Almonty Industri - ALMTF STOCK NEWS

Almonty Industries has successfully completed its fourth drawdown of US$5.6 million from the KfW IPEX-Bank project finance facility, raising the total drawn to US$32.3 million out of a total US$75.1 million. This financing supports the Sangdong Tungsten Mine project in South Korea, which aims to be the largest tungsten mine outside China upon commissioning in 2024. Strong tungsten prices, with a recent rate of US$336.50/MTU, alongside a contract guarantee of US$235/MTU with Plansee GTP, are expected to yield impressive returns for shareholders.

Almonty Industries Inc. has released its audited consolidated financial statements for the year ending December 31, 2022. The company reported a gross revenue of $24,796,000, up from $20,847,000 in 2021. However, it also faced a net loss of $14,490,000 compared to $7,753,000 in the previous year. Key financial metrics included a 9-fold increase in EBITDA from mining operations at its Panasqueira mine, despite incurring a non-cash foreign exchange loss of $2.9 million due to fluctuations in USD/CAD rates. Cash flows from operating activities were negative at ($5,573,000), while long-term debt rose to $89,480,000.

Almonty Industries Inc. (OTCQX: ALMTF) has secured firm commitments from Australian institutional investors to raise A$3.5 million through the issuance of 4,861,111 Chess Depository Interests (CDIs) at A$0.72 each. Participants will receive one free unlisted option per CDI issued, exercisable at A$1.25 until December 31, 2024. Funds will be used for debt repayment, working capital, and offering costs. Additionally, the company settled US$2.46 million owed to Plansee Holdings AG by issuing 4,501,840 common shares at an average price of $0.73, a 6% premium. The transaction awaits regulatory approval.