpile

DILLON, Mont., July 01, 2026--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced the commencement of processing plant throughput operations at its Sangdong Mine in Gangwon Province, South Korea. During June 2026, the Company began feeding stockpiled run-of-mine ore through its newly commissioned processing plant to produce saleable tungsten concentrate — a pivotal milestone marking Sangdong's transition from mine development into active, revenue-generating operations.

Almonty exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide ("WO3"). During the second quarter of 2026, the Company mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO3, while advancing 214.6 meters of underground development, primarily along the Main Vein. Together, this brings total stockpiled ore to approximately 139,700 tonnes at a blended grade of approximately 0.25% WO3 ahead of the plant's commissioning. We are utilizing lower-grade throughput during the initial ramp-up phase and anticipate higher grades as the process advances, with Sangdong's low-grade ore approximately three times higher than that of our Panasqueira mine in Portugal.

With throughput now underway, stockpiled ore is being introduced during the initial commissioning phase to optimize ore blending and maintain the consistent feed quality the plant requires as the operation ramps up. The Sangdong Mine processing plant is designed to upgrade run-of-mine ore into a high-purity tungsten concentrate.

At prevailing tungsten prices, the contained tungsten in the current stockpile represents approximately 2.6 months of Phase I throughput feed with an illustrative gross in-process value of approximately US$68 million.

Management Commentary

Lewis Black, Chairman, President and Chief Executive Officer of Almonty, commented: "We are pleased that our Sangdong processing plant is now up and running, with throughput finally underway in what is a highly beneficial tungsten pricing environment. This is the moment our team has worked toward for years; the transition from building and commissioning a mine to actually processing ore into saleable tungsten concentrate. After decades in which the West allowed its tungsten supply chain to atrophy, the Sangdong Mine is once again producing one of the most strategically critical metals on earth."

"With a substantial and growing stockpile already in place – with an illustrative gross in-process value of approximately US$68 million – and the plant now ramping, we are positioned to convert ore into revenue at a time when tungsten prices have reached historic highs and Western governments are moving decisively to secure non-China supply. Combined with our planned downstream tungsten oxide plant and the long-term offtake we have secured, this milestone brings us a major step closer to realizing the fully integrated tungsten value chain that we believe will define Almonty's role as the premier Western tungsten producer for many years to come."

finance.yahoo.com

[sense] I sold the last of mine in May... and happy to be out, finally. It was a very ...

sense — 6/30/2026 8:13:19 PM

I sold the last of mine in May... and happy to be out, finally.

It was a very long road - taking more than twice as long as it should have...
And, the reward was commensurately less than it should have been... certainly on a risk adjusted basis.

Management are just bad... lying about being "on schedule" when months to years behind plan... and burning cash while drifting through disjointed efforts forcing "pauses"...

Wolfe should have gone with alternative offers enabling top tier management that would have got it done in half the time while delivering twice the $ in return...

Now will shift focus to explorers finding and working on developing domestic W sources...

[LoneClone] Almonty Industries Joins Large-Cap Russell 1000® Index and Broad-Market Russell ...

LoneClone — 6/29/2026 2:39:07 PM

Almonty Industries Joins Large-Cap Russell 1000® Index and Broad-Market Russell 3000® Index

businesswire.com

Jun 29, 2026 7:30 AM Eastern Daylight Time

DILLON, Mont.--( BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Company”) (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it has joined the large-cap Russell 1000® Index and the broad-market Russell 3000® Index, effective with the opening of United States equity markets today, Monday, June 29, 2026, upon the conclusion of the 2026 Russell indexes reconstitution.

