Almonty Industries Chess Depositary Interests 1:1 Secures Russell 1000 Inclusion

Almonty Industries Earns a Seat at the Institutional Table with Russell 1000® Inclusion

Almonty Industries Inc. (NASDAQ: ALM | TSX: AII | ASX: AII | Frankfurt: ALI1) has cleared a significant milestone in its evolution from a specialised tungsten producer into a mainstream institutional investment story. The company announced it is set to join both the Large-Cap Russell 1000® Index and the Broad-Market Russell 3000® Index when the 2026 annual Russell reconstitution takes effect at market open on Monday, June 29, 2026 — a development that carries meaningful implications for the company's visibility, shareholder base, and long-term investment profile.

According to the announcement, FTSE Russell posted the preliminary list of additions on May 22, 2026, with Almonty's inclusion reflecting its standing among the up to 4,000 largest US-listed stocks by total market capitalisation as of April 30, 2026.

What the Russell Indexes Actually Mean — And Why This Matters

Before unpacking why this announcement matters specifically for Almonty, it helps to understand what the Russell indexes represent and the scale of capital that follows them. The Russell US Indexes, maintained by FTSE Russell (a wholly owned subsidiary of LSEG), are among the most widely referenced equity benchmarks in the world.

Understanding the Russell Index Ecosystem

The Russell indexes operate on an objective, rules-based methodology driven by market capitalisation rankings and style attributes — there is no discretionary committee vote involved. This systematic approach ensures that the Almonty Industries Chess Depositary Interests 1:1 Russell 1000 inclusion represents a purely merit-based achievement.

The scale of capital benchmarked against these indexes is substantial. According to data as of the end of June 2025, approximately $12.2 trillion in assets are benchmarked against the Russell US indexes. Furthermore, across the broader FTSE Russell index family, that figure rises to approximately $21.2 trillion globally.

Why Is Index Inclusion a Material Event for Investors?

For smaller or emerging companies, index inclusion is not a ceremonial achievement — it is a structural shift in how the company is accessed by capital markets. Here is why the Almonty Industries Chess Depositary Interests 1:1 Russell 1000 inclusion matters:

• Passive fund mandates trigger automatic buying. Index funds and ETFs benchmarked to the Russell 1000® and Russell 3000® are required to hold constituents in proportion to their weighting. Inclusion means a wave of systematic demand for the stock from funds that previously had no mandate to own it.

• Institutional visibility expands sharply. Active fund managers who use the Russell indexes as benchmarks gain a direct reason to evaluate Almonty against peers within the index universe.

• Analyst and research coverage tends to follow. Institutional-grade index membership raises a company's profile across equity research desks, increasing the likelihood of formal coverage initiation.

• Liquidity typically improves. Greater institutional participation generally deepens the trading market for the stock, which can reduce bid-ask spreads and attract further institutional participation over time.

"We are honoured to be set to join the Russell 3000 and 1000 indices, which we believe reflects the significant operational and financial progress Almonty has made over the past year as we firmly establish ourselves as the cornerstone of the Western tungsten supply chain." — Lewis Black, Chairman, President and CEO of Almonty Industries

"With our flagship Sangdong Mine in South Korea now coming on line, the relocation of our corporate headquarters to the United States, and a fortress balance sheet to support continued growth, we believe inclusion in the Russell indexes will further expand our visibility within the institutional investment community and broaden our shareholder base as we execute on our long-term strategic vision."

The Company Behind the Milestone

Almonty is not a speculative explorer riding a commodity theme. It is described in the announcement as a leading global producer of tungsten concentrate, with a multi-asset portfolio spanning South Korea, Portugal, and Spain, with additional projects in the United States. Understanding the company's positioning helps contextualise why this index inclusion lands at such a strategically important moment.

Tungsten: The Metal Quietly Underpinning Western Defence

Tungsten is a critical industrial and defence metal. Its properties — extreme hardness, the highest melting point of any metal, and exceptional density — make it essential for a range of applications:

• Armour-piercing munitions and projectiles
• Defence electronics and guidance systems
• Cutting tools, drill bits, and industrial machinery
• Semiconductors and advanced manufacturing components

The announcement notes that tungsten has become essential for armour, munitions, and electronics manufacturing as geopolitical tensions heighten. China dominates global tungsten supply, a concentration that has drawn increasing attention from Western governments focused on defence supply-chain security.

Recent US defence procurement bans and Chinese export restrictions have, moreover, elevated the strategic importance of non-China tungsten sources — a gap that Almonty is directly positioned to address.

Almonty's Operational Footprint at a Glance

According to the company, the Sangdong Mine is the centrepiece of Almonty's long-term production story. Historically one of the world's largest and highest-grade tungsten deposits, Sangdong is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity.

This makes it a strategically critical asset at a time when Western allies are committed to supply-chain security and defence readiness. In addition, the announcement references the relocation of Almonty's corporate headquarters to the United States — moves that collectively reinforce the company's commitment to the North American institutional capital market.

Why This Announcement Reinforces the Investment Thesis

The Russell index inclusion is best understood not as an isolated corporate event, but as validation of the trajectory Almonty has been executing across operations, balance sheet management, and strategic positioning. Several converging factors make this an opportune moment to take notice:

Sangdong coming on line transitions Almonty from a development-stage story toward a production-scale revenue narrative — exactly the kind of fundamental shift that institutional investors seek before committing capital at scale.

