Almonty Moves HQ to Montana, Boosts US Tungsten Independence

Almonty Industries (TSX:AII,NASDAQ:ALM) is moving its corporate headquarters from Toronto to Montana, physically anchoring the tungsten producer within the US.

The relocation to Dillon places the company's front office directly at the site of its recently acquired Gentung tungsten project, which is slated to restart production later this year.

The move follows a massive influx of US capital into the company over the past year. It also comes as defense contractors aggressively decouple their critical minerals supply chains from China.

In July 2025, Almonty listed its shares on the Nasdaq, securing a US$90 million oversubscribed initial public offering.

Five months later, the company tapped the markets again, closing a US$129 million follow-on financing in December 2025 to fund its dual-continent expansion in North America and Asia.

Chairman, President and CEO Lewis Black framed the move as a necessary evolution for the company as it targets US national security contracts, describing it as "not merely symbolic."

"Our investors, customers, and strategic partners are here because they recognize the urgency of building a Western tungsten supply chain free from Chinese dependence," he said in a press release.

Almonty’s push to become the leading US-aligned tungsten producer is backed by a concerted advisory effort in Washington. The company has established a strategic partnership with American Defense International, a defense consulting firm, and actively participates in the Department of Defense-sponsored Critical Minerals Forum.

Last year, Almonty also earned congressional recognition for its efforts to strengthen critical mineral independence.

The Montana move also coincides with the revival of Almonty’s flagship asset in South Korea.

Last month, the company completed Phase 1 commissioning at the Sangdong tungsten mine in Gangwon Province, restoring production at the site after a 30 year dormancy. During a formal commissioning ceremony on March 17, hosted by Black and attended by representatives from the US embassy and over 200 South Korean political figures, the company officially transitioned the massive project toward commercial operation.

Sangdong was historically one of the world’s largest tungsten producers before a prolonged slump in commodity prices driven heavily by cheap Chinese exports forced its closure in the early 1990s.

The Phase 1 processing plant is designed to handle roughly 640,000 metric tons of ore annually, yielding approximately 2,300 metric tons of tungsten concentrate per year.

Almonty is already advancing a Phase 2 expansion, slated for completion in 2027, which is designed to double processing capacity to 1.2 million metric tons of ore and push tungsten output to roughly 4,600 metric tons annually.

At full capacity, Sangdong is expected to supply about 40 percent of global tungsten demand outside of China.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.