Almonty Industries (ASX:AII) marked its transition from developer to active producer, announcing the first delivery of ore to the Sangdong Mine ROM Pad.
The milestone, highlighted in the company’s fourth quarter and full year 2025 results, precedes a formal commissioning ceremony held on March 17, in South Korea’s Gangwon Province.
The move toward commercial production at Sangdong—one of the world's largest high-grade tungsten deposits—comes at a critical juncture for the tungsten market, with TTM average APT prices surging 534% year-over-year to US$2,250 per MTU.
Almonty reported annual revenue of CAD$32.5 million for 2025, up from CAD$28.8 million in 2024.
While income from mining operations grew to CAD$2.4 million for the year, the company faced significant bottom-line pressure.
Net losses for the period widened to CAD$161.9 million, largely driven by a CAD$97.4 million non-cash loss on the valuation of embedded derivative liabilities—a result of the company’s share price appreciation.
General and administrative costs spiked to CAD$20.5 million, reflecting the intensive final stages of project development.
Despite an adjusted EBITDA loss of CAD$17.1 million, the delivery of first ore remains the defining narrative for the period.
At the time of reporting, Almonty Industries' share price was $23.77.