The deal involves the supply of tungsten oxide, a key raw material used in various defence applications.
Under the terms, TPW will purchase a minimum of 40 tonnes of tungsten oxide monthly from Almonty, exclusively for use in U.S. defense systems, including missiles, drones, and ordnance. MT will serve as the intermediary, converting the tungsten oxide into tungsten metal powder in either Israel or the U.S., with the final product designated for TPW’s defense programs in the U.S.
The agreement, effective from the first delivery, spans three years with options for early termination and automatic annual renewals. Deliveries will commence once Almonty begins producing tungsten oxide in commercially viable quantities. The pricing includes a minimum price aligned with current market rates, adjustable based on material grade, with no upper price limit.
Lewis Black, Almonty’s CEO, stated: “This binding offtake agreement represents a significant milestone for Almonty, securing both predictable revenue through a defined hard floor price and long-term demand tied directly to US defence programmes. Beyond commercial certainty, the agreement ensures that our tungsten oxide will serve a strategic, high-value end-use – reinforcing Almonty’s position as the key upstream supplier to the defence supply chain of the US and its allies. It reflects our broader commitment to aligning production with national security priorities while delivering sustainable value to my fellow shareholders and is another customer of Almonty who is happy to commit to our hard floor pricing terms as a condition of supply.”
The agreement strengthens Almonty’s role as a critical supplier in the defense sector, ensuring stable revenue and supporting high-value applications. Earlier this year, in January, Almonty also secured an exclusive offtake agreement with South Korea’s SeAH Group to supply molybdenum from its Sangdong molybdenum project, further expanding its global supply chain presence.
This partnership with TPW and MT highlights Almonty’s focus on meeting the needs of specialized industries while maintaining flexibility in its operations. By aligning production with market demands, Almonty continues to enhance its position in the global tungsten market, contributing to advanced manufacturing and sustainable resource development.