The June 2026 reconstitution of the Russell U.S. Indexes captures the 3,000 largest U.S. stocks, ranking them by total market capitalization. The Russell 1000® Index, which is a subset of the Russell 3000® Index, is a U.S. stock market index that tracks the 1,000 largest publicly traded companies in the U.S. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty Industries, commented: “Given the FTSE Russell builds these indexes on objective, market-capitalization criteria, qualifying for the Russell 1000® and Russell 3000® is a milestone Almonty earned on the numbers, not by invitation. To us, it signals that the market now recognizes the scale we have reached as a Western-aligned producer of a metal that the defense and advanced-technology sectors cannot do without. Just as important, index membership connects Almonty with the large universe of index-tracking funds and benchmark-driven institutions that allocate to Russell constituents, many of which were unable to hold our shares before today. We view that as the basis for steadier trading liquidity and a more durable base of long-term shareholders.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of June 2025, approximately $12.2 trillion in assets are benchmarked against the Russell U.S. indexes, which belong to FTSE Russell, the global index provider. For more information on the Russell 1000® and the Russell 3000® Indexes and the Russell indexes reconstitution, please visit the “Russell Reconstitution” section on the FTSE Russell website.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $21.20 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by LSEG. For more information, visit FTSE Russell.

About Almonty Industries Inc.

Almonty (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain and the United States, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit cts.businesswire.com.

Forward-Looking Statements

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as “plan”, “development”, “growth”, “continued”, “intentions”, “expectations”, “strategy”, “opportunities”, “anticipated”, “potential”, “outlook”, “target”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements in this news release include, but are not limited to, statements concerning the anticipated benefits of Almonty’s inclusion in the Russell 1000® Index and Russell 3000® Index, including expectations regarding increased visibility within the institutional investment community, a broadened shareholder base and enhanced trading liquidity, as well as the Company’s growth strategy including the continued ramp-up of its Sangdong Mine. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks identified in the Company’s annual information form for the year ended December 31, 2025 dated March 18, 2026. Although Almonty has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that could cause results 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.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS 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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Contacts
Company
Lewis Black
Chairman, President & CEO
(647) 438-9766
info@almonty.com

Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group – MZ North America
(949) 259-4987
ALM@mzgroup.us
www.mzgroup.us

[Sultan] youtube.com

Sultan — 6/25/2026 2:03:04 PM

[LoneClone] I submitted the following comment to the company. I expect no reply. I remain b...

LoneClone — 6/18/2026 12:31:29 PM

I submitted the following comment to the company. I expect no reply.

I remain baffled by your bizarre IR policies, which seem designed to provide investors with as little information as possible. I follow hundreds of mining companies, and EVERY SINGLE ONE of them would have included assay numbers if they had released a PR analogous to your recent one about drilling up the molybdenum at Sangdong.

What are you so focused on not PRing the numbers investors need, like drill assays and quarterly production numbers from each mine?

LC

[LoneClone] Almonty Industries Provides Update on Large-Scale Drilling Program at Sangdong M...

LoneClone — 6/18/2026 12:16:35 PM

Almonty Industries Provides Update on Large-Scale Drilling Program at Sangdong Molybdenum Project

Drilling to Date Confirms Grades Consistent with Historical Results as Almonty Accelerates Molybdenum Campaign Amid South Korea's Supply Crisis

finance.yahoo.com

Business Wire
Tue, June 16, 2026 at 4:30 AM PDT 8 min read

Figure 1. – The mineralized area is extensive, with multiple high-grade intersections

DILLON, Mont., June 16, 2026--( BUSINESS WIRE)--Almonty Industries Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today 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.

Molybdenum is a strategic metal that can significantly enhance heat and corrosion resistance when added in small amounts to steel or specialty alloys. It is widely used in high-temperature and high-pressure industries such as aerospace, defense, nuclear energy, and petrochemicals. More recently, demand has expanded into next-generation industries including semiconductors and renewable energy. Additionally, the spot price of molybdenum has increased by approximately 23.5% over the past year to 592.34 CNY/Kg. (Source – www.dailymetalprice.com)

The drilling program re-examines mineralized structures identified in historical drill holes and also is aimed at enhancing resource categorization. Almonty is accelerating its molybdenum drilling campaign to address South Korea's molybdenum supply shortage, which has recently reached a crisis level. With the national stockpile falling short, the South Korean government has issued public notices urging private companies to secure molybdenum.

