ALMONTY INDS INC ORD - ALMTF STOCK NEWS

Almonty Industries Inc. (OTCQX: ALMTF) held its Annual and Special Meeting of Shareholders on June 10, 2021. Key resolutions included fixing the number of directors at seven, all of whom were elected with over 99% support. The re-appointment of Davidson & Company LLP as auditors was approved, along with the Corporation’s Restricted Stock Unit Plan. The significant shareholder votes highlighted strong support for the Board's leadership and strategic initiatives.

Almonty Industries Inc. has appointed Andrew Frazer to its Board of Directors in anticipation of its application for listing on the Australian Stock Exchange. Frazer brings over 30 years of capital markets experience and serves as the Lead Manager for the proposed offering. The company also held a ground-breaking ceremony for its Sangdong mine on May 28, attended by over 100 participants, indicating strong community support. Almonty is working towards enhancing its presence in Australia while developing its mining operations in Spain and South Korea.

Almonty Industries has filed its unaudited interim financial statements for the quarter ending March 31, 2021. Gross revenue dropped to $3,858,000 from $6,391,000 year-over-year. Mine production costs also decreased, but the company reported a loss from mining operations of $860,000. Overall, the net loss for the period is $3,085,000, compared to a loss of $4,060,000 in the same quarter last year. Despite challenges due to COVID-19, the CEO expressed optimism about future cost control and operations at the Panasqueira mine.

Almonty Industries Inc. has filed its audited annual financial statements for the year ended December 31, 2020. The company reported a gross revenue of $25.1 million, down from $54.6 million in the prior period. Losses increased to $9.1 million compared to $5.2 million. Despite these challenges, Almonty successfully maintained production during the pandemic and secured a $75.1 million loan for the Sangdong tungsten mine project in Korea. The company also plans an ASX listing and reported stronger tungsten prices, emphasizing its strategic position in the market.

Almonty Industries provides an update regarding the management cease trade order (MCTO) issued by the Ontario Securities Commission. The MCTO restricts trading by the CEO and CFO until all filings are current. The delay in filing audited annual financial statements for 2020 was attributed to COVID-19 impacts on audits in Portugal. Despite this, all audits for subsidiaries in Korea, Spain, and Portugal have now been completed. Almonty confirms no insolvency proceedings are underway and will continue to issue bi-weekly default status reports as required.

Almonty Industries Inc. (OTCQX: ALMTF) has made significant progress at its Sangdong mine site in Korea. The completion of the concrete batch plant and the renovated administration office has resulted in cost savings of over US$800,000. Site leveling and drainage diversion will commence in May 2021, with expected savings of US$300,000 by consolidating tasks. The completion of a 12,500m drilling design program by the Portuguese geology team is noted, with a commitment to transparency in future reporting. The company emphasizes efficient use of funds during the upcoming construction phase.

Almonty Industries has successfully closed two private placements, raising a total of US$1,579,358 from the issuance of 2,308,333 shares at prices of $0.85 and $0.90. Additionally, it secured US$8,010,642 in commitments for an unsecured 5% convertible debenture with a $1.05 strike price. This financing is part of support for the Sangdong project in South Korea. The prospectus for the ASX listing will be submitted simultaneously with the audited financials. The company emphasizes preserving value for all shareholders.

Almonty Industries Inc. has finalized the purchase agreement of 10,587,056 shares at $1.06 from Lewis Black through the Plansee Group. This deal secures a US$20m cost overrun guarantee for the Sangdong project and a US$10m non-dilutive reserve account guarantee linked to KfW IPEX Bank's loan conditions. Plansee's strategic commitment highlights the importance of reliable tungsten supply, positioning them as Almonty's largest shareholder, reinforcing their support for the Sangdong project's success.

Almonty Industries Inc. (OTCQX: ALMTF) provided a bi-weekly status update on its management cease trade order (MCTO) issued by the Ontario Securities Commission. The MCTO restricts trading for the CEO and CFO due to delays in filing audited financial statements for 2020 caused by COVID-19 complications in Portugal. Almonty expects to file the required documents by April 23, 2021. The company reassured that it is not subject to insolvency proceedings and is committed to complying with alternative information guidelines.