Amendment Extends Offtake Term from 15 to 21 Years and Increases Total Contracted Volume by 40% to 4.41 Million MTU at Significantly Improved Pricing Terms
DILLON, Mont., July 14, 2026--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, today announced that it has entered into an amendment (the "Amendment") to its long-term offtake agreement (the "Agreement") with Global Tungsten & Powders LLC ("GTP"), a member of Austria's Plansee Group, covering tungsten concentrate produced from Phase I of the Company's Sangdong Mine in South Korea. The Amendment extends the term of the Agreement by six years, increases total contracted volumes by 40% and improves the pricing payable to Almonty on all contracted volumes by approximately 6.3%.
Amendment Highlights
Term extended from 15 to 21 years from the date of first delivery, extending contracted deliveries into the late 2040s and deepening a supply partnership that began in 2018.
Total contracted quantity increased by 40% from 3,150,000 to 4,410,000 metric tonne units ("MTU") of tungsten concentrate, with minimum contracted volumes of 210,000 MTU per year following ramp-up.
Improved pricing that increases the revenue Almonty anticipates to realize on each MTU delivered for the entirety of the Agreement by 6.3%, growing expected annual contract revenue at current pricing by at least US$30 million per annum and for the annual total revenue to now increase to US$490 million over the 21 year contract at current pricing.
The Agreement covers approximately 90% of Phase I tungsten concentrate production from the Sangdong Mine. The Amendment follows the commencement of processing plant throughput operations at Sangdong, announced on July 1, 2026, as the mine ramps toward full Phase I capacity. The Agreement relates solely to Phase I production at Sangdong. It does not cover the Company's planned Phase II expansion, which is anticipated to roughly double the mine's annual processing capacity, or production from Almonty's other operations. As a result, the amended Agreement is expected to represent only a portion of Almonty's total production and revenue potential over time.
GTP, headquartered in Towanda, Pennsylvania, is one of the largest Western producers of tungsten powders and a key supplier into U.S. defense and industrial supply chains. With tungsten prices at historic highs following successive export restrictions imposed by China, the Amendment secures an expanded, U.S.-delivered supply of conflict-free tungsten concentrate for more than two decades.