Almonty Launches $15M US Share Offering to Fuel Tungsten Expansion

Almonty’s Strategic Capital Raise

Almonty Industries Inc., a prominent global tungsten producer, has filed for a public offering of 15 million common shares in the United States, with an option for underwriters to purchase an additional 2.25 million shares. This move, announced on December 8, 2025, signals the company’s intent to bolster its capital base to fund key growth initiatives across its portfolio.

The offering is being conducted under a preliminary prospectus supplement to a short form base shelf prospectus, with Bank of America Securities acting as the sole bookrunning manager. While the final pricing remains subject to market conditions, the planned raise underscores Almonty’s proactive approach to securing funding amid a complex geopolitical landscape that has heightened the strategic importance of tungsten.

Targeted Project Development and Expansion

Proceeds from the offering will be directed towards advancing exploration and development at the Gentung Browns Lake Tungsten Project, expanding operations at the Panasqueira Mine in Portugal, and further exploration at the flagship Sangdong Molybdenum Project in South Korea. These projects are critical to Almonty’s strategy to increase production capacity and diversify its resource base.

Notably, the Sangdong Mine is positioned to become a cornerstone of global tungsten supply, expected to produce over 80% of non-China tungsten once at full capacity. This is particularly significant given recent export restrictions and procurement bans impacting tungsten supply chains, especially from China, which has historically dominated the market.

Market Context and Strategic Positioning

Almonty’s timing reflects broader market dynamics where tungsten’s role in defense, electronics, and advanced technologies has become increasingly vital. The company’s diversified geographic footprint; including operations in South Korea, Portugal, the United States, and Spain; positions it well to meet rising demand from Western allies focused on supply chain security and resilience.

While the offering is subject to customary closing conditions and regulatory approvals, it represents a significant step in Almonty’s growth trajectory. The capital raise will not only support project development but also provide working capital and general corporate funding, enhancing the company’s operational flexibility.

Looking Ahead

Investors will be watching closely as the offering progresses, particularly the pricing and final terms, which will provide clearer insight into market appetite for Almonty’s equity. The success of this raise could accelerate the company’s ability to capitalize on tungsten’s strategic importance amid ongoing geopolitical tensions and supply chain realignments.