Almonty Industries is a tungsten mining and processing company, and the largest publicly traded Western tungsten miner. Tungsten is a critical metal used in defense applications (armor-piercing ammunition, missile guidance systems), industrial tooling, aerospace alloys, semiconductors, and energy infrastructure. Almonty mines tungsten ore and processes it into concentrate, which it sells to downstream processors. Revenue is currently generated almost entirely from the Panasqueira Mine in Portugal, one of the world's longest-running tungsten mines, known for high-grade, low-impurity concentrate. Almonty's flagship growth asset is the Sangdong Mine in South Korea — one of the world's largest tungsten deposits — which began commercial mining in December 2025 and is currently commissioning its processing plant, with a Phase I target of ~640,000 tonnes per year throughput and a Phase II expansion to ~1.2M tonnes targeted for 2027. Almonty also holds assets in Spain (Valtreixal under development, Los Santos in care and maintenance), and acquired the Gentung project in Montana in November 2025, establishing a U.S. foothold. Almonty sells primarily to a single large U.S.-based customer under long-term supply agreements, with pricing tied to prevailing APT (ammonium paratungstate) market prices published by the London Metal Bulletin. Almonty's core strategic positioning is as the leading non-Chinese tungsten supplier to Western defense and industrial customers, a position reinforced by China's February 2025 export controls on tungsten.