Almonty's US Domestication: A Strategic Move for Long-Term Growth

Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) has received overwhelming shareholder approval for its proposed continuance from Canada to the State of Delaware, USA. With 99.96% of votes in favor, the company is set to align its corporate structure with the location of a significant portion of its shareholder base and enhance its long-term competitiveness in the dynamic global market.

The US domestication, if completed, will be effected through a court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act. The Company will apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement on March 4, 2025. While Shareholders were entitled to exercise rights of dissent with respect to the Arrangement, no such dissent rights were exercised.

Lewis Black, CEO of Almonty, expressed his gratitude for the shareholders' support, stating, "The Domestication gives Almonty great optionality going forward and reflects the growing importance of the United States in our strategic positioning, particularly given its strong regulatory framework for critical materials such as tungsten and molybdenum. It will also align our corporate structure with the location of a significant portion of our Shareholder base and is expected to enhance Almonty’s long-term competitiveness in light of global geopolitical tensions and policies in key economies shifting to encourage domestic sourcing of critical raw materials. I want to thank shareholders for overwhelmingly supporting this important milestone initiative for Almonty."

The US Domestication is subject to court and certain regulatory approvals. Notwithstanding receipt of any such approvals, the US Domestication will be completed if and when determined by the Company’s board of directors.



Almonty Industries Inc. is a Toronto-based company specializing in the mining, processing, and distribution of tungsten concentrate. Its operations include the Los Santos Mine in Spain, the Panasqueira mine in Portugal, and the development of the Sangdong tungsten mine in South Korea and the Valtreixal tin/tungsten project in Spain.

The strategic acquisition of the Sangdong Mine in South Korea is a pivotal component of Almonty's long-term growth strategy. The mine, which was historically one of the largest tungsten mines in the world, is expected to commence production by mid-2025, contributing significantly to Almonty's output and market presence. The mine's strategic location in South Korea, combined with its high-grade tungsten deposit, makes it an ideal solution for reducing reliance on China and other adversarial nations for critical mineral sourcing. Furthermore, the mine's proximity to key markets, such as the United States, will facilitate efficient and cost-effective supply chain management.

Almonty has already secured a significant long-term offtake agreement with Global Tungsten & Powders in Pennsylvania, committing 45% of the mine's potential long-term output to the US market. This agreement underscores the mine's importance in addressing global supply chain challenges and solidifies Almonty's position as a critical player in the Western tungsten market.

In conclusion, Almonty's US domestication is a strategic move that aligns with the company's long-term growth strategy and positions it to become a major Western source of tungsten and molybdenum. The acquisition of the Sangdong Mine, combined with the company's existing operations and the supportive regulatory environment in the United States, sets the stage for Almonty's continued success in the dynamic global market for critical materials.