Project UpdateJun 16, 2026, 04:56 PM
Almonty Accelerates Molybdenum Drilling Amid South Korea Supply Crisis
AI Summary
Almonty Industries Inc. provided an update on its large-scale drilling program at the Sangdong Molybdenum Project, confirming grades consistent with historical results and accelerating the campaign amid South Korea's molybdenum supply crisis. Approximately 37% of the planned drilling is complete, with assays showing encouraging consistency. The company aims to become a stable source of molybdenum, a strategic metal vital for various high-temperature and high-pressure industries, especially as the spot price has risen significantly.
Key Highlights
- Almonty Industries Inc. is accelerating its molybdenum drilling campaign at the Sangdong Molybdenum Project in South Korea.
- Approximately 37% of the 26 planned drill holes (12,000 meters total) have been completed.
- Assays received to date show grades consistent with historical results.
- The company aims to address South Korea's critical molybdenum supply shortage.
- Molybdenum spot price has increased by approximately 23.5% over the past year to 592.34 CNY/Kg.
- Almonty plans to begin mining without delay once the full extent of the molybdenum ore body is confirmed.
Price Impact
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