Almonty’s Molybdenum Drilling Blitz Reaches 37% Completion as Seoul Urges Faster Domestic Supply
Published on 06/17/2026 at 14:47 | Redaktion boerse-global.de
South Korea’s push to secure a domestic supply of critical defence metals has gained a tangible milestone. Almonty Industries, the Canadian miner with a major tungsten and molybdenum footprint in the country, has reported that it has completed roughly 37% of the planned drilling campaign at its Sangdong project, with early assays confirming the quality of the mineralised zone.
The programme, comprising 26 boreholes spanning a total of 12,000 metres, is designed both to validate historical data and to better define the boundaries of the molybdenum resource. By mid-June the company had already put a significant portion of the target metres into the ground, and the first laboratory results are in line with earlier records — a sign that the deposit’s grade and continuity are holding up.
Molybdenum is a lynchpin for high-performance alloys used in semiconductors, aerospace, and armaments, as it imparts extreme heat and corrosion resistance. With South Korea’s government publicly pressing private operators to accelerate in-country extraction, Almonty’s timing is fortuitous. The global spot price for molybdenum has rallied roughly 23-23.5% over the past twelve months, climbing to 592.34 CNY per kilogram. That price tailwind, combined with the advantage of existing infrastructure at the Sangdong site — already home to a tungsten mine and processing facilities — gives the company a cost edge that would be hard to replicate from scratch.
Should investors sell immediately? Or is it worth buying Almonty?
The urgency is not limited to Korea. In Australia, Tivan Limited recently received A$141,237 in government grants for three new diamond drill holes targeting tungsten and molybdenum at its Molyhil project. Meanwhile, Canadian explorer Sterling Metals has reported that deeper drilling on its Soo copper project has intersected a new molybdenum target, underscoring the global scramble for reliable, ethically sourced supplies of critical metals.
Almonty intends to move into production as soon as the current programme finishes delineating the ore body. CEO Lewis Black has stated that once the remaining 63% of the drilling is complete, the company will transition directly into the extraction phase. A forthcoming resource estimate will underpin the final economic assessment, after which construction of the molybdenum circuit can begin.
On the market side, the shares have been on a tear. Closing at C$26.08 on Tuesday, the stock has surged roughly 459% over the past year and about 117% since the start of 2025. Technical indicators show the price sitting just 3.6% below its 50-day moving average, but well above the longer-term 200-day average of C$17.29. The relative strength index of 51.2 points to neutral momentum, while the annualised 30-day volatility of over 100% highlights the sharp swings that have accompanied the rally.
With first-half tungsten production already ramping up, the Sangdong site is evolving from a single-metal asset into a multi-metal complex. The next catalyst for the stock is likely to arrive when the remaining assay results are released and the full scale of the molybdenum resource is confirmed — potentially giving the green light for the build-out of the processing loop.
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