Toronto-headquartered Almonty Industries said that its tungsten products are not subject to the latest US reciprocal tariff measures, providing rare relief for a critical mineral supply chain increasingly under geopolitical strain.

The Canadian-listed miner confirmed Friday that tungsten ores, concentrates and oxides - exported primarily to the US - were excluded from the Trump administration’s April 2 executive order targeting specific import categories under new reciprocal tariffs. The exemption was confirmed following a detailed review of Annexes I and II of the order.

Almonty’s products, including those under HTS codes 2611.00.30, 2611.00.60, and 2825.90.30, are not among the items facing new levies. The company called the exclusion a “confirmation [that] ensures the continued stability of Almonty’s trade flows” and reflects the strategic significance of tungsten in US industrial and national defense priorities.

“We are thrilled with this confirmation, which reinforces Almonty's position as a key player in the global tungsten supply chain,” said president and CEO Lewis Black. “The explicit exclusion of our products from the new tariff measures highlights the strategic importance of tungsten in supporting the national security, industrial independence, and resilient supply chains of American industry.”

The US considers tungsten a critical mineral essential to aerospace, semiconductors, defence, and high-performance electronics. China dominates global tungsten supply, prompting heightened efforts among Western allies to diversify sourcing.

Almonty has a long-term offtake agreement with Pennsylvania-based processor Global Tungsten & Powders. The company is positioning itself as one of the largest vertically integrated tungsten producers outside China, with operations spanning Portugal, South Korea, and Spain.

Its flagship Sangdong mine in South Korea, once among the world’s largest tungsten operations, is under construction and will serve as a cornerstone of Almonty’s non-China supply strategy. Further development projects in Spain and molybdenum upside at Sangdong could further strengthen its position.

“As we advance our fully integrated mine-to-processing operations, Almonty is on track to become one of the most important vertically integrated tungsten producers in the Western world,” Black said. “We remain fully committed to supporting allied economies in securing long-term, stable access to this essential critical mineral.”

Almonty in January announced that it planned to change its jurisdiction of incorporation from Canada to the state of Delaware while maintaining its listings on the TSX and the ASX.