ungsten producer Almonty Industries has signed a binding agreement to acquire the Gentung Browns Lake tungsten project in Beaverhead county, Montana. This marks the Toronto-listed firm’s entry into the US market and strengths its position as the world’s leading non-Chinese supplier of tungsten concentrate.
Under the agreement, Almonty will acquire the exclusive rights to explore, develop and mine the project from US Tungsten for $9.75-million, comprising $750 000 in cash and $9-million in Almonty shares. The shares will be subject to standard regulatory restrictions and a one-year lock-up period.
The deal is expected to close by October 31, 2025, pending approvals.
The Gentung Browns Lake project could begin production as early as the second half of 2026. Located in a historic tungsten district that once supplied the US national strategic stockpile, the project benefits from existing road access and infrastructure, enabling a relatively rapid transition to production.
In a related move, Almonty also agreed to acquire a Montana-based company that holds a plant permit, water rights, and tungsten processing equipment associated with the Gentung Browns Lake project for $250 000 in cash. Completion of this second transaction is contingent on the closing of the main project acquisition.
Almonty chairperson and CEO Lewis Black said the acquisition aligned with the company’s strategic goal of expanding its global footprint and enhancing supply security for critical minerals. “The Gentung Browns Lake project is one of few advanced tungsten projects in the US that is able to move into production quickly,” he said.
“With this acquisition, we are able to import Almonty’s proprietary tungsten processing and mining technologies and further expand our global footprint and resource base into the US market, strengthening our position as the world’s leading non-Chinese supplier of tungsten concentrate.”