Almonty Industries closes $129.4 million share offering

Almonty Industries Inc. (NASDAQ: ALM) completed its underwritten offering of common shares, raising $129.4 million in gross proceeds. The tungsten concentrate producer sold 20.7 million shares at $6.25 per share, including the full exercise of the underwriters' over-allotment option.

BofA Securities served as lead bookrunning manager for the offering, with Cantor Fitzgerald & Co., D.A. Davidson & Co. and A.G.P./Alliance Global Partners as bookrunning managers.

The company plans to use the net proceeds to fund exploration and development work at the Gentung Browns Lake Tungsten Project, expansion work at the Panasqueira Mine, exploration work at the Sangdong Molybdenum Project and for working capital and general corporate purposes.

"With the proceeds raised from this offering, the company is fully capitalized to conduct the exploration and expansion of projects outlined in the supplement and accordingly has no present intention of completing any further capital raises under the company's base prospectus," said Lewis Black, chief executive officer.

Almonty stated it intends to withdraw its base shelf prospectus dated October 31, 2025. The company trades on multiple exchanges including NASDAQ, TSX, ASX and Frankfurt.

The offering was conducted under Almonty's short form base shelf prospectus and corresponding registration statement on Form F-10 in the United States.

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