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.
News for Almonty Industries Inc. (ALMTF) centers on its role as a global producer of tungsten concentrate and its efforts to build out a portfolio of tungsten-focused mining assets in conflict-free regions. Company announcements highlight ongoing mining, processing and shipping of tungsten concentrate from the Panasqueira Mine in Portugal, construction progress at the Sangdong tungsten mine in Gangwon Province, South Korea, and development work at projects in Spain, including the Valtreixal tin/tungsten project and the Los Santos Mine.
Investors following Almonty’s news can track updates on its Sangdong Mine, which the company describes as historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China. Recent releases include the filing of an updated NI 43‑101 technical report for Sangdong, details on phased mine development plans, and commentary on how the project fits into global tungsten supply outside China.
Almonty’s news flow also covers capital markets and corporate actions, such as its application to list on the Nasdaq Capital Market under the ticker ALM, the pricing of a U.S. underwritten public offering, and a share consolidation approved by shareholders. The company has reported inclusion in the S&P/TSX Global Mining Index and has provided detailed information on amendments to the currency of exercise prices for warrants and CDI options to address accounting treatment.
Other notable news items involve strategic and legal developments, including U.S. Congressional recognition of Almonty’s role in the U.S. critical minerals supply chain, the appointment of a U.S. national security and defense logistics specialist to its board, and the commencement of legal proceedings against Pure Tungsten Inc. Over time, this news page provides a centralized view of Almonty’s operational milestones, regulatory filings referenced in press releases, governance decisions, and its positioning within defense and advanced technology supply chains.
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
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.
Almonty Industries Inc. has filed its audited annual financial statements for the year ended December 31, 2020. The company reported a gross revenue of $25.1 million, down from $54.6 million in the prior period. Losses increased to $9.1 million compared to $5.2 million. Despite these challenges, Almonty successfully maintained production during the pandemic and secured a $75.1 million loan for the Sangdong tungsten mine project in Korea. The company also plans an ASX listing and reported stronger tungsten prices, emphasizing its strategic position in the market.
Almonty Industries provides an update regarding the management cease trade order (MCTO) issued by the Ontario Securities Commission. The MCTO restricts trading by the CEO and CFO until all filings are current. The delay in filing audited annual financial statements for 2020 was attributed to COVID-19 impacts on audits in Portugal. Despite this, all audits for subsidiaries in Korea, Spain, and Portugal have now been completed. Almonty confirms no insolvency proceedings are underway and will continue to issue bi-weekly default status reports as required.
FAQ
What is the current stock price of Almonty Industri (ALMTF)?
What is the market cap of Almonty Industri (ALMTF)?
