- Almonty Industries (TSX:AII) has launched a large-scale drilling program at its Sangdong Molybdenum Project in South Korea to confirm mineral reserves ahead of potential production.
- The initiative responds to South Korea’s molybdenum supply crisis, with 26 drill holes planned across 11,700 metres to gather precise geological data.
- Almonty has an exclusive supply agreement with SeAH M&S, securing 100 per cent of future molybdenum output for strategic industries like defense, semiconductors, and renewable energy
- Almonty Industries stock (TSX:AII) last traded at C$7.30
Almonty Industries (TSX:AII), a global producer of tungsten critical to U.S. defense and technology sectors, has begun a large-scale drilling program at its Sangdong Molybdenum Project in Yeongwol, Gangwon Province, South Korea. The initiative aims to confirm the presence of mineral reserves of molybdenum ahead of potential future production.
This content has been prepared as part of a partnership with Almonty Industries Inc. and is intended for informational purposes only.
Molybdenum, a strategic metal known for enhancing heat and corrosion resistance in steel and specialty alloys, plays a vital role in high-performance industries such as aerospace, defense, nuclear energy, and petrochemicals. Its importance is growing in next-generation sectors including semiconductors and renewable energy. Reflecting this rising demand, the spot price of molybdenum has surged by approximately 15.1 per cent year-to-date, reaching US$25.97 per pound as of September 19, 2025, according to Metal Bulletin / Fastmarkets.
Almonty’s drilling campaign will revisit mineralized structures identified in historical drill holes, deploying 26 diamond drill holes across 11,700 metres of underground space to gather more precise geological data. The company is accelerating the program in response to South Korea’s molybdenum supply crisis, which has prompted government calls for private sector action to secure critical materials.
Following the drilling phase, Almonty plans to update its Technical Report and move toward expedited production. The company has already secured an exclusive supply agreement with SeAH M&S, a subsidiary of the SeAH Group, to deliver 100 per cent of the molybdenum produced at Sangdong for the life of the mine.
“At a time when ally South Korea is facing a shortage of molybdenum supply, we believe that the Sangdong Molybdenum Project will make a significant contribution to national resource security and the establishment of a stable supply chain,” Almonty’s CEO and chair, Lewis Black, said in a news release. “This drilling campaign marks an important starting point that is expected to bring long-term benefits to both the community and to this critical allied nation. Once molybdenum production at Sangdong Mine is fully operational, Almonty believes that it will help resolve South Korea’s supply shortage and reduce the nation’s dependence on imports.”
About Almonty Industries
Almonty Industries Inc. is a global provider of tungsten concentrate in conflict-free regions, including from its producing Panasqueira mine in Portugal and its Sangdong mine in South Korea, which is slated to begin operations in 2025. The company is also focused on its Valtreixal tin-tungsten and Los Santos tungsten development projects in Spain.
Almonty Industries stock (TSX:AII) last traded at C$7.30 and has risen 434.80 per cent since the year began.
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