Almonty Industries is solidifying its role as a crucial Western supplier of tungsten, a move underscored by the recent recruitment of senior military expertise to its operational team. The Canadian mining company has appointed retired Brigadier General Steven L. Allen as its Chief Operating Officer, a strategic hire that highlights its focus on the U.S. defense sector. This development coincides with the imminent commissioning of its flagship Sangdong project in South Korea.
Operational Leadership with Defense Logistics Expertise
The appointment of Steven L. Allen represents a significant strategic alignment for Almonty. A 33-year U.S. Army veteran and Bronze Star recipient, Allen brings extensive multinational logistics experience, most recently serving as Director of Logistics for U.S. Forces in Korea. His primary mandate will be to optimize tungsten supply chains from the Sangdong and Panasqueira mines and to advance the company’s newly acquired projects in the United States.
Allen’s firsthand knowledge of South Korean infrastructure is particularly valuable, as the Sangdong mine remains central to the company’s growth strategy. His role is expected to streamline supply chains specifically for defense industry customers.
Flagship Asset Nears Production Milestone
Speaking at the International Investment Forum this week, CEO Lewis Black expressed strong optimism. He stated that the processing plant at Sangdong is “substantially complete,” with commissioning—described by Black as the most pivotal phase in a mine’s lifecycle—now underway.
The project’s metrics are compelling. Sangdong hosts one of the largest tungsten reserves outside of China, with average grades of 0.44% WO3, more than double the industry average. Current tungsten prices are already exceeding the project’s original base-case assumptions, pointing to the potential for robust returns.
The mine’s projected lifespan exceeds 90 years. Furthermore, the presence of by-product molybdenum promises an additional revenue stream that is anticipated to lower the net production cost of tungsten.
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U.S. Foothold with Pentagon Implications
In a key November acquisition, Almonty secured the Gentung Browns Lake project in Montana. This venture could become the first new commercial tungsten mine in the United States in over a decade, with a potential production start in the second half of 2026.
The U.S. Department of Defense classifies tungsten as a critical defense material, and Washington is actively seeking to reduce reliance on Chinese supply chains. Almonty’s Montana project, which already benefits from existing road access, water rights, and a mill site, positions the company at this strategic nexus.
Financial Performance and Analyst Outlook
The company’s strategic moves have drawn positive attention from analysts. In November, both DA Davidson and Oppenheimer raised their price targets for Almonty to US$12.00. More recently, Sphene Capital increased its target to C$13.50, citing the expanded resource base following the Gentung acquisition.
Almonty reported a liquidity position of US$111.6 million as of September 30. Its year-to-date performance on the NASDAQ has been strong, with gains exceeding 350 percent.
A Western Supply-Chain Alternative Emerges
Almonty is positioning itself as a primary Western alternative to Chinese tungsten supply. At full capacity, the Sangdong mine alone could account for over 80% of global tungsten production outside of China. The company stands to benefit directly from “friendshoring” initiatives within defense and high-tech sectors.
The coming weeks will be a critical test as the company transitions from strategic positioning to operational execution, with the commissioning process in South Korea set to begin.
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