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Business Wire
20 hours ago
- Business
- Business Wire
Almonty Announces Filing of Updated NI 43-101 Technical Report for the Sangdong Mine and the Re-classification of its Material Mineral Properties
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, is pleased to announce that it has filed an updated technical report (the ' Technical Report ') for its Sangdong Tungsten Mine (the ' Sangdong Mine ') prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (' NI 43-101 '). The Technical Report is entitled 'NI 43-101 Technical Report on the Mineral Resources and Reserves of the Sangdong Project, South Korea', dated June 23, 2025 and effective February 28, 2025, and has been authored by Adam Wheeler, C. Eng. (the ' Qualified Person '), an independent expert and a 'qualified person' within the meaning of NI 43‑101. The Technical Report is not required to be prepared pursuant to NI 43-101 and was voluntarily prepared to update the technical report entitled 'Report NI 43-101 Technical Report on the Mineral Resources and Reserves of the Sangdong Project, South Korea', dated July 31, 2016 and authored by the Qualified Person, and reflects recent developments at the Sangdong Mine, including with regards to mine development, to enhance the public disclosure about the Sangdong Mine. The Technical Report has been filed on SEDAR+ and can be accessed under the Company's profile at and on the Company's website at As detailed in the Technical Report, the current mine and processing plant construction of Phase I of the Sangdong Mine is expected to begin production in the second half of 2025. Once fully operational, the targeted ore throughput capacity is expected to reach around 640,000 tons per year. The Company expects to increase its throughput capacity up to 1.2 million tons through the Phase II planned expansion. This expansion is fully permitted under existing Phase I approvals, and during the development of Phase I, some components have been built which may support a higher throughput or expansion. It is expected that, subject to positive operating results from Phase I and prevailing market conditions, Phase II could be advanced as early as 2026. This would involve initiating detailed engineering and permitting activities, followed by potential construction and commissioning. If Phase II is advanced in 2026, it is expected that first ore production under Phase II could commence in 2027. The Phase II expansion is expected to unlock economies of scale and support margin enhancement. Advancement to Phase II is contingent upon a formal decision following the evaluation of Phase I performance. The Company has also conducted a reassessment of its mining portfolio and has concluded that, on the basis of its current strategy, including management's focus and the deployment of resources on the Sangdong Mine and the expected economic importance to the Company of the expected production at the Phase I relative to its other properties, as well as the expected timing and significant potential production increase of Phase II, the Sangdong Mine is the only mineral project on a property that is material to the Company for the purposes of NI 43-101. The Company remains engaged in the operation and development of other mineral properties, including the Panasqueira Mine (Portugal) and the Sangdong Molybdenum Project (South Korea). For more details about the Sangdong Mine, shareholders should carefully review the Technical Report. Notes Regarding Scientific and Technical Information The scientific and technical information contained in this news release relating to the Sangdong Mine has been reviewed and approved by Adam Wheeler, C. Eng., an independent expert and 'qualified person' within the meaning of NI 43‑101. ASX Listing Rules and ASX Listing Rule 5.12.9 Cautionary Statement The Company advises that, for the purposes of the ASX Listing Rules, all mineral resources and ore reserves contained in the Technical Report are 'foreign estimates' and are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (2012) (the ' JORC Code '). Although the Company notes that Mr Wheeler (who is also a Competent Person within the meaning of the JORC Code) previously prepared a JORC-compliant Technical Assessment Report for the Sangdong Project dated 31 December 2020 and this was included in the Company's prospectus dated 8 June 2021 (the ' JORC Compliant Technical Report '), the JORC Compliant Technical Report does not include the current assumptions, parameters and methods included in the Technical Report. As such: a competent person has not done sufficient work to classify the updated foreign estimates contained in the Technical Report as mineral resources or reserves in accordance with the JORC Code; and it is uncertain that following evaluation and/or further exploration work that the updated foreign estimates contained in the Technical Report will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. Information required pursuant to ASX Listing Rules 5.12, 5.16 and 5.17 is included in Annexure A of this announcement. About Almonty Almonty 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 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, Almonty also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong Mine. Additional development