ALMONTY INDS INC ORD - ALMTF STOCK NEWS

Almonty Industries announces that Yeongwol County, home to its Sangdong Mine, has been designated as one of six Opportunity Development Special Zones in Gangwon Province, South Korea. This designation by the Ministry of Trade, Industry, and Energy (MOTIE) includes tax benefits, subsidies, and infrastructure improvements to support critical minerals development.

The region is developing a 153,750-square-meter industrial complex in Nokjeon-ri, with Almonty securing 60,000 square meters for its tungsten oxide plant, located 35 kilometers from the Sangdong Mine. The project aims to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand for this critical mineral used in batteries and semiconductors.

Almonty Industries has appointed Fernando Vitorino as Chief Operating Officer of Almonty Korea Tungsten Corp (AKTC). Vitorino brings over 30 years of mine management and 40 years of financial management experience, having previously held key positions at Anglo Group and Beralt Tin and Wolfram. The construction of the processing plant at Sangdong Mine has reached 53.23% completion in approximately 90 days. The company aims to begin tungsten concentrate production by mid-2025 and plans to construct a tungsten oxide plant by late 2026. The Sangdong Mine is expected to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand.

Almonty Industries has filed its Q3-2024 unaudited financial statements, reporting gross revenue of $22,556,000 for the nine months ended September 30, 2024, up from $17,089,000 in the same period of 2023. The company's Panasqueira mine generated positive EBITDA of $3,323,000 from mining operations. The company reported a net loss of $10,894,000, which includes non-cash charges of $450k for interest settled by share issuance, $2.399M in share-based compensation, and $1.999M in unrealized foreign exchange losses. Almonty converted over $9M of long-term debt into shares and extended $21.4M debt maturity to March 2027. The Sangdong Mine construction continues with planned KfW IPEX-Bank loan drawdowns.

Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) has successfully completed pilot plant trial production for its Sangdong Mine in South Korea. This marks the final stage of flotation processing technology development before full-scale equipment installation. The company conducted tests at two locations: Portugal and South Korea, using 1/500th scale pilot plants.

Key achievements include:

• Production of tungsten concentrate (WO₃) with over 60% content
• 82% recovery rate in Portugal with 0.45% WO₃ feed grade
• 86.3% recovery rate in Sangdong despite lower-grade ore
• Improved sulfide flotation stage, ensuring stable 60-65% WO₃ grades in future production

These results have met all design performance parameters, allowing Almonty and equipment supplier Metso Outotec to proceed with the main processing plant construction. The company anticipates stable tungsten concentrate production from Sangdong Mine during 2025.

Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) announced that on September 2, 2024, renowned geologists from around the world visited the Company's Sangdong Tungsten Mine in South Korea. The visit was part of the 2024 International Geological Congress (IGC) in Busan. The geologists, led by Professor Seo Jeong-hoon from Seoul National University, examined the rare tungsten and molybdenum mineralization zones within the mine galleries.

The Sangdong Mine is recognized as one of the world's largest tungsten deposits, verified under both Australian (JORC Code) and Canadian (NI 43-101) standards. The redevelopment of the mine is seen as important for stabilizing and diversifying the global mineral resource supply. On August 23, 2024, a delegation from the U.S. Geological Survey's Global Mineral Analysis Research Center also visited the mine, expressing anticipation for its role in diversifying the tungsten supply chain, which is currently heavily reliant on China.

Almonty Industries, through its subsidiary Almonty Korea Tungsten (AKTC), hosted a US Geological Survey (USGS) delegation at its Sangdong Mine in South Korea, marking significant progress in tungsten re-entry into the global market. The USGS conducted a review of the mine's redevelopment, including tungsten concentrate production and the ongoing construction of a processing plant and planned tungsten oxide plant. These developments aim to reduce Western dependence on Chinese tungsten, which currently controls 80% of the market. The Sangdong Mine is projected to produce 4,000 tons of high-purity (99.99%) tungsten oxide annually, important for the Korean semiconductor and battery industries. Almonty’s strategic partnership with the Korean government, along with international support, underscores the project’s importance for global resource security.

Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) has filed its Q2-2024 unaudited financial statements and MD&A for the six months ended June 30, 2024. Key highlights include:

- Gross Revenue: $15,762,000 for six months (up from $12,630,000 in 2023)
- Net loss: $5,575,000 for six months
- EBITDA from Panasqueira mine: $2,401,000 for six months
- Working capital deficiency decreased by 79% to $6.1 million
- Conversion of over $9 million long-term debt into shares
- Extension of $21.4 million long-term debt maturity to March 2027
- Sangdong Mine construction progressing with US$75.1 million loan facility drawdowns

The company expects positive results from the high-grade Sangdong mine once operational.

Almonty Industries (ALMTF) is set to receive US$10.6 million in drawdowns from KfW IPEX-Bank for the construction of its Sangdong Tungsten Mine in South Korea. This brings the total drawdowns to US$66.5 million out of the US$75.1 million loan facility. The company highlights the strategic importance of tungsten, as emphasized in the National Defense Authorization Act for Fiscal Year 2025 by the U.S. Senate. The report expresses concern over the tungsten supply chain's stability due to China and Russia's dominance, and directs efforts to cultivate domestic or allied sources of tungsten. Almonty positions itself as a key player in addressing these concerns with its existing tungsten production in Portugal and the development of the Sangdong mine, described as the largest tungsten mine outside China.

Almonty has announced that its subsidiary, Almonty Korea Tungsten (AKTC), has signed an MOU with Yeongwol County to establish the Sangdong Downstream Tungsten Oxide Plant, located 30 km from the Sangdong Tungsten Mine. This plant, spanning 60,000 square meters, will refine and smelt tungsten and its alloys. AKTC plans to invest approximately $72 million in the plant's construction and an additional $29 million in facility upgrades at the Sangdong Mine. Yeongwol County will provide full legal and institutional support, aiming to stimulate regional economic development and job creation. This initiative is expected to bolster Korea's high-tech industries and contribute to a stable supply chain of strategic minerals.