02:38 PM EDT, 10/28/2025 (MT Newswires) -- Almonty Industries ( ALM ) was at last look up 12% as it entered Tuesday into a binding share purchase transaction involving U.S. Tungsten Inc., a U.S. based privately-owned minerals explorer, to buy the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead County, Montana, for aggregate consideration of US$9.75 million.

A statement noted that the claims at the Gentung Browns Lake Tungsten Project are among the "most advanced undeveloped tungsten assets" in the U.S. and are positioned for near-term production as early as the second half of 2026.

"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's Chairman and Chief Executive Officer, Lewis Black.

As consideration for the Gentung Browns Lake Tungsten Project, Almonty has agreed to pay US$750,000 in cash and issue US$9 million of its common shares issued at a price per common share determined on the day of signing and converted into U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the date of the agreement.

A statement noted consideration shares are subject to restrictions under applicable securities laws in addition to a one-year contractual lock-up from the date of closing. The closing of the transaction is subject to customary conditions for a transaction of this nature, the statemen said.

Separately, Almonty also announced that, pursuant to a share purchase agreement, it agreed to acquire the shares of a privately held Montana corporation holding a number of assets including, but not limited to, a plant permit, water rights and tungsten mining equipment for use in the processing of tungsten from the Gentung Browns Lake Tungsten Project for US$250,000 in cash.

The company said that the closing of the transaction contemplated by the share purchase agreement is conditional on the acquisition of the Gentung Browns Lake Tungsten Project.

Almonty said that both transactions are expected to close on or about Oct. 31, 2025.

"With this acquisition, we are able to import Almonty's proprietary tungsten processing and mining technologies and further expand our global footprint and resource base into the U.S. market, strengthening our position as the world's leading non-Chinese supplier of tungsten concentrate," added the CEO. "As defense and manufacturing demand grow, supporting a healthy tungsten pricing environment, we are increasingly well positioned to meet the tungsten needs of the United States and its allies."

The company's shares were last seen up $1.12 to $10.47 on the Toronto Stock Exchange.

Price: 10.43, Change: +1.08, Percent Change: +11.55