Almonty Industri - ALMTF STOCK NEWS

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.

On July 3, 2024, Kim Jin-tae, Governor of Gangwon Special Self-Governing Province, visited Almonty Industries' tungsten mine redevelopment site in Sangdong-eup, Yeongwol county, South Korea. Accompanied by Yeongwol County Mayor Choi Myung-seo, they explored the 1.3 km of transport portals built by Almonty. Governor Kim emphasized the economic revival the mine will bring. Almonty Korea Tungsten VP, Ryu Woo-Jong, highlighted the investment of nearly 130 billion KRW (approx. US$94 million) since 2015, with plans for an additional 50 billion KRW (approx. US$36 million) by mid-2025. This investment is expected to generate over 500 billion KRW (approx. US$360 million) in economic impact and create 1,800 jobs. The Sangdong processing plant will begin producing 65% WO3 high-grade tungsten concentrate soon, while a tungsten oxide production plant is planned for completion by 2027. Until then, the concentrate will be processed abroad.

Almonty Industries held its Annual General and Special Meeting of Shareholders on June 28, 2024. A total of 121,514,694 shares were represented, accounting for 48.11% of all issued and outstanding shares. Key resolutions passed include the fixing of the number of directors at six, the election of six directors, the reappointment of Zeifmans LLP as auditors, and the approval of amendments to insider warrants and other warrants. Additionally, the approval of unallocated entitlements under the Company's 2020 Restricted Share Unit Plan was passed. High approval rates were recorded for all directors, with votes for each exceeding 99%.

Almonty Industries has successfully closed the final tranche of its March 2024 Placement. This includes the sale of 3,000,000 Placement Chess Depository Interests (CDIs) at A$0.62 per unit and an additional 1,090,909 common share units at Cdn$0.55 per unit, scheduled to close on May 23, 2024. The company also secured firm commitments to raise A$1,194,500.06 through 1,926,613 CDIs at A$0.62 per unit. The total settlement is expected by May 27, 2024, with allotment the following day. Each CDI will include a free unlisted option, and each common share unit will include a share purchase warrant, both exercisable within 24 months. Proceeds will be used for general working capital and offer costs. The company also managed Dundee Resources' divestment of its entire holdings in Almonty, worth around 10.25 million common shares at Cdn$0.90 per share. Regulatory approvals from TSX and ASX are pending.