Almonty Industries Chess Depositary Interests 1:1 Earns Russell 1000 Index Inclusion

Almonty Industries Earns a Seat at the Big Table: Russell 1000® Inclusion Marks a Defining Institutional Milestone

Almonty Industries Inc. (NASDAQ: ALM | TSX: AII | ASX: AII | Frankfurt: ALI1) has joined the Russell 1000® Index and the Russell 3000® Index, effective from the opening of US equity markets on 29 June 2026. According to the ASX announcement, the inclusion followed the annual FTSE Russell reconstitution and was determined primarily by objective market-capitalisation rankings.

For investors, this matters because Russell index membership can alter who is able, or required, to own a stock. In Almonty's case, the announcement links the milestone to broader access to index-tracking funds and benchmark-driven institutional investors, whilst also reinforcing the company's growing profile as a supplier of conflict-free tungsten concentrate.

What Happened and Why It Matters

The Russell U.S. indexes are rebuilt each year to reflect the current market value of eligible US-listed companies. The Russell 3000® captures the 3,000 largest U.S. stocks, and the Russell 1000® is the subset tracking the 1,000 largest publicly traded companies within that group.

Almonty stated that its inclusion became effective at the market open on Monday, 29 June 2026, following completion of the 2026 Russell indexes reconstitution. The company also noted that FTSE Russell determines membership primarily through market-cap rankings and style attributes, rather than discretionary selection.

That distinction is important. Entry into the Russell 1000® is not presented as a subjective endorsement. Instead, it indicates that Almonty's market value had risen to the level required for automatic inclusion under FTSE Russell's rules-based methodology.

The key details are summarised below:

Management's View on the Milestone

Almonty Chairman, President and CEO Lewis Black framed the index inclusion as a reflection of scale rather than a promotional event.

"Given the FTSE Russell builds these indexes on objective, market-capitalisation criteria, qualifying for the Russell 1000® and Russell 3000® is a milestone Almonty earned on the numbers, not by invitation. To us, it signals that the market now recognises the scale we have reached as a Western-aligned producer of a metal that the defence and advanced-technology sectors cannot do without," said Lewis Black, Chairman, President and Chief Executive Officer.

The statement is relevant because it connects two key themes from the announcement. The first is market stature, reflected through index inclusion. The second is Almonty's exposure to tungsten, which the company describes as critical to defence and advanced technology sectors.

Black also pointed to a second-order effect that investors often watch closely after index changes: the ability of benchmark-aware institutions to establish positions in the stock.

"Index membership connects Almonty with the large universe of index-tracking funds and benchmark-driven institutions that allocate to Russell constituents, many of which were unable to hold our shares before today. We view that as the basis for steadier trading liquidity and a more durable base of long-term shareholders."

Understanding Russell Index Inclusion

For non-specialist investors, index inclusion can sound procedural. In practice, however, it can have meaningful consequences for trading activity and market visibility.

What Is Index Reconstitution?

Index reconstitution is the annual process in which FTSE Russell updates membership of its major equity benchmarks. Companies are ranked by total market capitalisation, then assigned to the appropriate indexes based on those rankings and other applicable rules.

This process matters because many investment products are built to mirror those indexes. Furthermore, if a company enters a major benchmark, passive funds that track it may need to buy the stock.

Why Can It Affect a Share Price and Shareholder Base?

The key reason is institutional mandate alignment. Some funds can only hold shares that sit within a stated benchmark or approved universe. Others are compared against an index and may choose to own new constituents to manage tracking error.

That does not guarantee a lasting change in share price. However, it can lead to:

• Broader institutional ownership
• Higher average trading volumes
• Improved liquidity
• Greater visibility across research and screening platforms

These effects are often strongest around the reconstitution date, when portfolios rebalance.

Plain-English Glossary

Why Tungsten Is Central to the Almonty Investment Case

The ASX announcement did not present the Russell inclusion in isolation. It also restated Almonty's position as a leading global producer of tungsten concentrate and a supplier of conflict-free tungsten.

Tungsten is a dense and heat-resistant metal used in applications where hardness and durability are important. According to the company, it is critical to armour, munitions, and electronics manufacturing. Those end uses help explain why tungsten has gained increased investor attention as supply chain security becomes a larger issue in defence and industrial policy discussions.

