• Sangdong mine (Gangwon-do, South Korea): As of today (Sep 15, 2025), Sangdong is in the late stages of reconstruction with first production guided for the back half of 2025. Almonty’s Q2-2025 disclosure still describes the project as “under construction,” and mid-August trade press reiterated that initial output is on track, with the mine slated to become a major non-China source once fully ramped. The company filed an updated NI 43-101 technical report in early July 2025, and its latest investor materials frame Phase I nameplate throughput at about 640,000 tonnes of ore per year, with a Phase II option to lift plant throughput to ~1.2 Mt/y. Local Korean coverage adds that the processing plant is in its final construction stage and that Phase II has local approvals, with full production from that phase targeted for 2027—so the near-term picture is “initial tonnage in 2025, multi-year ramp thereafter.” https://almonty.com/almonty-industries-celebrates-designation-of-yeongwol-county/

Resolution criteria

• Resolves YES if Almonty (the owner/operator) or a regulator filing/major outlet reports that the Sangdong processing plant produced its first saleable tungsten concentrate on or before 23:59 KST (UTC+9) on December 31, 2025. Commissioning output counts if the announcement explicitly states that concentrate was produced by the Sangdong plant.

• Resolves NO otherwise.

• Evidence accepted (any one is sufficient):

  • An Almonty press release or investor update. https://almonty.com/investors/news/ (almonty.com)

  • A regulator filing (e.g., SEDAR+ company profile for Almonty; search by issuer name). https://www.sedarplus.ca/

  • Exchange/press distribution of Almonty releases (e.g., Nasdaq press center). https://www.nasdaq.com/press-releases/company/alm

  • Reputable independent reporting (e.g., Reuters). https://www.reuters.com/markets/commodities/tungsten-tipped-answer-wests-critical-metals-dilemma-andy-home-2025-02-19/ (reuters.com)

• Not counted: pilot-plant runs, “first ore to mill,” “mechanical completion,” or offsite processing of Sangdong ore.

Background

• Almonty said on Aug 14, 2025 that Sangdong’s construction is “effectively complete” with all processing equipment installed, and that initial production remains on track for H2 2025. (almonty.com)

• Reuters reported on Feb 19, 2025 that commissioning of the first phase (with offtake to Global Tungsten & Powders) was already underway. (reuters.com)

• Almonty filed an updated NI 43-101 technical report for Sangdong on July 3, 2025. (almonty.com)

• Local policy support and plant build-out were highlighted in late 2024 Korean-focused updates. (almonty.com)

Considerations

• “Begin production” means first saleable concentrate; commercial production declaration or first shipment is not required but would also qualify if dated by Dec 31, 2025.

• Cutoff is based on Korea Standard Time (UTC+9).

• If multiple announcements conflict, priority is: regulator filing > official company release > major outlet report.