TORONTO – Almonty Industries Inc. (NASDAQ: ALM), a leading global producer of tungsten concentrate, said on Tuesday it will acquire the Gentung Browns Lake Tungsten Project in Beaverhead County, Montana, marking a strategic expansion into the U.S. market amid rising defense and manufacturing demand.
The deal, valued at US$9.75 million, includes US$750,000 in cash and US$9 million in Almonty common shares. The project, owned by U.S. Tungsten Inc., is one of the most advanced undeveloped tungsten assets in the United States and could enter production as early as the second half of 2026.
Almonty also agreed to acquire a privately held Montana corporation with plant permits, water rights, and tungsten processing equipment for an additional US$250,000 in cash. Both transactions are expected to close around October 31, 2025.
“The Gentung Browns Lake Project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly,” said Almonty Chairman and CEO Lewis Black. “This acquisition strengthens our position as the world’s leading non-Chinese supplier of tungsten concentrate.”
The project is located in a historic tungsten district that once supplied the U.S. strategic stockpile and benefits from existing infrastructure and road access. Almonty plans to deploy proprietary mining and processing technologies to accelerate development.
Tungsten is considered a critical mineral for defense and advanced technologies. Almonty’s flagship Sangdong Mine in South Korea is expected to supply over 80% of global non-China tungsten production once fully operational.
The share-based portion of the transaction will be issued privately and is subject to a one-year lock-up and regulatory approvals.