Latest news with #AlmontyIndustriesInc
Business Wire
3 days ago
- Business
- Business Wire
Almonty Industries Appoints U.S. National Security and Defense Logistics Leader Alan Estevez to the Board of Directors
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI) ('Almonty' or the 'Company'), a leading global producer of tungsten concentrate, is pleased to announce the appointment of Alan Estevez to its Board of Directors, effective May 30, 2025. Mr. Estevez is a nationally recognized authority in national security, defense logistics, and strategic trade. From 2022 to 2025, he served as Under Secretary of Commerce for Industry and Security, where he led U.S. efforts to curb adversarial military advancements by restricting access to sensitive technologies, particularly in China and Russia. Previously, he held senior roles within the U.S. Department of Defense, including Principal Deputy Under Secretary for Acquisition, Technology & Logistics, where he oversaw defense acquisition and supply chain operations. Mr. Estevez also advised Fortune 500 companies on logistics transformation during his tenure at Deloitte Consulting. He has received numerous honours for his public service, including three Department of Defense Distinguished Public Service Medals, the Presidential Rank Distinguished Executive Award, and the Service to America Medal. Lewis Black, Chief Executive Officer of Almonty Industries, commented: 'We are pleased to welcome Alan to the Board at a pivotal moment for Almonty. His deep expertise in national security strategy, defense logistics, and export controls—gained through decades of public service and leadership within the U.S. government—brings significant strategic value. Alan's firsthand experience in acquisition, contracting, and supply chain operations will be especially relevant as we advance our position as a key allied supplier of tungsten. His appointment aligns with our recently signed offtake agreement with a U.S. defense contractor to supply tungsten oxide exclusively for American defense applications. We look forward to benefiting from his insights as we continue building long-term, sustainable value for our shareholders.' About Almonty Almonty Industries Inc. is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. It's Sangdong tungsten mine in Gangwon Province, South Korea, is currently under construction. The Sangdong mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, and has significant upside potential from an underlying molybdenum deposit. Additional development projects underway include the Valtreixal tin/tungsten project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty's activities may be found at and under Almonty's profile at Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law, and therefore, persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Disclaimer for Forward-Looking Information Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology. Forward-looking information or statements in this press release include matters relating to the quantity of tungsten oxide to be purchased under the Offtake Agreement and the price at which such purchases will be made, the applications in which the purchased tungsten oxide will be used, the processing of the tungsten oxide, the time at which deliveries are expected to commence, the term of the Offtake Agreement and the anticipated benefits of the Offtake Agreement for Almonty. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ("APT") from which the sale price of Almonty's tungsten concentrate is derived, the risk that the Offtake Agreement may be terminated in accordance with its terms before the end of its initial term, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development, production and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, and challenges related to global financial conditions. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of APT, the continuing ability to fund or obtain funding for outstanding commitments, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, Almonty does not undertake any obligation to publicly update any forward-looking statements.
The Market Online
29-05-2025
- Business
- The Market Online
War, crisis, scarcity: This inconspicuous metal is causing stock prices to rise!
While Ukrainian President Volodymyr Zelensky meets with German Chancellor Friedrich Merz in Berlin today, market attention is turning to a critical but widely underestimated commodity: tungsten. In an increasingly confrontational global environment, the importance of strategic metals is growing – not only for the defense industry, but also for the energy and tech sectors. And right in the middle of it all is Almonty Industries Inc. (TSX:AII), an up-and-coming producer with projects in Portugal and South Korea, preparing to make the Western world independent of Chinese tungsten supplies. Read more in the report. The global security situation is coming to a head. NATO countries are massively increasing their defense spending, while at the same time dependence on raw materials from geopolitically unstable regions such as China, Iran, North Korea, and Russia is considered a serious weakness. Around 90% of the global tungsten supply of around 100,000 tons is currently controlled directly or indirectly by Chinese companies. Given Chinese and Western sanctions, one thing is clear: defense production cannot rely on hostile supply chains forever. Almonty in the starting blocks The US currently requires around 10,000 tons of tungsten annually to meet its defense and high-tech needs. Almonty (TSX:AII) currently supplies around 900 tons from Portugal, but with the Sangdong mine in South Korea nearing completion, it is aiming for 4,000 tons per year in the medium term – with the option of doubling production in the short term. These figures underline Almonty's potential to become a critical supply lifeline for the West. Dependence on the East could be reversed – with Almonty as the key player. The Company is currently relocating its headquarters from Canada to the US – a strategic move that aligns with plans for a NASDAQ listing. With the move to one of the world's most liquid stock exchanges, the stock will likely gain significantly in visibility and trading volume. Geopolitics meets resource scarcity Added to this situation is the ongoing geopolitical uncertainty. US President Donald Trump is once again talking about modernizing the US military and the need to stand firm against Russia and other powers. Even peace efforts with Putin have so far had no lasting effect. This continues to drive Western nations to invest in security, thus fueling demand for tungsten. Dependence on tungsten is critical However, it is not just military technology that requires this metal. Tungsten is used in energy technology, aviation, medical technology, and even in smartphones such as the iPhone – for example, in vibration components. Demand is growing across many sectors. The problem: New tungsten projects often fail due to environmental regulations, permits, or lack of financing. This is where Almonty stands out: The projects have been approved, the infrastructure is in place, the demand is there, and the geopolitical momentum is on their side. Almonty Industries is on the verge of a breakthrough. CEO and major shareholder Lewis Black leads the Company with a clear focus on investor interests. After around ten years of development work in South Korea, the Sangdong mine is about to start production – in the midst of a geopolitical environment that is causing demand for Western-controlled tungsten sources to escalate. Analysts see enormous potential: Sphene Capital recently raised its price target from CAD 5.20 to CAD 5.40 – more than 100% price potential from the current level of CAD 2.60. However, anyone who understands the dynamics of this market knows that if the NASDAQ listing is successful and panic over supply security continues to rise, even this price target is only a stopgap. Tungsten is becoming the strategic currency of the future – and Almonty is set to be a game changer and takeover candidate. Almonty Industries Inc., 6-month chart in CAD on the TSX, as of May 28, 2025, source: REFINITIV Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user. The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use. This is third-party provided content issued on behalf of Almonty Industries Inc., please see full disclaimer here.