Headquarters relocation to the United States signals a deliberate strategy to deepen access to the world's deepest and most liquid capital markets, and the Almonty Industries Chess Depositary Interests 1:1 Russell 1000 inclusion is a direct outcome of that repositioning.

A described "fortress balance sheet" suggests the company is entering its production growth phase with financial resilience — a material consideration for institutions conducting due diligence.

Critical minerals momentum across Western economies continues to create a favourable structural backdrop for producers of strategically important metals like tungsten, where Almonty holds a combination of operational experience, geographic diversification, and flagship asset scale.

Understanding Index Reconstitution: An Educational Overview

For investors new to index mechanics, the Russell reconstitution process represents one of the most systematic approaches to market classification. Unlike subjective selection processes, Russell membership is determined through objective market capitalisation rankings and style attributes.

The Reconstitution Timeline

The annual Russell reconstitution follows a structured timeline designed to provide market transparency:

The June reconstitution captures the largest 4,000 US stocks as of April 30, ranking them by total market capitalisation. This systematic approach means the Almonty Industries Chess Depositary Interests 1:1 Russell 1000 inclusion is based purely on measured market performance rather than discretionary selection.

Automatic Style Classification

Membership in the Russell 3000® automatically triggers inclusion in the Russell 1000® for qualifying companies, as well as placement in the appropriate growth and value style indexes. This cascading effect means institutional funds across multiple benchmarks gain exposure to newly included companies — a notably broad form of structural reach.

The Capital Flow Mechanics

Index inclusion creates systematic capital flows that operate independently of fundamental analysis:

• Passive funds must purchase shares in proportion to the company's index weighting, creating automatic demand regardless of valuation considerations.
• Active managers gain benchmark relevance as the stock becomes part of their performance comparison universe.
• Risk management systems update to include the new constituent in sector and style allocations.

What Happens Next — Key Date and Implications

The June 29 effective date is the practical trigger point. From that date, index funds and ETFs benchmarked to the Russell 1000® and Russell 3000® will be required to hold positions in Almonty. The period leading up to reconstitution is historically one of elevated trading activity for newly added constituents as fund managers position ahead of the effective date.

Beyond the reconstitution event itself, the sustained effect of institutional index membership — broader analyst coverage, expanded institutional ownership, improved liquidity — is expected to compound over time rather than peak at a single moment.

How Can Investors Track the Implementation?

Investors can monitor the implementation of Almonty's index inclusion through several indicators:

• Volume patterns in the weeks leading to June 29 as institutional positioning occurs
• Share price behaviour during the reconstitution period
• Institutional ownership changes reported in subsequent quarterly filings
• Research coverage expansion as analysts initiate coverage on newly indexed companies

Why Investors Should Keep Almonty on Their Radar

Almonty Industries sits at the intersection of three powerful investment themes that institutional capital is increasingly drawn toward.

Critical minerals and supply chain security — Tungsten's role in Western defence and advanced manufacturing is structural, not cyclical. The company announcement emphasises that geopolitical tensions have heightened tungsten's importance, particularly as China maintains export restrictions.

De-risked production growth — With Sangdong described as coming on line and established operations already generating revenue, Almonty is transitioning from developer to multi-asset producer.

Institutional accessibility — The upcoming Russell 1000® inclusion places Almonty directly in the investment universe of managers overseeing trillions of dollars in benchmarked assets, many of whom were previously unable or unlikely to own the stock.

"Almonty Industries has positioned itself as what the company describes as the cornerstone of the Western tungsten supply chain, and its pending inclusion in the Russell 1000® and Russell 3000® marks a structural shift in how institutional capital can access that story. With the Sangdong Mine coming on line, a US headquarters, and a broad operational footprint across South Korea, Portugal, Spain, and the United States, Almonty enters the index era with operational momentum to match its elevated profile."

The June 29 reconstitution date is a near-term event worth watching — however, the more significant story is the multi-year production and institutional re-rating journey that lies ahead.

Glossary of Key Terms

Russell 1000® Index: A market-capitalisation-weighted index representing approximately 1,000 of the largest US-listed companies. Often used as a benchmark for large-cap equity portfolios.

Russell 3000® Index: Covers up to 4,000 of the largest US-listed stocks, representing the broad US equity market. Inclusion in the Russell 3000® automatically triggers Russell 1000® membership for qualifying companies.

FTSE Russell: The global index provider responsible for maintaining the Russell family of indexes. A wholly owned subsidiary of LSEG (London Stock Exchange Group).

Index Reconstitution: The annual process by which index providers review and update their constituent lists based on updated market capitalisation and eligibility criteria. For the Russell indexes, this occurs each June.

Tungsten Concentrate: The processed output of tungsten mining, representing the commercially sold form of the metal before further refining. Almonty's primary product according to the announcement.

Passive Fund / Index Fund: An investment fund that tracks a specific index by holding its constituents in proportion to their index weighting. Inclusion in an index triggers automatic buying by these funds.

Market Capitalisation: The total market value of a company's outstanding shares, calculated by multiplying the share price by the number of shares on issue. Russell index membership is determined primarily by this metric.

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