Wedoany.com Report-Oct. 28, Almonty Industries Inc., a Toronto-based mining company, announced plans to acquire the Gentung-Browns Lake tungsten project in Montana, marking a significant step toward reviving U.S. tungsten production after a decade-long pause. The purchase, paid in both cash and stock, was disclosed on Monday, though the seller was not identified. Following the announcement, Almonty’s shares trimmed earlier losses.

The Gentung-Browns Lake project, previously operated by Union Carbide Corp., could resume production as early as late 2026, subject to obtaining an extraction permit. Almonty intends to use reconditioned equipment from its facilities in Spain to restart operations. The site already has existing water rights and infrastructure, which may support a swift return to mining activities.

Tungsten, a dense metal essential for manufacturing semiconductors and specialized industrial products, has strategic importance in global supply chains. The U.S. has not produced tungsten commercially for ten years due to earlier price declines and instead relies on imports and recycling. Almonty’s acquisition aligns with efforts to rebuild domestic production capacity and strengthen the security of critical mineral supply.

The deal follows Almonty’s broader expansion strategy in the U.S. market. In July, the company listed its shares on the Nasdaq and announced plans to relocate its corporate domicile to Delaware. Chief Executive Officer Lewis Black said the company is in talks with the U.S. Department of Defense regarding potential supply agreements. Almonty has also engaged with other U.S. agencies, including the Defense Advanced Research Projects Agency (DARPA), over the past several months.

Black stated that the company is not seeking direct funding or equity participation from the Pentagon. Instead, Almonty proposes that U.S. government agencies make transparent, market-based purchases of tungsten to support domestic production and supply stability.

Almonty views the Montana project as a strong complement to its existing portfolio, which includes a large-scale mine in South Korea nearing production and another operating site in Portugal. Once operational, tungsten concentrate from the Montana project could be supplied to U.S. companies such as Global Tungsten & Powders Corp., Kennametal Inc., or Buffalo Tungsten Inc., for further processing into tungsten carbide and alloys.

The acquisition positions Almonty to play a central role in meeting rising global demand for tungsten, which is increasingly used in high-performance manufacturing and technology industries. Despite market fluctuations, Almonty’s shares have risen more than 600% over the past year amid growing concerns about global tungsten supply. On Monday, the stock was down 3% at 3:26 a.m. in New York after earlier dropping as much as 11%.

Through this purchase, Almonty aims to establish a stable U.S. source of tungsten while advancing its international production network and supporting supply chain resilience for critical materials.