projects include the Valtreixal 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 and 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 Toronto Stock Exchange (' 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. Cautionary Note Regarding Forward-Looking Information This news release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. All statements, other than statements of present or historical facts are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'emerging', 'evolving', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'believes', 'next steps' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements include, but are not limited to, statements concerning the Sangdong Mine, including the expected beginning of production at the Sangdong Mine, the throughput capacity during Phase I and Phase II, and the potential commissioning and development of Phase II, as well as its potential benefits for Almonty. Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the absence of material adverse changes in its industry or the global economy including interest rate fluctuations, inflationary pressures, supply chain disruptions, and commodity market volatility, trends in its industry and markets, including the competitive environment, the ability of the Company to maintain its interests in its mineral projects, including with respect to title, access, and permitting matters, the Company's ability to manage risks normally incidental to the exploration, development and operation of mineral properties, the Company's ability to maintain good business relationships with key stakeholders, including customers, suppliers, lenders, regulators, and local communities, the Company's ability to manage potential uncertainties in the interpretation of geological data, drill results and market data, including data related to pricing trends, demand forecasts, and competitive positioning, the Company's ability to manage the possibility that future exploration, development or mining results may not be consistent with its expectations, the accuracy of the Company's mineral resource and reserve estimates and their underlying assumptions, including with respect to cut-off grades, recovery rates, and long-term commodity prices, the adequacy and availability of infrastructure (including power, water, roads, and processing capacity) at or near the mineral properties, the timely receipt and maintenance of necessary governmental and third-party approvals, permits, licenses, authorizations and regulatory compliance obligations, the Company's ability to comply with current and future environmental, health and safety, and other regulatory requirements and to timely obtain and maintain required regulatory approvals, licenses and permits, the Company's expectation that its operations will not be significantly disrupted as a result of political instability, pandemics and communicable diseases, nationalization, terrorism, sabotage, social or political activism, breakdown, natural disasters, governmental or political actions, litigation or arbitration proceedings, equipment or infrastructure failure, labour shortages, transportation disruptions or accidents, or other development or exploration risks, the Company's ability to execute construction and development activities on schedule and within budget, the Company's ability to recruit, retain and engage qualified personnel and contractors in all required jurisdictions, the Company's ability to raise sufficient debt or equity financing to support its continued growth, the Company's ability to continue to have sufficient working capital to fund its operations, the performance of counterparties under offtake agreements, supply arrangements, financing agreements, and other material contracts, that input costs, including energy, labor, equipment, and materials, will not increase materially beyond current expectations, that the price of tungsten and other metals and commodities will not decline significantly or for a protracted period of time, that the global financial markets and general economic conditions (including trade and monetary policies, currency exchange rates and rates of inflation) will be stable and conducive to business in the future, the Company's ability to maintain the security and integrity of its information technology systems and mitigate the impact of any potential cybersecurity threats and the Company's ability to meet increasing expectations regarding environmental, social and governance (ESG) matters from regulators, investors, and other stakeholders. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's most recent Annual Information Form and the Company's Amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. 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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS. Annexure A – Information required by ASX Listing Rules 5.12, 5.16 and 5.17 ASX Listing Rule 5.10 - An entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project to the public is not required to comply with ASX Listing Rule (LR) 5.6 provided the entity complies with rules 5.12, 5.13 and 5.14. For the foreign estimates included in the Technical Report, the Company is not required to comply with LR 5.6 as all relevant and requested disclosures are stated in the Technical Report and/or tabulated below. The Company has complied with LRs 5.12, 5.13 and 5.14 requirements for the statement of non-JORC foreign resource estimates, as tabled below. 