Business Wire
16-05-2025
- Business
- Business Wire
Almonty Industries Reports First Quarter 2025 Financial Results
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. ('Almonty' or the 'Company') (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI), a leading global producer of tungsten concentrate, today announced its first quarter 2025 financial results. Financial Summary: Unless otherwise indicated, all figures are expressed in Canadian dollars. Key First Quarter 2025 & Subsequent Operational Highlights: Secured binding offtake agreement with a U.S. defense contractor to supply tungsten oxide solely for U.S. defense applications. Obtained shareholder approval for a proposed domestication from Canada to the United States to empower Almonty's long-term competitiveness and support U.S. industry in light of global geopolitical tensions, with 99.6% of votes cast in favor. Advancing final preparations ahead of an expected near-term operations startup at the Company's Sangdong Tungsten Mine in South Korea, where processing equipment has been installed and the final drawdown of the US$75.1 million KfW IPEX-Bank project loan facility has been completed. Secured strategic partnership with American Defense International, a prominent government relations firm, supporting Almonty's position as a leading allied supplier of tungsten to the American defense and technology industries. Engaged international investor relations specialists MZ Group ('MZ') to lead a comprehensive, strategic investor relations and financial communications program across all key markets. First Quarter 2025 Financial Results Revenue recorded in the first quarter of 2025 increased by 1.3% to $7.9 million, as compared to $7.8 million in the same year-ago quarter. The slight increase was largely attributable to higher tungsten concentrate sales, driven by a combination of lower production volumes and improved pricing under long-term supply agreements. Income from mining operations in the first quarter of 2025 increased 24.1% to $0.75 million, as compared to $0.61 million in the same year-ago quarter. The increase was largely attributable to increased production at the Panasqueira mine as well as improved pricing. Operating expenses in the first quarter of 2025 totaled $9.5 million, as compared to $4.3 million in the same year-ago quarter. The change in operating expenses was chiefly due to an increase in non-cash share-based compensation expense, non-cash loss on valuation of embedded derivative liabilities, and an increase in costs associated with the Company's proposed redomiciling. Net loss in the first quarter of 2025 totaled $34.6 million, as compared to $3.8 million in the prior year. The change was primarily attributable to a non-cash loss of $25.8 million from the change in valuation of warrant liabilities, based on a Black-Scholes valuation method reflecting the increase in the Company's stock price from $0.91per share at December 31, 2024 to $2.25 at March 31, 2025. Adjusted EBITDA, a non-IFRS measure, increased 169.2% to $(3.5) million in the first quarter of 2025, as compared to $(1.3) million in the same year-ago quarter Cash and cash equivalents as of March 31, 2025 totaled $16.9 million, as compared to $7.8 million as of December 31, 2024. The change in cash was primarily a result of the receipt of proceeds of $8.7 million in conjunction with an equity placement, receipt of $3.3 million in conjunction with the exercise of warrants, partially offset by strategic investments in mining assets at the Company's Sangdong Project in South Korea. Subsequent to the close of the first quarter, the Company raised $3.6 million in proceeds from the exercise of additional warrants. Management Commentary Almonty President & CEO Lewis Black commented: 'The first quarter was marked by solid execution on multiple fronts. At Panasqueira, we again delivered positive income from mining operations, reaffirming the mine's consistency and the importance of the operating experience derived there as we approach startup at our flagship Sangdong project in South Korea. 'With processing equipment now installed and the final drawdown of the US$75.1 million KfW IPEX-Bank loan completed, Sangdong is effectively construction-complete. We're now entering the final pre-production phase at what is one of the largest, highest-grade tungsten projects outside of China. Given Sangdong's significantly higher ore grade compared to Panasqueira, the production economics are expected to be highly favorable. 'We also reinforced our financial position, ending the quarter with nearly $17 million in cash, thanks to equity inflows and warrant exercises. The reported net loss includes a large non-cash charge of $25.8 million related to the revaluation of warrant liabilities – ironically driven by a sharply higher stock price, which more than doubled during the quarter. While this accounting treatment impacts reported earnings, it is entirely non-cash and is simply the reflection of IFRS accounting rules. 'On the strategic front, we expanded our U.S. presence through a new partnership with American Defense International, supporting our role as a key allied supplier of tungsten. This was further reinforced by the signing of a binding offtake agreement with a U.S. defense contractor to supply tungsten oxide exclusively for use in American defense applications. We also launched a global investor communications program with MZ Group to ensure our value proposition is clearly understood by the capital markets. 