11:53 AM EST, 01/20/2025 (MT Newswires) -- (Updates shares.)

Almonty Industries ( ALMTF ) said Monday it plans to change its jurisdiction of incorporation from Canada to the U.S. state of Delaware.

The company intends to maintain its listings for now on the Toronto Stock Exchange and the Australian Securities Exchange.

Almonty said moving to the U.S. reflects the growing importance of the country in its strategic positioning and lauded the country's "robust regulatory framework for critical materials like tungsten and molybdenum."

Almonty owns the Sangdong mine in South Korea, and the company hopes that the operation will become a reliable Western source of tungsten and molybdenum amid rising geopolitical tensions.

"This move reinforces our strategic focus on growth and operational agility, ensuring we remain competitive and well-positioned to deliver value to stakeholders in an evolving global landscape," chief executive Lewis Black said.

Almonty shares were last seen up $0.01 to $0.97 on the Toronto Stock Exchange.

Price: 0.97, Change: +0.01, Percent Change: +1.04