To date, approximately 37% of the 26 planned drill holes, which will cover approximately 12,000 meters in total, have been drilled. The assays received thus far have grades similar to those of historical drill holes. Once the full extent of the molybdenum ore body at Sangdong is confirmed, Almonty plans to begin mining without delay.

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."

"Molybdenum is a natural extension of the infrastructure and expertise we have already established at Sangdong for tungsten. Advancing both metals together allows us to build long-term value for shareholders while supporting national resource security, strengthening the regional economy and reducing the nation's dependence on imports. Once the full extent of the ore body is confirmed, we intend to move into production without delay."

As previously announced, the Company conducted a reassessment of its mining portfolio and concluded that, on the basis of its current strategy, including management's focus and the deployment of resources on the Sangdong Tungsten Mine and the expected economic importance to Almonty of the expected production at the Phase I of the Sangdong Tungsten Mine relative to its other properties, as well as the expected timing and significant potential production increase of Phase II, the Sangdong Tungsten Mine is the only mineral project on a property that is material to the Company for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects and the only material mining project for the purposes of the ASX Listing Rules. The Company remains engaged in the operation and development of other mineral properties, including the Sangdong Molybdenum Project.

Competent Person Statement (ASX Listing Rule 5.22)

For the purposes of the ASX Listing Rules, the information in this announcement that relates to Exploration Results is based on and fairly represents information compiled by Mr. Adam Wheeler, who is an independent self-employed mining consultant and is not a permanent employee of Almonty. Mr. Wheeler is a Fellow of the Institute of Materials, Minerals and Mining (a Recognized Professional Organisation included in a list promulgated from time to time) and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the JORC Code. Mr. Wheeler consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears.

About Almonty Industries Inc.

Almonty (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty's flagship Sangdong Mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain and the United States, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit www.almonty.com.

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this news release include, but are not limited to, statements concerning drilling results at the Sangdong Molybdenum Project. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are also subject to risks and uncertainties facing the Company's business, including, without limitation, drilling results at the Sangdong Molybdenum Project, as well as the risks identified in the Company's annual information form for the year ended December 31, 2025 dated March 18, 2026 and in the Company's management's discussion and analysis dated May 11, 2026 for the three months ended March 31, 2026 and 2025. 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 could 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. 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. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these 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.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS 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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

View source version on businesswire.com: businesswire.com

Contacts

Company
Lewis Black
Chairman, President & CEO
(647) 438-9766
info@almonty.com

Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group – MZ North America
(949) 259-4987
ALM@mzgroup.us
www.mzgroup.us

[Sultan] J. P. Morgan $ 30 million worth of ALM youtube.com

Sultan — 6/16/2026 2:57:30 AM

[Sultan] Almonty Industries Positions for Tungsten Supply Leadership Amid Surging Global ...

Sultan — 6/15/2026 2:17:56 AM

Almonty Industries Positions for Tungsten Supply Leadership Amid Surging Global Demand

streetwisereports.com

[Sultan] Japan’s Semiconductor Gas Production Collapses To Zero After China Cuts Off Tung...

Sultan — 6/15/2026 2:15:16 AM

Japan’s Semiconductor Gas Production Collapses To Zero After China Cuts Off Tungsten, Leaving TSMC, SK Hynix And Samsung Exposed

wccftech.com

[Sultan] China mines 80% of the world’s tungsten, and its traders are still cold-calling ...

Sultan — 6/15/2026 2:12:34 AM

China mines 80% of the world’s tungsten, and its traders are still cold-calling American scrapyards offering five times market price for worn-out drill bits. The U.S. hasn’t mined the metal since 2015

autonocion.com

[Sultan] Almonty Industries Announces Closing of its Oversubscribed Convertible Senior No...

