Almonty Industri Stock Price, News & Analysis

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.

Almonty Industries Inc. has appointed Mark Goodman to its Board of Directors, effective immediately. Goodman, an experienced business figure and founder of Stone Gold, Inc., has previously held leadership positions at multiple companies. His expertise is expected to bolster Almonty's strategic direction, particularly regarding the ongoing construction of the Sangdong tungsten project in Korea. This addition to the board may enhance shareholder confidence as Almonty continues to develop its mining operations in Spain and Portugal.

Almonty Industries reported its unaudited financial results for the six months ending June 30, 2021. The company recorded a net loss of $2.66 million, compared to a profit of $0.25 million during the same period last year. Gross revenue decreased to $5.60 million, down from $6.99 million. Despite this, production at the Sangdong tungsten mine is advancing, with a 54% increase in tungsten prices to $315 per MTU. Almonty aims to leverage its unique position in the tungsten market to meet the growing demand.

Almonty Industries Inc. has successfully raised A$15.25 million and completed a dual listing on the ASX as of August 2, 2021. This capital raising is crucial for the construction of the Sangdong Tungsten Mine in South Korea, projected to be operational by Q4 2022, producing 30% of tungsten outside China. With a US$75.1 million debt package secured, Almonty is fully funded for the project. The local South Korean government has supported the mine's development with over A$7 million in subsidies, while Almonty has executed a 15-year offtake agreement, ensuring significant future revenue.

Almonty Industries Inc. (OTCQX: ALMTF) held its Annual and Special Meeting of Shareholders on June 10, 2021. Key resolutions included fixing the number of directors at seven, all of whom were elected with over 99% support. The re-appointment of Davidson & Company LLP as auditors was approved, along with the Corporation’s Restricted Stock Unit Plan. The significant shareholder votes highlighted strong support for the Board's leadership and strategic initiatives.

Almonty Industries Inc. has appointed Andrew Frazer to its Board of Directors in anticipation of its application for listing on the Australian Stock Exchange. Frazer brings over 30 years of capital markets experience and serves as the Lead Manager for the proposed offering. The company also held a ground-breaking ceremony for its Sangdong mine on May 28, attended by over 100 participants, indicating strong community support. Almonty is working towards enhancing its presence in Australia while developing its mining operations in Spain and South Korea.

Almonty Industries has filed its unaudited interim financial statements for the quarter ending March 31, 2021. Gross revenue dropped to $3,858,000 from $6,391,000 year-over-year. Mine production costs also decreased, but the company reported a loss from mining operations of $860,000. Overall, the net loss for the period is $3,085,000, compared to a loss of $4,060,000 in the same quarter last year. Despite challenges due to COVID-19, the CEO expressed optimism about future cost control and operations at the Panasqueira mine.