Almonty Announces the Filing of Its Q3-2024 Unaudited Condensed Interim Consolidated Financial Statements and MD&A for the Nine Months Ended September 30, 2024 and $3,323,000 in Positive EBITDA From Mining Operations(1).
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 ha presentato i suoi bilanci finanziari non verificati per il terzo trimestre del 2024, riportando un fatturato lordo di $22.556.000 per i nove mesi terminati il 30 settembre 2024, in aumento rispetto ai $17.089.000 dello stesso periodo del 2023. La miniera di Panasqueira dell'azienda ha generato un EBITDA positivo di $3.323.000 dalle operazioni minerarie. L'azienda ha registrato una perdita netta di $10.894.000, che include oneri non monetari di $450.000 per interessi saldati mediante emissione di azioni, $2,399 milioni in compensi basati su azioni e $1,999 milioni in perdite non realizzate da cambi. Almonty ha convertito oltre $9 milioni di debito a lungo termine in azioni ed ha prorogato la scadenza di un debito di $21,4 milioni a marzo 2027. I lavori di costruzione della miniera Sangdong proseguono con i prelievi del prestito previsto da KfW IPEX-Bank.
Almonty Industries ha presentado sus estados financieros no auditados del tercer trimestre de 2024, reportando ingresos brutos de $22,556,000 para los nueve meses terminados el 30 de septiembre de 2024, en comparación con $17,089,000 en el mismo periodo de 2023. La mina de Panasqueira de la compañía generó un EBITDA positivo de $3,323,000 de las operaciones mineras. La empresa reportó una pérdida neta de $10,894,000, que incluye cargos no monetarios de $450,000 por intereses saldados mediante emisión de acciones, $2.399 millones en compensación basada en acciones y $1.999 millones en pérdidas no realizadas por cambios de divisa. Almonty convirtió más de $9 millones de deuda a largo plazo en acciones y extendió el vencimiento de una deuda de $21.4 millones hasta marzo de 2027. La construcción de la mina Sangdong continúa con los desembolsos planeados del préstamo de KfW IPEX-Bank.
Almonty Industries는 2024년 3분기 감사되지 않은 재무 제표를 제출했으며, 2024년 9월 30일 종료된 9개월 동안 총 수익이 $22,556,000에 달해 2023년 동기 $17,089,000에서 증가했다고 보고했습니다. 회사의 파나스퀴라 광산은 광업 운영에서 $3,323,000의 긍정적인 EBITDA를 창출했습니다. 회사는 $10,894,000의 순손실을 보고했으며, 이는 주식 발행으로 결제된 이자에 대한 비현금 비용 $450,000, 주식 기반 보상 $2.399M 및 미실현 외환 손실 $1.999M을 포함합니다. Almonty는 900만 달러 이상의 장기 부채를 주식으로 전환하고, 2천140만 달러의 부채 만기를 2027년 3월로 연장했습니다. 상돈 광산 건설은 계획된 KfW IPEX-Bank 대출 인출과 함께 계속 진행되고 있습니다.
Almonty Industries a déposé ses états financiers non audités pour le troisième trimestre 2024, annonçant un chiffre d'affaires brut de 22 556 000 $ pour les neuf mois se terminant au 30 septembre 2024, en hausse par rapport à 17 089 000 $ au cours de la même période de 2023. La mine de Panasqueira de l'entreprise a généré un EBITDA positif de 3 323 000 $ grâce à ses opérations minières. L'entreprise a enregistré une perte nette de 10 894 000 $, comprenant des charges non monétaires de 450 000 $ pour des intérêts réglés par émission d'actions, 2,399 millions $ en compensation basée sur les actions et 1,999 million $ en pertes de change non réalisées. Almonty a converti plus de 9 millions de dollars de dettes à long terme en actions et a prolongé l'échéance d'une dette de 21,4 millions de dollars jusqu'en mars 2027. La construction de la mine Sangdong se poursuit avec des tirages de prêts prévus auprès de KfW IPEX-Bank.
Almonty Industries hat seine nicht überprüften Finanzberichte für das dritte Quartal 2024 vorgelegt, in denen ein Bruttoumsatz von 22.556.000 $ für die neun Monate bis zum 30. September 2024 ausgewiesen wird, was einem Anstieg von 17.089.000 $ im gleichen Zeitraum 2023 entspricht. Die Panasqueira-Mine des Unternehmens erzielte ein positives EBITDA von 3.323.000 $ aus den Bergbauoperationen. Das Unternehmen meldete einen Nettoverlust von 10.894.000 $, der nicht zahlungswirksame Aufwendungen von 450.000 $ für verzinsliche Zahlungen durch Aktienemission, 2,399 Millionen $ in aktienbasierter Vergütung und 1,999 Millionen $ in nicht realisierten Währungsgewinnen umfasst. Almonty wandelte über 9 Millionen $ langfristige Schulden in Aktien um und verlängerte die Fälligkeit von 21,4 Millionen $ Schulden auf März 2027. Der Bau der Sangdong-Mine läuft weiter mit geplanten Kreditabrufen von der KfW IPEX-Bank.
