11:52 AM EDT, 07/04/2025 (MT Newswires) -- (Updates shares.)

Almonty Industries ( ALMTF ) , a global producer of tungsten concentrate, late on Thursday said it filed an updated technical report for its Sangdong tungsten mine in South Korea.

The current mine and processing plant construction of Phase I of the Sangdong mine is expected to start production in the second half of 2025. At full operations, the targeted ore throughput capacity is projected to hit 640,000 tons per year.

Almonty expects to boost throughput capacity up to 1.2-million tons through the Phase II planned expansion. Phase II could be advanced as early as 2026, subject to positive operating results from Phase I and market conditions.

If Phase II is advanced in 2026, first ore production could start in 2027. Advancement to Phase II is contingent upon a formal decision following the evaluation of Phase I.

The company also reassessed its mining portfolio, concluding the Sangdong mine is the only mineral project on a property that is material to the company for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

This assessment was based on its current strategy, including management's focus and the deployment of resources and the expected economic importance of Phase I production. It was also based on the expected timing and potential production increase of Phase II.

The company remains engaged in other mineral properties, including the Panasqueira mine in Portugal and the Sangdong molybdenum project in South Korea.

Almont shares were last seen up $0.125 to $4.585 on the Toronto Stock Exchange.

Price: 4.59, Change: +0.13, Percent Change: +2.91