Almonty signed a binding deal to buy rights to the Gentung Browns Lake tungsten claims in Beaverhead County, Montana for US$9.75 million. That puts cash out and new shares on the table this week if closing lands, Almonty holders might eat dilution to gain a U.S. foothold.
The company targets first output as early as the second half of 2026. That lines up with a hard U.S. Defence Department rule kicking in on January 1, 2027 that blocks tungsten mined, refined, or produced in China, Russia, Iran, or North Korea from Pentagon supply chains.
Deal Price And Lock Up
Almonty will pay US$750,000 cash and issue about US$9 million in shares to the seller, and buy related Montana assets for another US$250,000 cash. The stock is locked for one year and the deal needs exchange approval, with closing expected on or about October 31, 2025.
Almonty’s CEO, Lewis Black, pitched speed: “The Gentung Browns Lake Project is one of few advanced tungsten projects in the U.S. that is able to move into production quickly.” That signals a push to hit U.S. defence demand before 2027 rules bite.
U.S. Rules Set The Clock
The Pentagon already says the quiet part out loud. As Dr. Vic Ramdass put it, “Tungsten is an essential alloying metal for aerospace, ground vehicles, munitions, and many other defense systems.” That means compliant U.S. supply wins orders, and fast.
China still controls more than 80 percent of mined tungsten, and tightened export controls in February 2025. The U.S. has not mined tungsten since 2015, so buyers pay up or find new supply.
Control Moves South
Almonty has shareholder approval to shift its legal home to Delaware and be listed on the Nasdaq in July 2025, while keeping TSX and ASX listings. That puts more of the real decisions in U.S. markets and law, not Ottawa.
Ottawa cannot slow a U.S. asset deal like this, and if Almonty completes its U.S. move, Canada loses leverage over a key tungsten player while still hosting its listing. The U.S. DFARS rule, not a Canadian tool, will shape sales, prices, and timing here.
The October 31 closing, still needs state and federal permits. If the board keeps pace and the plant assets in Montana are usable, Almonty can feed the U.S. defence chain before the 2027 wall goes up. If permits lag, the clock wins.
