Welcome to our dedicated page for Almonty Industri news (Ticker: ALMTF), a resource for investors and traders seeking the latest updates and insights on Almonty Industri stock.
Almonty Industri (ALMTF) operates at the forefront of tungsten mining and specialty metals processing, delivering integrated solutions from extraction to global commodity markets. This dedicated news hub provides stakeholders with direct access to verified corporate developments and operational updates.
Investors and industry observers will find essential information including quarterly earnings reports, production milestones, and strategic partnership announcements. Our curated feed consolidates official press releases and market-moving updates, enabling efficient tracking of the company's progress in critical mineral supply chains.
The resource features updates across key operational areas: mine development timelines, processing technology enhancements, and global trading activities. Content is rigorously verified to ensure accuracy, providing reliable insights into the company's position within the industrial metals sector.
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Almonty Industries Inc. (OTCQX: ALMTF) has made significant progress at its Sangdong mine site in Korea. The completion of the concrete batch plant and the renovated administration office has resulted in cost savings of over US$800,000. Site leveling and drainage diversion will commence in May 2021, with expected savings of US$300,000 by consolidating tasks. The completion of a 12,500m drilling design program by the Portuguese geology team is noted, with a commitment to transparency in future reporting. The company emphasizes efficient use of funds during the upcoming construction phase.
Almonty Industries has successfully closed two private placements, raising a total of US$1,579,358 from the issuance of 2,308,333 shares at prices of $0.85 and $0.90. Additionally, it secured US$8,010,642 in commitments for an unsecured 5% convertible debenture with a $1.05 strike price. This financing is part of support for the Sangdong project in South Korea. The prospectus for the ASX listing will be submitted simultaneously with the audited financials. The company emphasizes preserving value for all shareholders.
Almonty Industries Inc. has finalized the purchase agreement of 10,587,056 shares at $1.06 from Lewis Black through the Plansee Group. This deal secures a US$20m cost overrun guarantee for the Sangdong project and a US$10m non-dilutive reserve account guarantee linked to KfW IPEX Bank's loan conditions. Plansee's strategic commitment highlights the importance of reliable tungsten supply, positioning them as Almonty's largest shareholder, reinforcing their support for the Sangdong project's success.
Almonty Industries Inc. (OTCQX: ALMTF) provided a bi-weekly status update on its management cease trade order (MCTO) issued by the Ontario Securities Commission. The MCTO restricts trading for the CEO and CFO due to delays in filing audited financial statements for 2020 caused by COVID-19 complications in Portugal. Almonty expects to file the required documents by April 23, 2021. The company reassured that it is not subject to insolvency proceedings and is committed to complying with alternative information guidelines.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) has announced an extension of maturity dates for approximately $54.1 million of its debt facilities, now due at the end of Q4 2023. The financing terms remain unchanged, comprising interest-only balloon facilities. Additionally, JH Kim has been appointed as CFO for Almonty Korea Tungsten, bringing over 16 years of experience from Honeywell Korea. This extension strengthens Almonty’s balance sheet and represents lender confidence ahead of the financial closing for the Sangdong project and an upcoming ASX listing.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) has scheduled a 12,500m drilling campaign starting the week of April 12, 2021, at its Sangdong Molybdenum Project. This 6-month campaign aims to convert historical data into a NI 43-101 and JORC compliant report. Historical drilling indicates high-grade molybdenum ore reserves with grades over 0.40% MoS2 and tonnage exceeding 16.30mt. Successful confirmation would position Almonty among the largest high-grade molybdenum projects globally. The campaign will also enable valuation attribution for the Moly deposit.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF) announced the closure of a private placement, raising funds by issuing 2,830,000 shares at CDN$0.75 each. The proceeds will cover the KFW arrangement fee for a US$75.1 million loan, with only an additional US$10.1 million needed for project completion. Orders for key machinery, including a primary crusher and a SAG mill, were placed with Metso/Outotec, with delivery expected in 11 months. The company anticipates financial closure in March, coinciding with its Australian listing.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF) has started the application process for secondary listing on the Australian Stock Exchange (ASX), expected to be effective by April 2021. Chairman Lewis Black highlighted significant market interest in Australian industrial metals, particularly the Sangdong Tungsten and Moly projects. The ASX listing aims to enhance liquidity and stock value while facilitating Almonty's transition into Asian markets. Almonty's operations focus on tungsten mining and processing, with key projects in Spain and South Korea.
Almonty Industries Inc. (AII, ALMTF) announces significant leadership changes as it shifts focus to Korea and Asian markets, effective February 1, 2021. New Board member James Kim, a seasoned executive with experience from GM Korea and Microsoft, and John Yi, former President of Raytheon Korea, join the team. Chairman Lewis Black highlights these appointments as pivotal for corporate restructuring aimed at enhancing Almonty’s market presence in Korea, the largest tungsten consumer per capita. This transition aligns with the completion of a KfW-IPEX loan, positioning Almonty for growth in the tungsten and molybdenum sectors.
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