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Almonty Industries Inc. - ALMTF STOCK NEWS

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Almonty Industries Inc. (ALMTF) is a Canadian mining company focused on tungsten projects globally. With a strong track record of successful operations, Almonty is dedicated to sustainable mining practices and community engagement. The company's core business involves the exploration, development, and production of high-quality tungsten concentrates, essential for various industrial applications. Almonty's financial stability, strategic partnerships, and commitment to innovation position it as a leader in the tungsten mining sector.

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Almonty Industries (ALMTF) is set to receive US$10.6 million in drawdowns from KfW IPEX-Bank for the construction of its Sangdong Tungsten Mine in South Korea. This brings the total drawdowns to US$66.5 million out of the US$75.1 million loan facility. The company highlights the strategic importance of tungsten, as emphasized in the National Defense Authorization Act for Fiscal Year 2025 by the U.S. Senate. The report expresses concern over the tungsten supply chain's stability due to China and Russia's dominance, and directs efforts to cultivate domestic or allied sources of tungsten. Almonty positions itself as a key player in addressing these concerns with its existing tungsten production in Portugal and the development of the Sangdong mine, described as the largest tungsten mine outside China.

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Almonty has announced that its subsidiary, Almonty Korea Tungsten (AKTC), has signed an MOU with Yeongwol County to establish the Sangdong Downstream Tungsten Oxide Plant, located 30 km from the Sangdong Tungsten Mine. This plant, spanning 60,000 square meters, will refine and smelt tungsten and its alloys. AKTC plans to invest approximately $72 million in the plant's construction and an additional $29 million in facility upgrades at the Sangdong Mine. Yeongwol County will provide full legal and institutional support, aiming to stimulate regional economic development and job creation. This initiative is expected to bolster Korea's high-tech industries and contribute to a stable supply chain of strategic minerals.

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On July 3, 2024, Kim Jin-tae, Governor of Gangwon Special Self-Governing Province, visited Almonty Industries' tungsten mine redevelopment site in Sangdong-eup, Yeongwol county, South Korea. Accompanied by Yeongwol County Mayor Choi Myung-seo, they explored the 1.3 km of transport portals built by Almonty. Governor Kim emphasized the economic revival the mine will bring. Almonty Korea Tungsten VP, Ryu Woo-Jong, highlighted the investment of nearly 130 billion KRW (approx. US$94 million) since 2015, with plans for an additional 50 billion KRW (approx. US$36 million) by mid-2025. This investment is expected to generate over 500 billion KRW (approx. US$360 million) in economic impact and create 1,800 jobs. The Sangdong processing plant will begin producing 65% WO3 high-grade tungsten concentrate soon, while a tungsten oxide production plant is planned for completion by 2027. Until then, the concentrate will be processed abroad.

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Almonty Industries held its Annual General and Special Meeting of Shareholders on June 28, 2024. A total of 121,514,694 shares were represented, accounting for 48.11% of all issued and outstanding shares. Key resolutions passed include the fixing of the number of directors at six, the election of six directors, the reappointment of Zeifmans LLP as auditors, and the approval of amendments to insider warrants and other warrants. Additionally, the approval of unallocated entitlements under the Company's 2020 Restricted Share Unit Plan was passed. High approval rates were recorded for all directors, with votes for each exceeding 99%.

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Almonty Industries has successfully closed the final tranche of its March 2024 Placement. This includes the sale of 3,000,000 Placement Chess Depository Interests (CDIs) at A$0.62 per unit and an additional 1,090,909 common share units at Cdn$0.55 per unit, scheduled to close on May 23, 2024. The company also secured firm commitments to raise A$1,194,500.06 through 1,926,613 CDIs at A$0.62 per unit. The total settlement is expected by May 27, 2024, with allotment the following day. Each CDI will include a free unlisted option, and each common share unit will include a share purchase warrant, both exercisable within 24 months. Proceeds will be used for general working capital and offer costs. The company also managed Dundee Resources' divestment of its entire holdings in Almonty, worth around 10.25 million common shares at Cdn$0.90 per share. Regulatory approvals from TSX and ASX are pending.