Sultan — 6/9/2026 12:55:26 PM

Almonty Industries Announces Closing of its Oversubscribed Convertible Senior Notes Offering Including Full Exercise of Over-Allotment Option

Successful Closing Strengthens Almonty’s Balance Sheet to Support Its Emergence as a Leading Non-China Supplier of Strategic Tungsten

Almonty Industries Inc. (“Almonty” or the “Company”) (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) today announced the successful closing of its previously announced significantly oversubscribed offering of US$700,000,000 aggregate principal amount of 2.25% convertible senior notes due 2031 (the “notes”), including the exercise in full by the initial purchasers of their option to purchase an additional US$100,000,000 aggregate principal amount of notes. The notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

The net proceeds of the offering were approximately US$772.7 million, after deducting the initial purchasers’ discounts, commissions and Almonty’s offering expenses.

Lewis Black, Chairman, President & Chief Executive Officer of Almonty, commented: “The successful closing of this significantly oversubscribed offering, including the full exercise of the over-allotment option, reflects the strong conviction institutional investors have in Almonty and in the essential role tungsten plays in the defense and advanced technology supply chains of the West. This financing meaningfully strengthens our balance sheet and enhances our financial flexibility as we advance the development of our flagship Sangdong Mine and work to establish a secure, conflict-free, non-China source of this strategic metal for the United States and its allies.”

The offer and sale of the notes and any common shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any common shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

stockhouse.com

[LoneClone] Thanks for sharing that. I did not grasp exactly how the conversion might work o...

LoneClone — 6/9/2026 11:26:29 AM

Thanks for sharing that. I did not grasp exactly how the conversion might work out I hope this person's analysis is correct.

And of course, if they start generating serious cash flow they could use the funds to buy out some or all of the debentures.

LC

[Sultan] Here’s the clean, disciplined calculation of how many shares Almonty would have ...

Sultan — 6/8/2026 2:20:20 PM

Here’s the clean, disciplined calculation of how many shares Almonty would have if the entire US$700M convertible debenture were exercised — and how the capped call changes the real dilution picture.

I’ll keep this tight and tradergrade.

1. Key Inputs From the Financing

Principal: US$700,000,000
Conversion price: US$27.40/share
Capped call upper strike: US$41.36/share
Current shares outstanding: ˜ 282M (your last verified number)

2. Raw Dilution (If Fully Converted at $27.40)

New shares=700,000,00027.40=25,547,445 shares

Call it 25.55M shares.

Total shares if fully converted (no capped call):

282M+25.55M= 307.5M shares

This is the headline dilution number.

3. BUT — The Capped Call Neutralizes Dilution Up to $41.36Almonty spent US$83M on a capped call.

What this means in practice:

Between $27.40 and $41.36, the company receives share offsets
These offsets cancel out most or all dilution in that price band
Only above $41.36 does dilution begin to reappear

Practical effect:If ALM trades below $41.36, the effective dilution is close to zero.

This is why the market is mispricing the event — the capped call is extremely shareholderfriendly.

4. Realistic Dilution Scenarios

ALM Share Price at ConversionEffective DilutionTotal SharesBelow $27.40$27.40–$41.36Above $41.36Above $60

No conversion	282M
Nearzero (capped call offsets)	˜282M
Dilution begins	282M ? 307.5M
Full dilution	~307.5M

5. TraderGrade Interpretation

The headline dilution is 25.5M shares
The real dilution (because of the capped call) is zero unless ALM trades above $41.36
If ALM ever trades above $41.36, you want the dilution — because the stock is in a strategicpremium rerating
Below $41.36, the capped call protects EPS, NAV/share, and valuation multiples

This is why the financing is not dilutive in the way retail thinks.

Bottom LineIf fully converted with no capped call: ~307.5M shares

With capped call (realistic scenario): ~282M shares until ALM > $41.36

stockhouse.com

[LoneClone] If AII shares can recover from the justified hammering they took due to this ann...

LoneClone — 6/8/2026 2:14:43 PM

If AII shares can recover from the justified hammering they took due to this announcement, it will be a real testament to, well, I am not sure exactly what...

I remain at a loss as to why this extremely dilutive transaction for capital they don't seem to need was undertaken, unless there are serious problems at Sangdong they are not telling us about, which would of course be illegal.