5.11 - An entity must not include historical estimates or foreign estimates (other than qualifying foreign estimates) of mineralisation in an economic analysis (including a scoping study, preliminary feasibility study, or a feasibility study) of the entity's mineral resources and ore reserves holdings. The Company considers all foreign estimates included in the Technical Report are 'qualifying foreign estimates' as defined in Chapter 19 of the LRs, on the basis that such foreign estimates were prepared in accordance with National Instrument 43-101 (NI 43-101) and the CIM Standards. Requirements applicable to reports of foreign estimates of mineralisation for material mining projects 5.12.1 - The source and date of the historical estimates or foreign estimates. The estimates of Mineral Resources and Reserves for the Sangdong Project contained in the Technical Report are considered foreign estimates under the LRs. The foreign estimates were originally reported on 31 July 2016 in accordance with NI 43-101 (NI 43-101) by Adam Wheeler, C. Eng., a 'qualified person' within the meaning of NI 43‑101, in the Technical Report from the Company's original technical report dated 31 July 2016 prepared in accordance with NI 43-101. The Company notes that a Technical Assessment Report for the Sangdong Project dated 31 December 2020 was prepared by Mr Wheeler (a competent person within the meaning of the JORC Code) in accordance with the JORC Code and was included in the Company's prospectus dated 8 June 2021 (JORC Compliant Technical Report). For completeness, the Company advises that the JORC Compliant Technical Report does not include the current assumptions, parameters and methods included in the Technical Report. Accordingly, whilst the resources included in the JORC Compliant Technical Report remain current, the ore reserves and economic analysis contained in the JORC Compliant Technical Report are no longer up to date due to an updated mine plan and updated economic and operating parameters. 5.12.2 - Whether the historical estimates or foreign estimates use categories of mineralisation other than those defined in Appendix 5A (JORC Code) and if so, an explanation of the differences. The Company considers that the categories of Mineral Resource and Reserve classification used under NI 43-101 are 'qualifying foreign estimates' in accordance with Chapter 19 of the LRs and have substantially the same categories of Mineral Resource and Ore Reserve classification as the JORC Code (2012) (Appendix 5A, ASX LRs), which are Measured, Indicated and Inferred categories (Mineral Resources) and Proved (Proven) or Probable (in the case of Ore Reserves). 5.12.3 - The relevance and materiality of the historical estimates or foreign estimates to the entity. The Company considers the foreign estimates in the Technical Report to be both material and relevant to the Sangdong Project. 5.12.4 - The reliability of the historical estimates or foreign estimates, including by reference to any of the criteria in Table 1 of Appendix 5A (JORC Code) which are relevant to understanding the reliability of the historical estimates or foreign estimates. The procedures used in the preparation of the qualifying foreign estimates are considered to be reliable at the time of reporting. The NI 43-101 Standards have very similar reporting criteria to those required in Sections 1, 2 and 3 of the JORC Code. Key criteria, as defined in Table 1 of the JORC Code has been reviewed by the qualified person. The qualifying foreign estimate has been prepared and reviewed by a person defined as a qualified person as defined in the NI 43-101 standard. The qualified person confirms that the estimates have been prepared in accordance with NI 43-101. 5.12.5 - To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical estimates or foreign estimates. Refer notably to Chapters 11 and 12 of the Technical Report for a summary of the work programs on which the foreign estimates contained in the Technical Report are based. Refer notably to Chapters 14 and 15 for a summary of the key assumptions, mining and processing parameters and methods used to prepare the foreign estimates contained in the Technical Report. 5.12.6 - Any more recent estimates or data relevant to the reported mineralisation available to the entity. There is no more recent mineral resource estimate that complies with the JORC Code, NI 43-101 or any other international reporting standard. 5.12.7 - The evaluation and/or exploration work that needs to be completed to verify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code). The updated mine plan, Mineral Reserve estimation and corresponding economic results would need to be described in an updated JORC Compliant Technical Report. 5.12.8 - The proposed timing of any evaluation and/or exploration work that the entity intends to undertake and a comment on how the entity intends to fund that work. The timing of any evaluation and/or exploration work that the Company intends to undertake to verify the foreign estimates in accordance with the JORC Code would take approximately 2 weeks. The work would be funded via the Company's existing working capital. 