Almonty Industries is transitioning into a prominent tungsten producer with a focus on Western supply chains outside China. China's recent export controls on tungsten have created a significant market squeeze, driving prices up. The US Defense Logistics Agency's interest in purchasing tungsten highlights the supply constraints. Much of the tungsten outside China is already under long-term contracts, leaving little for new stockpiling efforts. Japan is experiencing a critical shortage of tungsten intermediates, leading to increased scrap imports. However, new US regulations prioritize domestic allocation of tungsten scrap. Almonty is positioned as a key ex-China supplier, particularly with its Sangdong Mine in South Korea nearing full production. This mine is expected to supply Western defense manufacturers and critical mineral chains. The company's existing operations saw a substantial revenue increase due to record tungsten prices. Sangdong and Almonty's Portuguese mine are crucial for defense industries and semiconductor manufacturing. Almonty announced a $300 million stock buyback, indicating management's belief in undervaluation relative to assets. This buyback aligns with the broader trend of Western nations decoupling from Chinese supply chains.