Almonty Industries

Lewis Black founded the firm and serves as President, CEO, and Chairman. He is the largest individual shareholder and the primary decision-maker on mine acquisitions, project financing, and offtake strategy. The board includes independent directors as required by TSX listing rules, but strategic direction is heavily concentrated with Black.

Tungsten is classified as a critical mineral by the U.S., EU, and other Western governments due to its essential role in defense, aerospace, and advanced manufacturing, and because roughly 80% of global supply originates from China. Almonty's thesis is that Western end-users will pay a premium for a reliable, non-Chinese supply chain, and that controlling the few high-grade, permitted deposits outside China positions the firm as the natural consolidator.

Sangdong is Almonty's flagship asset. The firm completed mine construction and entered the commissioning phase in early 2025, with first tungsten concentrate production expected shortly thereafter (per Almonty corporate presentation, 2025). The project was financed in part by a loan from KfW IPEX-Bank and royalty agreements. Almonty has disclosed a long-term offtake agreement with a major U.S. industrial company for Sangdong's production.

Almonty is a publicly traded mining company (TSX: AII, ASX: AII) structured as an owner-operator of hard-rock tungsten assets. While founder Lewis Black is the controlling influence, the firm is not a traditional family office. It operates corporate treasury functions and raises project finance in public debt and equity markets.

Current production comes from the Panasqueira mine in Portugal, which has been operating for over a century, and the Los Santos mine in Spain, which was restarted by Almonty. Both sell tungsten concentrate to global off-takers. The Sangdong mine in South Korea is expected to become the firm's primary revenue driver once ramped to full production.