An Educational Look at Tungsten

For investors less familiar with the commodity, tungsten's relevance comes from several practical characteristics:

• It has a very high melting point, making it useful in high-temperature applications
• It is extremely hard, which supports use in cutting tools and wear-resistant parts
• It is used in defence products, including certain munition and armour-related applications
• It appears in electronics and advanced manufacturing, where durability and performance matter

A further issue is supply concentration. Almonty's announcement refers to recent U.S. defence procurement bans and export restrictions by China as examples of the vulnerabilities facing tungsten supply chains. In simple terms, when supply of an essential industrial metal is concentrated in a limited number of jurisdictions, downstream users may seek alternative sources.

For a producer such as Almonty, that theme matters because investor interest in critical minerals increasingly turns on reliability of supply as well as production volumes.

Almonty's Asset Base and Production Footprint

The company's flagship asset is the Sangdong Mine in South Korea, which the announcement describes as historically one of the world's largest and highest-grade tungsten deposits. Almonty stated that, upon reaching full capacity, Sangdong is expected to supply a significant portion of global non-China tungsten production.

That remains a forward-looking statement, and investors will likely continue to focus on execution and ramp-up progress. Even so, the scale of the claim gives useful context for why the market may be assigning greater weight to Almonty's development profile.

Almonty also highlighted established operations in Portugal, along with additional projects in Spain and the United States. That multi-country footprint adds meaningful diversification to the company's broader tungsten exposure.

For investors, the mix of operating and development assets can be relevant in two ways. First, it provides current and future production exposure. Second, it reduces reliance on a single jurisdiction, although the flagship growth driver remains Sangdong.

What Investors May Watch Next

The ASX announcement itself is focused on index inclusion rather than operating metrics, but it points to several areas that may now attract greater market attention.

1. Sangdong Ramp-Up Progress

Management identified the continued ramp-up of the Sangdong Mine as part of the company's growth strategy. Future updates on production rates, commissioning progress, and capacity milestones are likely to remain central to the investment case.

2. Changes in Institutional Ownership

As Russell-tracking funds and benchmark-aware investors rebalance, subsequent filings may provide a clearer picture of whether Almonty's shareholder register is becoming more institutional.

3. Liquidity and Trading Patterns

One of management's stated expectations is steadier trading liquidity. Investors may, therefore, compare post-inclusion trading volumes and spreads with historical levels to assess whether that is beginning to occur.

4. Tungsten Market Developments

The company tied its positioning to defence and advanced technology demand, as well as supply vulnerabilities highlighted by trade restrictions and procurement policy changes. Any further developments in global tungsten supply chains could remain relevant to sentiment.

The Broader Investment Interpretation

Russell 1000® inclusion does not by itself change mine output, project economics, or commodity prices. What it can change, however, is market access. For Almonty, the announcement suggests that a larger pool of institutions can now consider, or must consider, the stock as part of benchmark-linked strategies.

That shift may matter more for a company operating in a specialised commodity segment. Tungsten has historically received less mainstream market attention than battery metals or precious metals, yet its role in defence and industrial applications gives it distinct strategic relevance. If Almonty continues to execute operationally, index membership may support a wider and potentially more stable shareholder base over time.

The current investment case, based on the ASX announcement, rests on several linked factors:

1. Scale recognition through Russell 1000® and Russell 3000® inclusion
2. Exposure to tungsten, a metal used in defence and advanced technology applications
3. Flagship growth through Sangdong, which is expected by the company to become a significant source of non-China tungsten supply
4. Multi-jurisdictional operations spanning South Korea, Portugal, Spain, and the United States
5. Potential institutional ownership growth following benchmark entry

Why This ASX Announcement Matters

According to the ASX announcement, Almonty has crossed a threshold that places it inside one of the most closely followed large-cap index families in U.S. equities. That development indicates that the company's market capitalisation has reached a level that commands broader institutional attention.

At the same time, the announcement reinforces the narrative that has been driving investor interest in the business: Almonty's position in tungsten supply, its South Korean flagship asset, and its role as a non-China producer serving defence and advanced technology end markets.

For ASX investors assessing Almonty, the combination of index inclusion, critical mineral exposure, and ongoing mine ramp-up is likely to remain the central lens. The near-term test will be whether those themes translate into the outcomes management highlighted, particularly broader ownership and improved trading liquidity, whilst operational progress at Sangdong continues to support the company's long-term growth profile.

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