Key Highlights

● Almonty's Shareholder letter reports the first bags of tungsten concentrate at Sangdong, ready for export after a 33-year closure.

● The plant currently operates 13 hours a day, seven days a week, with plans to move to around-the-clock operation.

● Phase II is officially approved, with equipment ordered targeting 2027 and Metso providing equipment and technical support.

● Almonty has repurchased 2,914,739 common shares for approximately US$48 million, and an automatic repurchase plan allows buying during blackout periods.

Almonty Industries Inc. (NASDAQ:ALM) furnished a Form 6-K on September 29, 2026, attaching a shareholder letter from Lewis Black, its Chairman, President and Chief Executive Officer. The letter reports that the Sangdong tungsten mine in South Korea has produced its first bags of tungsten concentrate ready for export, that equipment for a second phase of the project has been ordered, and that the company has repurchased 2,914,739 of its common shares for approximately US$48 million.

Production Restarts at Sangdong

The letter describes production at Sangdong as having commenced after a 33-year closure. It says the processing plant fell silent in 1993, and it presents the mine as the return of a historic operation and a strategic source of tungsten for allied nations. Its headline milestone is the first bags of tungsten concentrate at Sangdong, ready for export, which the company frames as significant for Western tungsten Supply chains.

The letter says the plant is currently operating 13 hours a day, seven days a week, with plans to move to around-the-clock operation. It also states that approximately 4.6 months of ore stockpile is on site to support mill operations while Mining advances deeper for the next phase of the project.

Phase II and the Expansion Plan

According to the letter, Phase II of Sangdong is officially approved and underground development is progressing while the mill runs on stockpiled ore. It says Metso, described as a minerals processing technology company, is providing equipment and technical support, and that Phase II equipment has been ordered, targeting 2027. The letter gives a projected capacity of 1.2 million tonnes per year and a potential annual production of more than 460,000 MTU, both of which are described as targets rather than results.

The letter also points to other activities. It mentions a multi-year take-or-pay tailings recovery agreement at Los Santos in Spain covering approximately 1,720 tonnes of WO3, and a joint venture with the Government of Rwanda for ore collection, upgrading and export. It refers to a fully permitted molybdenum project adjacent to Sangdong with an established Korean offtake. The letter presents these projects in general terms and does not give financial figures for them.

The Share Repurchase Program

On Capital returns, the letter says Almonty has repurchased 2,914,739 common shares for approximately US$48 million since launching its buyback program. It adds that an automatic repurchase plan, structured to comply with securities laws, is intended to allow repurchases to continue during trading blackout periods, when the company would otherwise be restricted from buying its stock.

The 6-K itself is a short cover document that furnishes the letter as Exhibit 99.1.

Sangdong Full-Time Operation and Phase II Equipment

The letter sets out several checkpoints: the move from 13-hour daily operation to full-time operation, the delivery and installation of the Metso equipment for Phase II in 2027, and continued use of the automatic repurchase plan.