Almonty Industri Stock Price, News & Analysis

Almonty Industries (OTCQX: ALMTF) has filed its audited financial statements for the year ended December 31, 2021. Gross revenue decreased to $20,847,000 from $25,095,000 in 2020. The net loss improved to $7,753,000 compared to a loss of $9,057,000 the previous year. The company has made significant progress at its Sangdong project, completing over 25% of construction with investments exceeding US$23.2 million. A new tailings dam was completed in Portugal, ensuring continued operations at Panasqueira for 20 more years.

Almonty Industries has announced a letter of intent with KfW IPEX-Bank for US$50 million to fund its Sangdong Downstream Extension Project, aimed at supplying the South Korean battery anode manufacturing industry. This project is expected to enhance the company’s growth potential in the tungsten market, particularly in South Korea, which is a significant consumer of tungsten. The company is also investigating the construction of a nano tungsten oxide processing plant, enhancing its vertical integration and meeting rising demand for semiconductors and batteries.

Almonty Industries Inc. has signed a memorandum of understanding with Korean Mine Rehabilitation and Resource Corporation (KOMIR) and Hannae For T, Ltd to enhance South Korea's rare metal supply chain. This collaboration focuses on recycling Tungsten and Molybdenum to produce essential products for the semiconductor and battery industries. The MOU emphasizes the importance of securing rare metal supplies, particularly Tungsten, which is predominantly produced in China. The agreement will be effective for two years and can be extended or terminated by mutual consent.

Almonty Industries has secured commitments from institutional investors to raise A$1.5 million by issuing 1.5 million Chess Depository Interests (CDIs) priced at A$1.00 each. This financing aims to cover various fees associated with the drawdown of a KfW loan amounting to US$75.1 million, essential for the construction of the Sangdong Tungsten Mine. The transaction is expected to finalize on February 28, 2022, pending regulatory approvals. The lead manager for this placement is Lazarus Corporate Finance, which will receive a 6% fee from the raised amount.

Almonty Industries Inc. has received a completion letter regarding a US$75.1 million loan facility from KfW, satisfying all 110 conditions precedent. This funding is crucial for the construction of the Sangdong tungsten mine in South Korea, which is already 15% complete and ahead of schedule. The loan features low interest rates of 2-3%, which will support Almonty's growth amid rising tungsten prices, now at US$338 per MTU, up 45% in the past year. The company anticipates commissioning in Q4 2022.

Almonty Industries Inc. has finalized a second tranche of its non-brokered private placement, raising approximately CDN$3,914,000 in unsecured convertible debentures. These debentures mature on October 31, 2024 and offer a 5% annual interest rate, convertible into common shares at CDN$1.05 per share. The funds will be utilized for general working capital and financing of the Sangdong Mine in South Korea. All issued securities are subject to resale restrictions until March 23, 2023.

Almonty Industries Inc. reported its unaudited interim financials for the three and nine months ended September 30, 2021. Gross revenue for Q3 was CAD 5,333,000, a slight increase from CAD 5,128,000 in Q3 2020. However, net loss for the period was CAD 5,062,000, compared to a loss of CAD 2,091,000 year-over-year. The company’s cash position decreased to CAD 1,834,000 from CAD 2,372,000. Almonty emphasized progressing its Sangdong project, with significant investments and governmental support for Tungsten supply diversification in South Korea.

Almonty Industries Inc. has made significant progress at its South Korean site, achieving 25% completion of the underground mine development. The company has invested nearly US$17m into the project and aims to complete it by Q4 2022. The workforce has expanded to over 50, with plans to increase to 125 as construction accelerates. The price of tungsten has risen by over 50% in the last year, driven by demand from the technology sector. Almonty is finalizing US$75.1m in project financing and is optimistic about its future operations.

Almonty Industries Inc. provides a progress update on its tungsten mining activities, highlighting the Sangdong Tungsten Mine in South Korea, which is on schedule and budget. Key developments include a 17.5% completion of underground work and successful shotcrete operations with low rebound rates. Over US$14m has been invested, representing 13.8% of total costs. The price of tungsten has risen to US$315/MTU, with projections exceeding US$350/MTU. The company aims for 80% renewable energy use at its Panasqueira site in Portugal.