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Almonty Industries (AII) investor relations material
Almonty Industries 16th IIF - International Investment Forum summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic positioning and market overview
Operations span Portugal, Spain, and South Korea, with a planned move of headquarters to the U.S. by early 2026.
Sangdong in South Korea is set to become one of the world’s largest tungsten processing plants, with phase I production expected by end of 2024 and phase II expansion in 2026.
Tungsten market is dominated by China, Russia, and North Korea, controlling nearly 90% of global supply, while Western access is increasingly restricted.
U.S. and EU recognize the strategic importance of non-Chinese tungsten supply, with Sangdong acknowledged as a key solution to supply chain risks.
Defense and technology sectors are driving demand, with tungsten prices recently surging above $600/MTU.
Project development and financial structure
Sangdong’s phase I is fully financed, with a 15-year off-take agreement at a floor price, ensuring revenue stability and upside potential.
Phase II will double throughput to 1.2 million tons, further increasing output and revenue.
$90 million raised for a tungsten oxide facility to enhance value-added processing and margins.
Molybdenum asset in South Korea is under active development, with a similar off-take structure and high-grade resource.
Portugal serves as a knowledge hub, supporting technology and process innovation for global operations.
Geopolitical and industry trends
China’s export restrictions on tungsten and U.S. bans on imports from China, Russia, and North Korea from 2027 heighten Western supply urgency.
Western defense budgets are rising, with the U.S., Germany, France, U.K., and Japan all increasing military spending, boosting tungsten demand.
Almonty’s strategic partnerships, including with American Defense International, provide access to key government and industry stakeholders.
Off-take agreements focus on U.S., EU, and Japan, avoiding Chinese contracts to ensure conflict-free supply.
Flexible contract terms in Portugal allow for annual renegotiation to capture best market prices.
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