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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 a binding share purchase transaction involving U.S. Tungsten Inc., a United States ("U.S.") based privately-owned minerals explorer, to acquire the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead County, Montana in the United States (the "Gentung Browns Lake Tungsten Project") for aggregate consideration of US$9,750,000.
The Gentung Browns Lake Tungsten Project is among the most advanced undeveloped tungsten assets in the U.S. and is positioned for near-term production as early as the second half of 2026. This is attributed to the fact that the current owners have conducted significant work over the years to prepare the site for production. The project is located in a historic U.S. tungsten district that once supplied the U.S. national strategic stockpile and offers existing road access and infrastructure, supporting a relatively expeditious path to initial production.
As consideration for the Gentung Browns Lake Tungsten Project, Almonty has agreed to pay US$750,000 in cash and issue US$9 million of its common shares issued at a price per common share determined on the day of signing and converted into U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the date of the agreement (the "Consideration Shares"). The Consideration Shares are subject to restrictions under applicable securities laws in addition to a one-year contractual lock-up from the date of closing. The closing of the transaction is subject to customary conditions for a transaction of this nature, including the receipt of applicable stock exchange approval.
In a separate transaction, Almonty also announced today that, pursuant to a share purchase agreement, it has agreed to acquire the shares of a privately held Montana corporation holding a number of assets including, but not limited to, a plant permit, water rights and tungsten mining equipment for use in the processing of tungsten from the Gentung Browns Lake Tungsten Project for US$250,000 in cash. The closing of the transaction contemplated by the share purchase agreement is conditional on the acquisition of the Gentung Browns Lake Tungsten Project. Both transactions are expected to close on or about October 31, 2025.