- Revenue increased 32% YoY to $22.56M for nine months
- Panasqueira mine generated $3.32M positive EBITDA
- Successfully converted $9M long-term debt to equity
- Extended $21.4M debt maturity to March 2027
- Received planned US$10.64M loan drawdowns for Sangdong Mine
- Net loss increased to $10.89M from $5.68M YoY
- Operating cash flow negative at -$9.23M
- Long-term debt increased to $149.75M from $130.07M
- Higher mine production costs at $18.44M vs $14.59M YoY
The following financial information is for the three and nine months ended September 30, 2024 and 2023:
| Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||
| 30-Sep-24 | 30-Sep-23 | 30-Sep-24 | 30-Sep-23 | |||||||||||||
| $'000 | $'000 | $'000 | $'000 | |||||||||||||
| Gross Revenue |
|
6,794 |
|
|
4,459 |
|
|
22,556 |
|
|
17,089 |
|
||||
| Mine production costs |
|
5,607 |
|
|
3,572 |
|
|
18,441 |
|
|
14,585 |
|
||||
| Care and maintenance |
|
265 |
|
|
255 |
|
|
792 |
|
|
764 |
|
||||
| Depreciation and amortization |
|
266 |
|
|
312 |
|
|
850 |
|
|
797 |
|
||||
| Income from mining operations |
|
656 |
|
|
320 |
|
|
2,473 |
|
|
943 |
|
||||
| General and administrative costs |
|
1,339 |
|
|
1,038 |
|
|
4,347 |
|
|
4,188 |
|
||||
| Non-cash compensation costs |
|
1,464 |
|
|
24 |
|
|
2,399 |
|
|
306 |
|
||||
| Loss before the under noted items |
|
(2,147 |
) |
|
(742 |
) |
|
(4,273 |
) |
|
(3,551 |
) |
||||
| Interest expense |
|
1,048 |
|
|
1,112 |
|
|
3,599 |
|
|
3,111 |
|
||||
| Financing fees |
|
- |
|
|
- |
|
|
- |
|
|
739 |
|
||||
| Loss (gain) on valuation of embedded derivative liabilities |
|
334 |
|
|
(165 |
) |
|
336 |
|
|
(380 |
) |
||||
| Loss (gain) on valuation of warrant liabilities |
|
710 |
|
|
(456 |
) |
|
304 |
|
|
(1,153 |
) |
||||
| Foreign exchange loss (gain) |
|
702 |
|
|
592 |
|
|
1,999 |
|
|
(262 |
) |
||||
| Tax provision |
|
378 |
|
|
45 |
|
|
383 |
|
|
75 |
|
||||
| Net loss for the period |
|
(5,319 |
) |
|
(1,870 |
) |
|
(10,894 |
) |
|
(5,681 |
) |
||||
| Income (loss) per share - basic | $ |
(0.02 |
) |
$ |
(0.01 |
) |
$ |
(0.04 |
) |
$ |
(0.03 |
) |
||||
| Income (loss) per share - diluted | $ |
(0.02 |
) |
$ |
(0.01 |
) |
$ |
(0.04 |
) |
$ |
(0.03 |
) |
||||
| Dividends |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Cash flows provided by (used in) operating activities |
|
(3,812 |
) |
|
(2,572 |
) |
|
(9,234 |
) |
|
(4,135 |
) |
||||
| Cash flows provided by (used in) investing activities |
|
(6,749 |
) |
|
(5,395 |
) |
|
(22,979 |
) |
|
(14,139 |
) |
||||
| Cash flows provided by (used in) financing activities |
|
15,655 |
|
|
13,190 |
|
|
22,795 |
|
|
21,317 |
|
||||
The following financial information is as at September 30, 2024 and December 31 2023:
| 30-Sep-24 | 31-Dec-23 | |||||||||
| $'000 | $'000 | |||||||||
| Cash |
|
12,866 |
|
22,019 |
||||||
| Total assets |
|
255,280 |
|
235,334 |
||||||
| Long-term debt |
|
149,748 |
|
130,067 |
||||||
| Shareholders’ equity |
|
55,660 |
|
48,508 |
||||||
| Other | ||||||||||
| Outstanding shares (‘000) |
|
258,607 |
|
233,889 |
||||||
| Weighted average outstanding shares (‘000) | ||||||||||
| Basic |
|
252,394 |
|
213,144 |
||||||
| Fully diluted |
|
252,394 |
|
213,144 |
||||||
| Closing share price | $ |
0.78 |
$ |
0.54 |
||||||
While our Panasqueira mine in
EBITDA from mining operations at our Panasqueira mine was
In addition, Almonty continued to clean up its balance sheet by converting over
The Company is in an exciting phase right now with the build-out of our Sangdong Mine being in full swing towards completion of construction, with drawdowns on our KfW IPEX-Bank
About Almonty
The principal business of
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Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate (“APT”) from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
(1) Non-GAAP Financial Measures
This press release makes reference to certain non-GAAP financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty’s results of operations from management’s perspective. Almonty’s definitions of non-GAAP measures used in this press release may not be the same as the definitions for such measures used by other companies in their reporting. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty’s financial information reported under IFRS. Almonty uses non-GAAP financial measures, including “EBITDA”, to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Almonty defines “EBITDA from mining operations” as gross revenue less mine production costs.
Almonty believes that securities analysts, investors and other interested parties frequently use non-GAAP financial measures in the evaluation of issuers. Almonty’s management also uses non-GAAP financial measures in order to facilitate operating performance comparisons from period to period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241114499576/en/
For further information:
Lewis Black
Chairman, President and CEO
Telephone: +1 647 438-9766
Email: info@almonty.com
Source: Almonty Industries Inc.
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