'With production at Sangdong on the near-term horizon, we believe Almonty is well positioned to enter a new phase of growth, aligned with rising strategic demand for tungsten in defense and technology applications,' concluded Black. About Almonty Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The Company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. Its Sangdong tungsten mine in Gangwon Province, South Korea is currently under construction. The Sangdong mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, and has significant upside potential from an underlying molybdenum deposit. Additional development projects underway include the Valtreixal tin/tungsten project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty's activities may be found at and under Almonty's profile at Legal Notice The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. (1) Use of Non-GAAP Financial Measures This press release makes reference to certain non-GAAP financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty's results of operations from management's perspective. Almonty's definitions of non-GAAP measures used in this press release may not be the same as the definitions for such measures used by other companies in their reporting. Non-GAAP measures have (1)limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty's financial information reported under IFRS. Almonty uses non-GAAP financial measures, including 'EBITDA', to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Almonty defines 'EBITDA from mining operations' as gross revenue less mine production costs. Almonty believes that securities analysts, investors and other interested parties frequently use non-GAAP financial measures in the evaluation of issuers. Almonty's management also uses non-GAAP financial measures in order to facilitate operating performance comparisons from period to period. (in thousands of Canadian Dollars) Disclaimer for Forward-Looking Information When used in this press release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ('APT') from which the sale price of Almonty's tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Almonty as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Almonty may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Associated Press
17-03-2025
- Business
- Associated Press
Almonty Industries to Participate in Sidoti Small Cap Conference on March 19-20, 2025
Almonty Industries Inc. (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI) ('Almonty' or the 'Company'), a leading global producer of tungsten concentrate, today announced that management has been invited to attend the Sidoti Small Cap Conference taking place on March 19-20, 2025. Business Development and Financial Planning Officer, Sophie Frédérique Wind-Veeser is scheduled to host one-on-one meetings with institutional investors throughout the event. Lewis Black, President & CEO of the Company, will host a 30-min virtual presentation. Details of the presentation are as follows: Sidoti Small Cap Conference Date: Thursday, March 20, 2025 Date: Thursday, March 20, 2025 Location: Virtual Attendance Only Presentation Time: 12:15 p.m. Eastern Time Lewis Black, President & CEO of Almonty, commented: 'We are pleased to participate in the Sidoti Small Cap Conference as part of our broader investor engagement strategy. This comes at a pivotal time for Almonty as we continue to advance key initiatives, including our U.S. domestication and continued progress on the nearly complete Sangdong Project in South Korea. With the increasing global focus on securing reliable supply chains for tungsten and molybdenum, we believe Almonty is well positioned to capitalize on these shifts. We look forward to sharing our progress with institutional investors at the conference and highlighting the strategic steps we are taking to build sustainable, long-term value for our shareholders.' Registration is mandatory for conference participation. For more information or to schedule a meeting with management, please contact MZ Group at [email protected]. About Almonty Almonty Industries Inc. is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. Its Sangdong tungsten mine in Gangwon Province, South Korea is currently under construction. The Sangdong mine was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, and has significant upside potential from an underlying molybdenum deposit. Additional development projects underway include the Valtreixal tin/tungsten project in northwestern Spain and Los Santos Mine in western Spain. Further information about Almonty's activities may be found at and under Almonty's profile at Legal Notice The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Disclaimer for Forward-Looking Information When used in this press release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ('APT') from which the sale price of Almonty's tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Lewis Black Chairman, President & CEO +1 647 438-9766 [email protected] Relations Contact Lucas A. Zimmerman Managing Director MZ Group - MZ North America (949) 259-4987 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CANADA INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES SOURCE: Almonty Industries Inc. Copyright Business Wire 2025. PUB: 03/17/2025 08:31 AM/DISC: 03/17/2025 08:33 AM
Bloomberg
06-02-2025
- Business
- Bloomberg
Tungsten Miner Says Clients in Disbelief as China Chokes Supply
The phone has been ringing off the hook for Lewis Black after China imposed export controls on tungsten, a niche metal mined by his firm that's crucial to weapons manufacturing. The chief executive officer of North America's Almonty Industries Inc. said his customers are in a 'state of disbelief' following Beijing's move on Tuesday, one of a suite of measures announced as a riposte to tariffs placed on Chinese goods by the Trump administration.
