Almonty (ALM) Updates Sangdong Molybdenum Drilling Progress

Almonty Industries Inc. (NASDAQ:ALM) is one of the Top 10 Hot Stocks with the Highest Upside Potential. On June 16, Almonty Industries Inc. (NASDAQ:ALM) provided an update on its large-scale drilling program at the Sangdong Molybdenum Project next to the company’s Sangdong Mine in Yeongwol, Gangwon Province, South Korea.

The aim is to confirm molybdenum resources before future project development begins. The company said about 37% of the total 26 planned drill holes have been drilled so far. All 26 drill holes will cover around 12,000 meters.

Almonty (ALM) Updates Sangdong Molybdenum Drilling Progress

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According to Almonty Industries Inc. (NASDAQ:ALM), the assay results received to date show grades that are in line with those from previous historical drilling. Once the company confirms the full extent of the molybdenum ore body at Sangdong, the company plans to move ahead with mining without delay.

Molybdenum is considered a strategic metal as it can significantly improve the heat and corrosion resistance when used in small amounts to steel and specialty alloys. It is commonly used in industries that operate under high temperatures and pressure, including aerospace, defense, nuclear energy, and petrochemicals. Recently, demand has also grown in next-generation industries such as semiconductors and renewable energy. Over the past year, the spot price of molybdenum has risen by about 23.5%.

Almonty Industries Inc. (NASDAQ:ALM) is a leading supplier of tungsten to the defense and advanced technology market. The company has established operations in Portugal and additional projects in Spain and the United States.

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