Almonty Industries, a Canadian producer of tungsten concentrate for the defense industry, filed on Monday with the SEC to raise up to $75 million in an initial public offering. The company is currently listed on the Toronto Stock Exchange (AII), Australian Securities Exchange (AII), Frankfurt Stock Exchange (ALI), and OTC (ALMTF).
Almonty Industries producer of tungsten concentrate, primarily for the defense industry, with plans to vertically integrate into oxide production. The company holds an additional deposit of molybdenum. Its flagship asset, the Sangdong Tungsten Mine in South Korea, is one of the world's largest tungsten deposits by Inferred Mineral Resource and is in soft commissioning. Once fully operational, Sangdong is expected to produce a significant portion of the global tungsten supply outside of China, supplying to mission-critical sectors such as defense, aerospace, semiconductors, and batteries.
The Toronto, Canada-based company was founded in 2009 and booked $21 million in revenue for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol ALM. Oppenheimer & Co. and Cantor Fitzgerald are the joint bookrunners on the deal. No pricing terms were disclosed, but the company has begun marketing the deal and expects to price later this week.