LC

[Sultan] Almonty Industries prices $700m notes as $AII investors assess tungsten expansio...

Sultan — 6/6/2026 4:53:41 PM

Almonty Industries prices $700m notes as $AII investors assess tungsten expansion funding

Almonty Industries priced US$700m convertible notes as tungsten demand rises. Find out what the $AII financing means next.

business-news-today.com

[Sultan] Almonty Industries Prices Oversubscribed US$700 Million Convertible Senior Notes...

Sultan — 6/5/2026 1:55:02 AM

Almonty Industries Prices Oversubscribed US$700 Million Convertible Senior Notes Offering

DILLON, Mont., June 05, 2026--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) today announced the pricing of its oversubscribed offering of US$700,000,000 aggregate principal amount of 2.25% convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The issuance and sale of the notes are scheduled to settle on June 9, 2026, subject to customary closing conditions. Almonty also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$100,000,000 aggregate principal amount of notes.

The notes will be senior, unsecured obligations of Almonty and will accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. The notes will mature on July 1, 2031, unless earlier repurchased, redeemed or converted. Before April 1, 2031, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after April 1, 2031, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Almonty will settle conversions by delivering common shares, or may choose to pay or deliver, as applicable, either cash or a combination of cash and common shares, at Almonty’s election. The initial conversion rate is 36.4950 common shares per US$1,000 principal amount of notes, which represents an initial conversion price of approximately US$27.40 per common share. The initial conversion price represents a premium of approximately 32.5% over the last reported sale price of US$20.68 per common share on June 4, 2026. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Almonty’s option at any time, and from time to time, on or after July 1, 2029 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per common share exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. In addition, the notes will be redeemable, in whole and not in part, at Almonty’s option at any time in connection with certain changes in tax law. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If a "fundamental change" (as defined in the indenture for the notes) occurs, then, subject to a limited exception, Almonty will be required to offer to each noteholder to repurchase its notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Almonty estimates that the net proceeds from the offering will be approximately US$675.9 million (or approximately US$772.7 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and Almonty’s estimated offering expenses. Almonty intends to use approximately US$83.0 million of the net proceeds to fund the cost of entering into the capped call transactions described below. Almonty intends to use approximately US$50.0 million of the remainder of the net proceeds to refinance existing debt and liabilities and approximately US$543.0 million of the remainder of the net proceeds for working capital and general corporate purposes, which may include, without limitation, acquisitions of assets or businesses. If the initial purchasers exercise their option to purchase additional notes, then Almonty intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below.

In connection with the pricing of the notes, Almonty entered into privately negotiated capped call transactions with one or more of the initial purchasers of the notes and/or their affiliates or other financial institutions (the "option counterparties"). The capped call transactions will initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of common shares initially underlying the notes. If the initial purchasers exercise their option to purchase additional notes, then Almonty expects to enter into additional capped call transactions with the option counterparties.

The cap price of the capped call transactions will initially be US$41.36 per share, which represents a premium of 100% over the last reported sale price of Almonty’s common shares of US$20.68 per share on June 4, 2026, and is subject to certain adjustments under the terms of the capped call transactions.

The capped call transactions are expected generally to reduce the potential dilution to Almonty’s common shares upon any conversion of the notes and/or offset any potential cash payments Almonty is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per common share, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.

Almonty has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Almonty’s common shares and/or purchase Almonty’s common shares concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Almonty’s common shares or the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Almonty’s common shares and/or purchasing or selling Almonty’s common shares or other securities of Almonty in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and (x) are likely to do so during the relevant valuation period under the capped call transactions and (y) are likely to do so following any early conversion or repurchase of the notes by Almonty, if Almonty elects to unwind a corresponding portion of the capped call transactions in connection with such early conversion or repurchase). This activity could also cause or avoid an increase or a decrease in the market price of Almonty’s common shares or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes.

The offer and sale of the notes and any common shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any common shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

The closing of the offering is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX.

finance.yahoo.com

[Sultan] Some one on stockhouse ran this newsrelease through AI.. Here is what AI reports...

