The clock is ticking in two directions for Almonty Industries. By January 2027, US procurement rules will bar Chinese tungsten from military hardware — and in South Korea, a molybdenum supply crisis is already forcing the government to plead for domestic alternatives. Almonty sits squarely at the intersection of both pressures, with drilling results now reinforcing its dual-metal credentials.
The company has completed roughly 37% of its planned molybdenum drilling campaign at the Sangdong site in Gangwon Province. The program calls for 26 holes totalling 12,000 metres, and the assay data so far has matched historical mineralisation levels, bolstering confidence in the deposit’s size and quality. “Once we wrap up the remaining 63% of drilling, we will move straight into production,” CEO Lewis Black confirmed.
That urgency reflects a broader reality: South Korea’s molybdenum inventories have fallen to critically low levels. The metal is indispensable for high-strength steel, semiconductors, and aerospace alloys — sectors the government has flagged as vulnerable. Almonty’s planned integrated “Korean Trinity” platform, combining tungsten mining, tungsten oxide processing, and future molybdenum output under one roof, positions the company as a domestic lifeline.
The economic tailwind is tangible. Molybdenum spot prices have climbed roughly 23.5% over the past year to 592.34 CNY/kg. Almonty expects significant cost synergies by piggybacking on existing Sangdong infrastructure, which began tungsten production in the first half of 2026. That operational milestone marked Almonty’s transition from junior developer to producing miner — a shift now being cemented by index inclusion.
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The company is set to join the Russell 1000 and Russell 3000 indices at the end of June, opening the door to institutional funds that require large-cap exposure. More liquidity, a different investor base, and heightened visibility are the likely consequences. The stock closed Tuesday at C$26.08, having more than quadrupled over the past twelve months — a 459% surge — and gained nearly 117% year-to-date.
Technically, the shares sit about 3.6% below their 50-day moving average but well above the 200-day line at C$17.29. The relative strength index of 51.2 points to neutral momentum, while an annualised 30-day volatility above 100% underscores how sharply the stock has swung. Those moves reflect a narrative that goes beyond the balance sheet.
The relocation of Almonty’s corporate headquarters from Toronto to Dillon, Montana, underscores the geopolitical dimension. With China controlling the vast majority of global tungsten output, the January 2027 US procurement embargo creates a structural supply vacuum. Almonty’s two-legged strategy — the Sangdong mine in South Korea and the newly acquired Gentung project in Montana — offers the West a credible alternative. Proximity to the Pentagon and the domestic industrial base is not incidental; it is the entire point.
Almonty has navigated the “valley of death” that sidelines many mine developers. It now produces, diversifies, and embeds itself politically at precisely the moment when supply chains are being sorted by geopolitical reliability. The next catalyst will likely come when the remaining molybdenum assay results confirm the overall ore body — triggering the construction of the molybdenum circuit and further tightening the link between the company’s twin metal bets.
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