Almonty Industries has entered into a binding agreement to acquire the Gentung Browns Lake Tungsten Project in Beaverhead County, Montana, for total consideration of $9.75 million. The deal marks a significant step in Almonty’s strategy to strengthen North American tungsten production amid rising global demand and geopolitical supply constraints.
The Gentung Browns Lake Project is considered one of the most advanced undeveloped tungsten assets in the U.S. With significant prior development work completed and strong local infrastructure in place, the project could enter production as early as the second half of 2026. As part of the acquisition, Almonty will pay US$750,000 in cash and issue US$9 million in common shares, subject to customary regulatory approvals and closing conditions.
In a separate transaction, Almonty will also acquire a privately held Montana corporation that owns key supporting assets, including a plant permit, water rights, and tungsten processing equipment, for US$250,000. Both transactions are expected to close by October 31, 2025.
The acquisition reinforces Almonty’s position as the world’s leading non-Chinese supplier of tungsten concentrate. With its flagship Sangdong Mine in South Korea and established operations in Portugal and Spain, the company continues to expand its global footprint to ensure a reliable tungsten supply for Western defense and technology sectors.
KEY QUOTES:
“The Gentung Browns Lake Project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly. With this acquisition, we are able to import Almonty’s proprietary tungsten processing and mining technologies and further expand our global footprint and resource base into the U.S. market, strengthening our position as the world’s leading non-Chinese supplier of tungsten concentrate. As defense and manufacturing demand grow, supporting a healthy tungsten pricing environment, we are increasingly well positioned to meet the tungsten needs of the United States and its allies.”
Lewis Black, Chairman and CEO, Almonty Industries
