Almonty Industries (ASX:AII) has entered into a binding share purchase transaction with privately held US Tungsten, to acquire the right to explore, develop, and mine claims in Montana, US.
Under the agreement, Almonty – which has a market capitalisation of $2.33 billion – will pay US$750,000 ($1.14 million) cash and issue US$9 million worth of shares.
The transaction, expected to close on or about 31 October 2025, is subject to conditions including receiving stock exchange approval.
The Gentung Browns Lake Tungsten Project is among the most advanced undeveloped tungsten assets in the US and is positioned for near-term production as early as the second half of 2026.
CEO Lewis Blake says the project is able to move into production quickly.
“With this acquisition, we are able to import Almonty’s proprietary tungsten processing and mining technologies and further expand our global footprint and resource base into the US market, strengthening our position as the world’s leading non-Chinese supplier of tungsten concentrate,” Blake says.
“As defence and manufacturing demand grow, supporting a healthy tungsten pricing environment, we are increasingly well positioned to meet the tungsten needs of the US and its allies.”
In a separate transaction, Almonty has agreed to acquire shares of a privately held Montana corporation which holds numerous assets, for US$250,000. The assets include a plant permit, water rights, and tungsten mining equipment for use in the processing of tungsten from the Gentung Browns Lake Project.
Almonty Industries is a tungsten supplier focusing on past producing mines, operations that are on care and maintenance, tailings stockpile, and other situations where near-term production and cash flow can be achieved.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