Sultan — 6/4/2026 6:39:01 PM

Some one on stockhouse ran this newsrelease through AI.. Here is what AI reports.. If interested..

stockhouse.com

[LoneClone] My WLF/AII shares have already been through a rollback twice. With all the share...

LoneClone — 6/4/2026 6:14:59 PM

My WLF/AII shares have already been through a rollback twice. With all the shares getting shovelled out of late, will they end up going for a trifecta?

With Sangdong now generating income, what the heck do they need another $700M for???

Almonty Industries Announces Proposed Convertible Senior Notes Offering

finance.yahoo.com

Business Wire
Thu, June 4, 2026 at 2:00 PM PDT 11 min read

DILLON, Mont., June 04, 2026--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) today announced its intention to offer, subject to market and other conditions, $700,000,000 aggregate principal amount of convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Almonty also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $100,000,000 aggregate principal amount of notes.

The notes will be senior, unsecured obligations of Almonty, will accrue interest payable semi-annually in arrears and will mature on July 1, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Almonty will settle conversions by delivering common shares, or may choose to pay or deliver, as applicable, either cash or a combination of cash and common shares, at Almonty’s election.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Almonty’s option at any time, and from time to time, on or after July 1, 2029 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per common share exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. In addition, the notes will be redeemable, in whole and not in part, at Almonty’s option at any time in connection with certain changes in tax law. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, Almonty will be required to offer to each noteholder to repurchase its notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

Almonty intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below. Almonty intends to use the remainder of the net proceeds from the offering to refinance existing debt and liabilities and for working capital and general corporate purposes, which may include, without limitation, acquisitions of assets or businesses. If the initial purchasers exercise their option to purchase additional notes, then Almonty intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below.

In connection with the pricing of the notes, Almonty expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the notes and/or their affiliates or other financial institutions (the "option counterparties"). The capped call transactions are expected to initially cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of common shares that will initially underlie the notes. If the initial purchasers exercise their option to purchase additional notes, then Almonty expects to enter into additional capped call transactions with the option counterparties.

The capped call transactions are expected generally to reduce the potential dilution to Almonty’s common shares upon any conversion of the notes and/or offset any potential cash payments Almonty is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per common share, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.

Almonty has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Almonty’s common shares and/or purchase Almonty’s common shares concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Almonty’s common shares or the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Almonty’s common shares and/or purchasing or selling Almonty’s common shares or other securities of Almonty in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and (x) are likely to do so during the relevant valuation period under the capped call transactions and (y) are likely to do so following any early conversion or repurchase of the notes by Almonty, if Almonty elects to unwind a corresponding portion of the capped call transactions in connection with such early conversion or repurchase). This activity could also cause or avoid an increase or a decrease in the market price of Almonty’s common shares or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes.

The offer and sale of the notes and any common shares issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any common shares issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

The closing of the offering is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX.

About Almonty

Almonty (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to be a major contributor to the global non-China tungsten supply chain upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in the U.S. and Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness.

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this news release include, but are not limited to, statements concerning the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, the intended use of the proceeds, the anticipated terms of, and the effects of entering into, the capped call transactions described above, and the advancement of the Sangdong Mine.

Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate.

Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the absence of material adverse changes in our industry or the global economy, including interest rate fluctuations, inflationary pressures, supply chain disruptions, and commodity market volatility; trends in our industry and markets, including the competitive environment; our ability to complete the offering on the terms described herein or at all; and our intended use of the net proceeds of the offering.

Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks identified in the Company’s annual information form for the year ended December 31, 2025 dated March 18, 2026 under the heading "Risk Factors" and in the Company’s management’s discussion and analysis for the three months ended March 31, 2026 and 2025 dated May 11, 2026 under the heading "Risks and Uncertainties", and the risk that any corporate governance changes or alignments will not be implemented and/or that one or more directors may not be re-elected at the Company’s upcoming annual general meeting of shareholders. 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 could 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. Moreover, Almonty may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. 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. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these 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.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS 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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

View source version on businesswire.com: businesswire.com

Contacts

Company Contact
Lewis Black
Chairman, President & CEO
(647) 438-9766
info@almonty.com

Investor Relations Contact
Lucas A. Zimmerman
Managing Director MZ Group - MZ North America
(949) 259-4987
ALM@mzgroup.us

[Sultan] Why Tungsten is Crucial to the U.S. Military By John P. Connor June 01, 2026 ...

Sultan — 6/1/2026 12:12:46 PM

Why Tungsten is Crucial to the U.S. Military

By John P. Connor
June 01, 2026

realcleardefense.com

[Sultan] China Restrictions Lead to Tungsten Supply Crunch Tungsten prices rocketed ...

Sultan — 6/1/2026 12:09:49 PM

China Restrictions Lead to Tungsten Supply Crunch

Tungsten prices rocketed to record highs in recent months, largely as a result of China's grip on the metal and its restrictions on exports.

Released Monday, June 01, 2026

industrialinfo.com

[LoneClone] Almonty Industries Set to Join Large-Cap Russell 1000® Index and Broad-Market Ru...

LoneClone — 5/28/2026 10:37:07 AM

Almonty Industries Set to Join Large-Cap Russell 1000® Index and Broad-Market Russell 3000® Index

finance.yahoo.com

Business Wire
Thu, May 28, 2026 at 4:30 AM PDT 7 min read

DILLON, Mont., May 28, 2026--( BUSINESS WIRE)--Almonty Industries Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it is set to join the Large-Cap Russell 1000® Index, as well as the Broad-Market Russell 3000® Index, at the conclusion of the 2026 Russell indexes reconstitution, according to a preliminary list of additions posted by FTSE Russell on Friday, May 22, 2026. Almonty’s inclusion is expected to become effective when the market opens on Monday, June 29, 2026.

The June reconstitution of the Russell US Indexes captures up to the 4,000 largest US stocks as of April 30, 2026, ranking them by total market capitalization. Almonty’s membership in the Russell 3000® Index, which remains in place for half a year beginning 2026, means automatic inclusion in the large-cap Russell 1000® Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty Industries, commented: "We are honoured to be set to join the Russell 3000 and 1000 indices, which we believe reflects the significant operational and financial progress Almonty has made over the past year as we firmly establish ourselves as the cornerstone of the Western tungsten supply chain. With our flagship Sangdong Mine in South Korea now coming on line, the relocation of our corporate headquarters to the United States, and a fortress balance sheet to support continued growth, we believe inclusion in the Russell indexes will further expand our visibility within the institutional investment community and broaden our shareholder base as we execute on our long-term strategic vision."

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of June 2025, approximately $12.2 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, the global index provider. For more information on the Russell 3000® Index and the Russell indexes reconstitution, please visit the "Russell Reconstitution" section on the FTSE Russell website.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $21.20 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by LSEG. For more information, visit FTSE Russell.

About Almonty Industries Inc.

Almonty (Nasdaq: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain and the United States, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit cts.businesswire.com.

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this news release include, but are not limited to, statements concerning the Company joining the Large-Cap Russell 1000® Index, as well as the Broad-Market Russell 3000® Index, at the conclusion of the 2026 Russell indexes reconstitution. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the Company joining the Large-Cap Russell 1000® Index, as well as the Broad-Market Russell 3000® Index, at the conclusion of the 2026 Russell indexes reconstitution as well as the risks identified in the Company’s annual information form for the year ended December 31, 2025 dated March 18, 2026 and in the Company’s management’s discussion and analysis dated May 11, 2026 for the three months ended March 31, 2026 and 2025. 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 could 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. 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. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these 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.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS NEWS 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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

View source version on businesswire.com: businesswire.com

Contacts

Company
Lewis Black
Chairman, President & CEO
(647) 438-9766
info@almonty.com

Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group – MZ North America
(949) 259-4987
ALM@mzgroup.us
www.mzgroup.us