Almonty Acquires Strategic US Tungsten Project in Montana

10/28/2025 – 12:09 PM

TORONTO – Almonty Industries Inc. (ALM), a significant player in the global tungsten concentrate market, announced today a definitive agreement to acquire U.S. Tungsten Inc., a U.S.-based private mineral exploration company. This acquisition grants Almonty exclusive rights to explore, develop, and mine designated unpatented tungsten mining claims within the Gentung Browns Lake Tungsten Project located in Beaverhead County, Montana, for a total consideration of $9.75 million.

The Gentung Browns Lake Tungsten Project stands out as one of the most advanced, yet undeveloped, tungsten assets in the United States. Almonty anticipates commencing production as early as the latter half of 2026. This accelerated timeline is supported by the groundwork already established by the current owners in preparing the site for operational readiness. Located within a historically significant U.S. tungsten district that previously contributed to the U.S. national strategic stockpile, the project benefits from existing road access and infrastructure, paving the way for a relatively swift transition to initial production. The move comes as the U.S. government grapples with diversifying its supply chains for critical minerals. Securing domestic sources of tungsten, a key component in defense and aerospace applications, is increasingly seen as a strategic imperative.

Under the terms of the agreement, Almonty will provide $750,000 in cash and issue $9 million of its common shares. The share price will be determined on the day of signing and converted to U.S. dollars based on the Bank of Canada’s noon rate on the preceding business day (“Consideration Shares”). These Consideration Shares will be subject to standard securities law restrictions and a one-year contractual lock-up period from the closing date. The completion of the transaction is contingent upon customary closing conditions, including the receipt of necessary stock exchange approvals.

In a parallel transaction, Almonty also revealed its agreement to purchase the shares of a privately held Montana corporation. This corporation possesses assets crucial for the Gentung Browns Lake Tungsten Project, including a plant permit, water rights, and tungsten mining equipment. The acquisition price is $250,000 in cash, and the transaction is conditional upon the successful acquisition of the Gentung Browns Lake Tungsten Project. Both transactions are on track to close around October 31, 2025.

“The Gentung Browns Lake Project represents a rare opportunity to swiftly bring a U.S.-based tungsten project into production,” stated Lewis Black, Chairman and CEO of Almonty Industries. “This acquisition allows us to deploy Almonty’s advanced tungsten processing and mining techniques, expanding our global presence and resource base into the U.S. market. We believe this significantly bolsters our position as the leading non-Chinese supplier of tungsten concentrate. As demand from the defense and manufacturing sectors continues to fuel a robust tungsten pricing environment, we are exceptionally well-positioned to address the tungsten demands of the United States and its allies.”

The Consideration Shares will be issued and sold privately, without registration under the U.S. Securities Act of 1933 or applicable state securities laws, and will not be offered or sold under reliance on Section 4(a)(2) of the Securities Act. These securities may not be reoffered or resold in the United States absent an effective registration statement or applicable exemption. This press release does not constitute an offer to sell or a solicitation of an offer to buy any common shares in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under applicable securities laws.

About Almonty

Almonty (ALM) is a leading provider of conflict-free tungsten, a strategic metal vital for defense and advanced technology industries. As geopolitical tensions intensify, tungsten’s importance for armor, munitions, and electronics manufacturing grows. Almonty’s Sangdong Mine in South Korea, historically among the world’s largest and highest-grade tungsten deposits, is projected to supply over 80% of global non-China tungsten production at full capacity, directly mitigating supply chain vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions imposed by China. With established operations in Portugal and projects in Spain, Almonty is strategically positioned to meet escalating demand from Western allies focused on supply chain security and defense readiness.

Legal Notice

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Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements and information governed by applicable securities laws.

These forward-looking statements, which are not statements of present or historical fact, involve known and unknown risks, uncertainties, and assumptions that could cause actual results to differ significantly. Therefore, undue reliance on such statements is cautioned. They can typically be identified by terms like “plan,” “development,” “growth,” and similar expressions or phrases indicating potential actions, events, or outcomes. These statements include, but are not limited to, those concerning the successful closing of the contemplated transactions and the production and timing of tungsten from the Gentung Browns Lake Tungsten Project.

Forward-looking statements are based on certain assumptions and factors that, if untrue, could lead to materially different results. Key assumptions include the successful finalizing of transactions and the production and timing of tungsten from the Gentung Browns Lake Tungsten Project.

These statements also carry risks and uncertainties pertaining to Almonty’s business, including those detailed in the Company’s annual information form dated March 20, 2025, and the Management Discussion and Analysis for the three and six months ended June 30, 2025.

While Almonty has attempted to identify significant factors that could cause actual outcomes to differ materially from those in forward-looking statements, other factors might exist that could cause results to deviate from expectations. There is no guarantee of accuracy in these statements, and even if realized, there’s no assurance they will have the anticipated consequences on Almonty. No assurances are given as to whether or when the transactions will close, or the production and timing of tungsten from the Gentung Browns Lake Tungsten Project. Readers should therefore not place undue reliance on forward-looking statements, acknowledging that actual outcomes may vary.

Investors are cautioned against overemphasizing forward-looking statements. Almonty’s list of material factors is non-exhaustive; investors should carefully consider these and other uncertainties and potential events. Almonty assumes that material factors will not cause forward-looking statements to differ materially from actual outcomes, but this list is subject to change, and there’s no guarantee that assumptions will reflect actual results.

THE FORWARD-LOOKING INFORMATION IN THIS PRESS RELEASE REPRESENTS ALMONTY’S EXPECTATIONS AS OF THE DATE OF THIS RELEASE AND IS SUBJECT TO CHANGE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON IT AS OF ANY OTHER DATE. ALMONTY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION, WHETHER DUE TO NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAWS.