Almonty Industries Inc. has commenced processing plant throughput operations at its Sangdong Mine in Gangwon Province, South Korea, marking the transition from mine development to active, revenue-generating operations. During June 2026, the company began feeding stockpiled run-of-mine ore through its newly commissioned processing plant to produce saleable tungsten concentrate. This milestone allows Almonty to convert its existing ore stockpile into revenue as tungsten prices reach historic highs.

The company exited the first quarter of 2026 with approximately 120,000 tonnes of ore stockpiled at an average grade of 0.24% tungsten trioxide (WO₃). In the second quarter of 2026, Almonty mined an additional approximately 19,700 tonnes of development ore at an average grade of 0.35% WO₃, while advancing 214.6 meters of underground development primarily along the Main Vein. This brings the total stockpiled ore to approximately 139,700 tonnes at a blended grade of approximately 0.25% WO₃.

Stockpile and Operational Metrics

The current stockpile is being utilized during the initial commissioning phase to optimize ore blending and maintain consistent feed quality. At prevailing tungsten prices, the contained tungsten in the stockpile represents approximately 2.6 months of Phase I throughput feed.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty, stated that the transition from building and commissioning a mine to processing ore is a significant moment for the team. He highlighted that the Sangdong Mine is once again producing a strategically critical metal, addressing the atrophy of the Western tungsten supply chain. Black noted that the company is positioned to convert ore into revenue with a substantial stockpile in place and a plant that is ramping up.

The Sangdong Mine processing plant is designed to upgrade run-of-mine ore into high-purity tungsten concentrate. The company anticipates higher grades as the process advances, noting that Sangdong's low-grade ore is approximately three times higher than that of its Panasqueira mine in Portugal.

Almonty Industries Inc. has joined the large-cap Russell 1000 Index and the broad-market Russell 3000 Index, effective with the opening of United States equity markets on Monday, June 29, 2026. The inclusion follows the conclusion of the 2026 Russell indexes reconstitution, which captures the 3,000 largest U.S. stocks ranked by total market capitalization. This development positions the tungsten concentrate producer within a key benchmark tracked by substantial institutional assets.

The Russell 1000 Index is a subset of the Russell 3000 Index, tracking the 1,000 largest publicly traded companies in the U.S. FTSE Russell determines membership primarily through objective, market-capitalization rankings and style attributes. Approximately $12.2 trillion in assets are benchmarked against the Russell U.S. indexes as of the end of June 2025.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty Industries, stated that qualifying for the Russell 1000 and Russell 3000 is a milestone earned on the numbers. He noted that the inclusion signals market recognition of the scale the company has reached as a Western-aligned producer of a metal critical to defense and advanced-technology sectors. Black added that index membership connects Almonty with index-tracking funds and benchmark-driven institutions, potentially leading to steadier trading liquidity and a more durable base of long-term shareholders.

Russell Indexes Overview

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. The following table outlines the key details of the indexes Almonty has joined:

About Almonty Industries Inc.

Almonty Industries Inc. is a leading supplier of conflict-free tungsten, a strategic metal critical to the defense and advanced technology sectors. The company's flagship Sangdong Mine in South Korea is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity. Almonty also holds established operations in Portugal and additional projects in Spain and the United States.