Almonty Industries Inc. (ASX: AII), a leading global producer of tungsten concentrate, has released an updated technical report for its Sangdong Tungsten Mine, prepared in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code). The technical report, effective as of February 28, 2025, provides an update on the mineral resources and reserves of the Sangdong project in South Korea. The report highlights recent developments at the mine, including ongoing construction of Phase I, which is expected to begin production in the second half of 2025.
The technical report outlines the company’s plans for a Phase II expansion, which is fully permitted under existing Phase I approvals. This expansion aims to increase the mine’s throughput capacity to 1.2 million tons per year, potentially advancing as early as 2026, contingent upon positive operating results from Phase I and prevailing market conditions. First ore production under Phase II could commence in 2027. The Phase II expansion is expected to unlock economies of scale and support margin enhancement. As detailed in the technical report, the targeted ore throughput capacity is expected to reach around 640,000 tons per year once Phase I is fully operational.
The company has also reassessed its mining portfolio and concluded that the Sangdong Mine is the only mineral project on a property that is material to the company for the purposes of NI 43-101. While Almonty remains engaged in the operation and development of other mineral properties, including the Panasqueira Mine in Portugal and the Sangdong Molybdenum Project in South Korea, the Sangdong Mine is the primary focus. The company confirms that estimates of Mineral Resources in relation to the Sangdong Project have not materially changed from estimates of Mineral Resources included in the technical report previously prepared in accordance with the JORC Code dated 31 December 2020.
The updated JORC technical report includes a summary of all information material to understanding the reported estimates of ore reserves, including material assumptions and outcomes from the feasibility study. Probable mineral reserves are estimated at 8,579 Kt with a WO3 grade of 0.42%. Almonty advises shareholders to carefully review the technical report for more details about the Sangdong Mine.
