ALMONTY INDS INC ORD - ALMTF STOCK NEWS

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.

Almonty Industries Inc. announced its unaudited financial results for Q1 2022, reporting gross revenue of $6,258,000, up from $3,858,000 in Q1 2021. The company's mine production costs rose to $4,734,000 from $3,947,000, and it posted a net loss of $1,633,000, compared to a net loss of $3,085,000 a year prior. Cash flow from operating activities improved, with a cash balance of $838,000. The company’s stock closed higher at $0.98 from $0.89 previously.

Almonty Industries Inc. has successfully closed a private placement raising approximately US$3.3 million, issuing 2,852,251 common shares at CDN$0.94 each and 1,428,571 units at US$0.70 per unit. Proceeds will cover GTP fees, including an upfront payment of US$3.0 million. The company has satisfied conditions for a KfW finance facility of US$75.1 million, with financial closing expected by May 21, 2022. Despite some delays in equipment delivery, Almonty remains on track for construction at the Sangdong Tungsten mine.

Almonty Industries (OTCQX: ALMTF) has filed its audited financial statements for the year ended December 31, 2021. Gross revenue decreased to $20,847,000 from $25,095,000 in 2020. The net loss improved to $7,753,000 compared to a loss of $9,057,000 the previous year. The company has made significant progress at its Sangdong project, completing over 25% of construction with investments exceeding US$23.2 million. A new tailings dam was completed in Portugal, ensuring continued operations at Panasqueira for 20 more years.

Almonty Industries has announced a letter of intent with KfW IPEX-Bank for US$50 million to fund its Sangdong Downstream Extension Project, aimed at supplying the South Korean battery anode manufacturing industry. This project is expected to enhance the company’s growth potential in the tungsten market, particularly in South Korea, which is a significant consumer of tungsten. The company is also investigating the construction of a nano tungsten oxide processing plant, enhancing its vertical integration and meeting rising demand for semiconductors and batteries.

Almonty Industries Inc. has signed a memorandum of understanding with Korean Mine Rehabilitation and Resource Corporation (KOMIR) and Hannae For T, Ltd to enhance South Korea's rare metal supply chain. This collaboration focuses on recycling Tungsten and Molybdenum to produce essential products for the semiconductor and battery industries. The MOU emphasizes the importance of securing rare metal supplies, particularly Tungsten, which is predominantly produced in China. The agreement will be effective for two years and can be extended or terminated by mutual consent.

Almonty Industries has secured commitments from institutional investors to raise A$1.5 million by issuing 1.5 million Chess Depository Interests (CDIs) priced at A$1.00 each. This financing aims to cover various fees associated with the drawdown of a KfW loan amounting to US$75.1 million, essential for the construction of the Sangdong Tungsten Mine. The transaction is expected to finalize on February 28, 2022, pending regulatory approvals. The lead manager for this placement is Lazarus Corporate Finance, which will receive a 6% fee from the raised amount.

Almonty Industries Inc. has received a completion letter regarding a US$75.1 million loan facility from KfW, satisfying all 110 conditions precedent. This funding is crucial for the construction of the Sangdong tungsten mine in South Korea, which is already 15% complete and ahead of schedule. The loan features low interest rates of 2-3%, which will support Almonty's growth amid rising tungsten prices, now at US$338 per MTU, up 45% in the past year. The company anticipates commissioning in Q4 2022.