Almonty Industri - ALMTF STOCK NEWS

Almonty Industries Inc. (OTCQX: ALMTF) has secured commitments to raise A$2.0 million through the issuance of 2.5 million Chess Depository Interests (CDIs) at A$0.80 each, primarily from existing Australian institutional investors. Each CDI purchase includes one free unlisted option, exercisable at A$1.25 until 31 December 2024. This placement is priced at an 11.1% discount to the last closing price of A$0.90 on 20 January 2023. Proceeds will be allocated towards general working capital and offering costs, pending necessary regulatory approvals.

Almonty Industries Inc. has successfully completed a US$9.82 million drawdown from the KfW IPEX-Bank project finance facility, totaling US$26.7 million drawn from a US$75.1 million facility. The ongoing construction of the Sangdong tungsten mine is on schedule, set to become the world's largest tungsten mine outside China. Plans for downstream processing opportunities are underway, enabling Almonty to engage in battery and semi-conductor manufacturing in South Korea.

Almonty Industries Inc. announced progress on its Sangdong Downstream Extension Project, aimed at constructing a nano tungsten oxide processing plant in South Korea. The project, which will support the local battery manufacturing industry, is expected to be funded by KfW IPEX-Bank, with a LOI for up to US$50 million. Almonty is collaborating with IAF Holding GmbH for the facility's design and has selected the Seok Moon Industrial Complex for its infrastructure advantages. The project represents a strategic step towards enhancing tungsten production and meeting growing demand in electric vehicle applications.

Almonty Industries Inc. reports on the successful management of torrential rainfall at its Sangdong Tungsten Mine in South Korea, which endured over 220mm of rain without damage to any infrastructure. The operational update highlights reaching a significant milestone in mine development with the connection to the -1 Level hanging wall gallery, encompassing 55% of their reserves. Additionally, Almonty secured a second drawdown of US$4.1 million from KfW-IBEX Bank, bringing total financing received to US$16.9 million.

Almonty Industries Inc. reported its financial results for Q2 2022, revealing gross revenue of $7,037,000, up from $5,603,000 in Q2 2021. Despite improvements in revenue, the net loss for the period totaled $2,356,000, slightly better than the previous year's loss of $2,660,000. The company recorded income from mining operations of $870,000 compared to $198,000 in the same quarter last year. Cash flow from operations was positive at $1,022,000, yet cash used in investing activities increased to $3,838,000.

As of June 30, 2022, Almonty had cash reserves of $1,801,000 and total assets of $166,867,000.

Almonty Industries has announced the first drawdown of US$12,818,081 from a US$75.1 million project financing loan facility with KfW-IBEX Bank. This funding is aimed at accelerating work at the Sangdong Mine in South Korea, which is critical for Western tungsten supply. CEO Lewis Black emphasized the significance of this milestone for growth and dominance in the tungsten sector. Additionally, Almonty is advancing plans for the Almonty Korea Moly project to cater to the growing domestic demands in South Korea.

Almonty Industries announces a maiden Independent Inferred Molybdenum Mineral Resource Estimate of 21.48Mt at 0.26% MoS2 at the Almonty Korea Moly Project. This resource is located adjacent to the Sangdong Tungsten Mine, currently under construction in South Korea. The project presents potential for increased shareholder value due to synergies with the tungsten mine. The company plans to investigate integration into the existing mining infrastructure, enhancing both projects' operational efficiencies.

Almonty Industries Inc. held its Annual and Special Meeting of Shareholders on June 30, 2022. A total of 97,480,494 common shares were represented, accounting for 45.66% of the issued shares. The meeting resulted in the election of six directors, all receiving over 99% approval. Additionally, the shareholders re-appointed Zeifmans LLP as auditors, approved unallocated options until June 30, 2025, and passed amendments to the Company’s By-Laws as outlined in the Management Information Circular.

Almonty Industries Inc. announced the closing of a private placement of 2,494,118 Chess Depository Interests (CDIs) at A$0.85 each, raising gross proceeds of A$2.12 million from Deutsche Rohstoff, its third-largest shareholder. The funds will be utilized for general working capital ahead of a US$75.1 million financing facility from KfW-IPEX Bank and to accelerate growth strategies. The Placement is subject to regulatory approvals and is expected to settle around June 7, 2022.