08:50 AM EDT, 09/23/2025 (MT Newswires) -- Almonty Industries ( ALM ) said Tuesday it has begun an 11,700-meter underground drill program at its Sangdong molybdenum project in South Korea, lifting its shares 3.7% in Nasdaq pre-market trading.

The campaign will re-examine mineralized structures previously identified in historical drill holes, the company said. Molybdenum is a strategic metal that improves heat and corrosion resistance when added in small amounts to steel or specialty alloys.

"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 chairman and chief executive officer Lewis Black said.

The company is also advancing the Sangdong tungsten mine, which is already in its phase one production preparation stage.