Resolves YES if official production data or credible industry reports show that Sangdong mine's tungsten output surpasses 20% of the total global tungsten supply excluding China on April 1, 2026. Resolution will rely on production figures from Almonty Industries' official disclosures, industry analyst reports, or USGS data if available. Given Sangdong's commercial production start in January 2026 and its strategic target to supply a large share of non-Chinese tungsten amid tightening Chinese export controls, this threshold is near expected output levels, making the market a balanced reflection of supply chain shifts. Only primary mine output counts; recycled tungsten or downstream processing volumes are excluded.

The capacity of Sangdong to significantly alter the non-Chinese tungsten supply landscape is critical for market balance.

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