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Almonty Industries Inc. (ALMTF) is a Canadian mining company focused on tungsten projects globally. With a strong track record of successful operations, Almonty is dedicated to sustainable mining practices and community engagement. The company's core business involves the exploration, development, and production of high-quality tungsten concentrates, essential for various industrial applications. Almonty's financial stability, strategic partnerships, and commitment to innovation position it as a leader in the tungsten mining sector.
Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has announced plans to change its incorporation from Canada to Delaware, USA, while maintaining its current stock exchange listings. The decision reflects the growing strategic importance of the United States and comes amid significant changes in global critical materials regulations.
The move is driven by new Department of Defense restrictions starting January 2027, which will prohibit sourcing of critical materials like tungsten from countries including China, Russia, Iran, and North Korea. Additionally, recent Chinese export restrictions on dual-use technologies and US tariff increases on Chinese imports have disrupted global supply chains.
The company's Sangdong Mine is positioned to become a major Western source of tungsten, with 45% of its potential long-term output already committed to the US through an agreement with Global Tungsten & Powders in Pennsylvania. Production is expected to begin by mid-2025. The US domestication plan, unanimously approved by the board, is expected to complete in Q1 2025, subject to regulatory and shareholder approvals.
Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has received its final drawdown of US$906,000 from the US$75.1 million KfW IPEX-Bank project loan facility for the construction of its Sangdong Tungsten Mine in South Korea. This milestone represents the completion of the loan drawdown process and demonstrates KfW's continued support for Almonty's vision to become a leading global tungsten producer.
The bank has supported every drawdown request since the project financing approval, contributing to the development of a reliable tungsten source for the Western world. CEO Lewis Black emphasized the importance of KfW's partnership and expressed commitment to timely loan repayment.
Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has secured additional commitments for its equity placement, increasing the total to A$15.45 million. The placement involves issuing 4.53 million Canadian units and 12.08 million Placement Chess Depository Interests (CDI) Units at C$0.82 and A$0.90 per unit, respectively.
Each participant will receive one warrant per common share and one free unlisted option per CDI, exercisable at C$1.14 and A$1.25, respectively, with a three-year expiry from closing. The settlement is expected around January 20, 2025, subject to TSX and ASX regulatory approvals. The proceeds will be used for balance sheet restructuring and offer costs. RM Corporate Finance, acting as Lead Manager, will receive a 6% fee on funds raised.
Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has secured firm commitments to raise A$5.95 million through a combined offering of 2.0 million Canadian units at C$0.82 per unit and 4.56 million Placement Chess Depository Interests (CDIs) Units at A$0.90 per CDI Unit. Each participant will receive one warrant per common share and one free unlisted option per CDI, exercisable at C$1.14 and A$1.25 respectively, with a three-year expiry. The funds will be used for balance sheet restructuring and offer costs. Settlement is expected around December 30, 2024, subject to TSX and ASX approval. RM Corporate Finance will manage the placement for a fee of A$85,500.
Almonty Industries has achieved a significant milestone in developing its Sangdong tungsten mine with the installation of Metso 's grinding equipment. The project features state-of-the-art semi-autogenous grinding (SAG) mill and ball mill installations, important for efficient tungsten ore processing. Metso will manage all installation aspects, maintaining precise tolerances of 0.008 mm/m. The Sangdong project aims to diversify global tungsten supply, currently dominated by China's 80% market control, and represents one of the largest high-grade tungsten deposits worldwide.
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.
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