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Almonty Industries filed its unaudited condensed interim consolidated financial statements and MD&A for Q1-2024, ending March 31, 2024. The company reported gross revenue of $7.824 million, up from $7.097 million in Q1-2023. However, the net loss widened to $3.782 million from $2.416 million in the same period last year, primarily due to higher mine production costs, increased interest expenses, and foreign exchange losses.

Almonty's Panasqueira mine in Portugal contributed positively to EBITDA from mining operations, totaling $896K. The company also converted over $9 million of long-term debt into shares and extended the maturity date of additional debt to March 2027.

The Sangdong Mine's construction is progressing with timely drawdowns from the KfW IPEX-Bank loan. Almonty aims to complete the build-out phase soon.

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Almonty Industries Inc. received firm commitments to raise A$1.9M through the issuance of 3,000,000 CDIs at A$0.62 per unit after a previous placement. Participants will also receive one free unlisted option for each CDI, exercisable at A$0.84. The funds will support general working capital and offer costs.

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Almonty Industries Inc. (ALMTF) plans to extend the term of 700,000 outstanding share purchase warrants by one year to February 19, 2025, subject to TSX and shareholder approval. Insider Warrants held by Lewis Black and Dr. Thomas Gutschlag will be extended. The Company also plans to extend the term of 714,285 outstanding share purchase warrants held by one individual to May 12, 2025. Shareholder approval will be sought at the annual general meeting on June 28, 2024.

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Almonty Industries Inc. has closed three tranches of a non-brokered private placement, raising gross proceeds of CDN$2,344,795 and A$945,000. The placement includes common shares, share purchase warrants, CDIs, and unlisted options, with proceeds allocated for general working capital and downstream project planning. Insiders participated in the placement, considered a related party transaction under MI 61-101.
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Almonty Industries Inc. announces the filing of its audited annual financial statements for 2023, reporting a decrease in gross revenue compared to 2022. The company shows efforts in cleaning up its balance sheet by converting long-term debt and extending maturity dates. Almonty is currently focused on the construction of its Sangdong Mine.
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FAQ

What is Almonty Industries Inc. focused on?

Almonty Industries Inc. is a Canadian mining company primarily focused on tungsten projects globally.

What is the core business of Almonty Industries Inc.?

Almonty's core business involves the exploration, development, and production of high-quality tungsten concentrates.

What sets Almonty Industries Inc. apart from its competitors?

Almonty stands out for its commitment to sustainable mining practices, strong track record of successful operations, and strategic partnerships.

What is the significance of tungsten in industrial applications?

Tungsten is essential for various industrial applications due to its high melting point, density, and strength properties.

How does Almonty Industries Inc. contribute to the mining sector?

Almonty contributes to the mining sector through its focus on innovation, financial stability, and community engagement.

Where does Almonty Industries Inc. operate?

Almonty operates globally, with tungsten projects located in different regions to ensure a diversified portfolio.

What is Almonty Industries Inc.'s approach to sustainable mining?

Almonty is committed to sustainable mining practices, environmental stewardship, and social responsibility.

How does Almonty Industries Inc. engage with local communities?

Almonty engages with local communities by prioritizing transparency, communication, and collaboration in its operations.

What are some recent achievements of Almonty Industries Inc.?

Almonty has achieved significant milestones in its exploration, production, and corporate development endeavors.

What can investors expect from Almonty Industries Inc. in the future?

Investors can anticipate continued growth, innovation, and strategic initiatives from Almonty Industries Inc. in the future.

Almonty Industries Inc.

OTC:ALMTF

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ALMTF Stock Data

114.31M
154.02M
39.04%
Dimension Stone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
Toronto