Almonty Industries Inc. produces tungsten concentrate and reports developments tied to its mineral assets, capital structure and public-company governance. Company announcements commonly address the Sangdong Tungsten Mine in South Korea, NI 43-101 technical reports, mineral resource and reserve disclosure, and updates related to mine development.
Almonty news also covers shareholder meetings, proxy materials, option and warrant amendments, share-consolidation actions, exchange and index status, and disclosure-related legal proceedings involving statements about the company and its mineral properties. These updates connect the company’s tungsten operations with recurring governance, capital-structure and listing matters across its public securities.
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Almonty Industries has successfully completed its fourth drawdown of US$5.6 million from the KfW IPEX-Bank project finance facility, raising the total drawn to US$32.3 million out of a total US$75.1 million. This financing supports the Sangdong Tungsten Mine project in South Korea, which aims to be the largest tungsten mine outside China upon commissioning in 2024. Strong tungsten prices, with a recent rate of US$336.50/MTU, alongside a contract guarantee of US$235/MTU with Plansee GTP, are expected to yield impressive returns for shareholders.
Almonty Industries Inc. has released its audited consolidated financial statements for the year ending December 31, 2022. The company reported a gross revenue of $24,796,000, up from $20,847,000 in 2021. However, it also faced a net loss of $14,490,000 compared to $7,753,000 in the previous year. Key financial metrics included a 9-fold increase in EBITDA from mining operations at its Panasqueira mine, despite incurring a non-cash foreign exchange loss of $2.9 million due to fluctuations in USD/CAD rates. Cash flows from operating activities were negative at ($5,573,000), while long-term debt rose to $89,480,000.