Almonty Industries, a specialist in tungsten production, has successfully concluded a capital raise that significantly exceeded its initial targets. The offering was repeatedly upsized due to substantial investor demand, ultimately providing the company with gross proceeds of approximately $129.4 million. CEO Lewis Black used the occasion to deliver a pivotal message to shareholders regarding the company’s future financial strategy.
A Clear Signal to Shareholders
In a notable statement, Lewis Black emphasized that Almonty now considers itself fully capitalized to execute its outlined project pipeline. The company currently has no intention of conducting further equity raises under its existing
This strengthened financial position follows the strategic appointment of retired U.S. Brigadier General Steven L. Allen as Chief Operating Officer in December. With its treasury replenished, Almonty enters 2026 poised to advance its ambitious plans.
Overwhelming Market Demand
The offering’s scale was a direct response to robust market interest. Initially planned for 15 million new shares, the volume was first increased to 18 million. Following the full exercise of the over-allotment option by the syndicate of banks, the final tally reached 20.7 million shares.
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BofA Securities acted as the lead manager for the raise, which was supported by a consortium of additional financial institutions. The substantial oversubscription underscores strong market confidence in the company’s strategic direction.
Capital Allocation: A Three-Continent Strategy
The newly secured capital is earmarked to accelerate growth projects across North America, Europe, and Asia. The funds are allocated to several key initiatives:
- North America (Montana, USA): Funding will support the exploration and development of the recently acquired “Gentung Browns Lake” tungsten project.
- Europe (Portugal): Investment is directed toward expansion work at the existing Panasqueira mine.
- Asia (South Korea): Capital will fuel exploration activities at the “Sangdong Molybdenum” project.
- Corporate Purposes: A portion will bolster general working capital.
The acquisition of the Montana project in November 2025 represented a strategic inflection point, providing Almonty with direct entry into the U.S. market. This move aligns with broader trends, as Western industrial nations seek to reduce reliance on Chinese tungsten supplies against a backdrop of rising geopolitical tensions.
By focusing on supply security for this critical mineral, Almonty is positioning itself to address a projected production shortfall in the West, backed by a solidified balance sheet.
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