Good find binbinTungsten is a small market compared to other...

Good find binbin

Tungsten is a small market compared to other major commodities. The article states the problem for us. Nearly every tungsten player in the last 3 to 5 years has either gone bankrupt or is on care and maintenance. That's why we are going to have to break the ceiling and deliver results before the market will believe.

In saying that, we are well on our way with production at Carbine and soon to own Barruecopardo.

The article suggests a few upside catalysts
- multiple demand drivers - military, semiconductor/robotics and EVs
- bombed out sentiment
- lack of new supply
- supply/demand imbalance

The other one for Western producers is the US Dept of Defence upcoming ban of Chinese tungsten from 2026.

Supply
There is a spread of mines around the world but not many in production.
Australia - G6M and EQR. It noted Almonty had a deposit on care and maintenance. That is Wolfram Camp which is now under EQR.
Austria - Mittersill owned by Sandvik.
Canada - a few potential but noting in the next couple of years.
Kazakhstan - has a potential deposit the Chinese are working on.
South Korea - Sandong coming on in 2025, but Almonty keep on pushing out production timeframes. Reasonable amount of debt.
Portugal - Almonty producing 500 tons.
Spain - Almonty hoping to restart Los Santos. Oaktree (yes that oaktree the article says) owns Barruecopardo with Ormonde. expecting 140t at full capacity. (the article is obviously out of date). Full capacity is more than 140t now that ore sorting has been added.
UK - Hermerdon has failing 3 times in the last 5 years.
Uzbekistan - has deposits but noting producing.
Vietnam - Nui Phao owned by Masan is the biggest outside of China.

The article is pretty positive on tungsten and rightly concludes that companies have been capital starved. Unfortunately, I don't agree with the conclusion of Almonty.

For a couple of reasons.
1. The article isn't up to date with the recent (last year or so) movements regarding Mt Carbine ramp up, deal with Oaktree, yes that Oaktree, the gift of Wolfram Camp and the ongoing relationship with Masan.
2. We are building a multi mine company in different locations with global connections and strong government backing and interest.
3. Almonty keeps pushing back Sandong. They have $100m of debt and aren't producing anything of any note. Can they bring Sandong into profitable production (apparently there are some environmental issues that haven't been dealt with).

But, there are very few other players and we do need to have some successful Western producers which will allow investors to have confidence to invest in the sector.