This market tracks APT price effect due to Sangdong mine's production commencement.

Measurement date: May 31, 2026

Resolution:

• YES if: APT price effect due to Sangdong mine's production commencement ≥ 600 USD/mtu on 2026-05-31

• NO if: APT price effect due to Sangdong mine's production commencement < 600 USD/mtu on 2026-05-31

International Tungsten Industry Association reports, market data from Fastmarkets and Asian Metal.

APT prices recently affected by Chinese export constraints. New supply from Almonty could mitigate such constraints, influencing monthly APT price levels.

Rationale: Almonty's Sangdong mine adds a significant non-Chinese tungsten source, potentially affecting global APT prices by loosening supply constraints amidst existing Chinese export limits.

Source: Article