5.12.9 - A cautionary statement proximate to, and with equal prominence as, the reported historical estimates or foreign estimates stating that: the estimates are historical estimates or foreign estimates and are not reported in accordance with the JORC Code. The following cautionary statement has been inserted into this market announcement: ' The Company advises that, for the purposes of the ASX Listing Rules, all mineral resources and ore reserves contained in the Technical Report are 'foreign estimates' and are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (2012) (JORC Code). ' Although the Company notes that Mr Wheeler (who is also a Competent Person within the meaning of the JORC Code) previously prepared a JORC-compliant Technical Assessment Report for the Sangdong Project dated 31 December 2020 and this was included in the Company's prospectus dated 8 June 2021 (JORC Compliant Technical Report), the JORC Compliant Technical Report does not include the current assumptions, parameters and methods included in the Technical Report. As such: the competent person has not yet done sufficient work to classify the updated foreign estimates contained in the Technical Report as mineral resources or reserves in accordance with the JORC Code; and it is uncertain that following evaluation and/or further exploration work that the updated foreign estimates contained in the Technical Report will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code. 5.12.10 - A statement by a named competent person or persons that the information in the market announcement provided under rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The statement must include the information referred to in rule 5.22(b) and (c). The information in this announcement and the Technical Report that relates to non-JORC foreign estimates is based on information compiled by Mr Adam Wheeler, Independent Mining Consultant. Mr Wheeler is an independent mining consultant and is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM). Mr Wheeler has the relevant qualifications, experience and independence to be considered a Competent Person as defined in the JORC Code. The information in this announcement provided under LRs 5.12.2 to 5.12.7 is an accurate representation of the available data for the Sangdong Project. Mr Wheeler consents to the inclusion in this announcement of these matters based on this information in the form and context in which it appears. 5.15 - An entity must not issue a public report containing or referring to a production target that is based… solely or partly on historical estimates or foreign estimates (other than qualifying foreign estimates) of mineralisation. The Company considers all 'production targets' (i.e. projections or forecasts of the amount of minerals to be extracted from the Sangdong Project for a period that extends past the current year and the forthcoming year) contained in the Technical Report and this announcement are based on qualifying foreign estimates and therefore any such production targets are compliant with LR 5.15. 5.16.1 - All material assumptions on which the production target is based. If the economic assumptions are commercially sensitive to the mining entity, an explanation of the methodology used to determine the assumptions rather than the actual figure can be reported. Refer to Chapter 22 of the Technical Report for more information about the life-of-mine production scheduling and economic analysis. 5.16.2 - A statement that the estimated ore reserves and/or mineral resources underpinning the production target has been prepared by a competent person or persons in accordance with the requirements of in Appendix 5A (JORC Code). Ore reserves and mineral resources underpinning the production targets contained in the Technical Report and this announcement have not been prepared in accordance with the requirements of the JORC Code, however have been prepared by a 'qualified person' within the meaning of NI 43‑101 and are considered 'qualifying foreign estimates' for the purposes of the LRs. 5.16.3 - The relevant proportions of: • Probable ore reserves and proved ore reserves; • Inferred mineral resources, indicated mineral resources and measured mineral resources; • An exploration target; and • Qualifying foreign estimates, underpinning the production target. The production targets are based solely on qualifying foreign estimates (prepared in accordance with NI 43-101 and the CIM Standards). 5.16.7 - If a proportion of the production target is based on qualifying foreign estimates that have not been verified and reported as mineral resources or ore reservices in accordance with Appendix 5A (JORC Code) after 3 years from the date the qualifying foreign estimates were initially reported, the statement and explanation referred to in LR 5.14.2. The Company acknowledges its obligations under this LR and LR 5.14.2 should the qualifying foreign estimates contained in the Technical Report not be verified and reported as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code) after 3 years from the date of the Technical Report. 5.17.1 - All material assumptions on which the forecast financial information is based. If the economic assumptions are commercially sensitive to the mining entity, an explanation of the methodology used to determine the assumptions rather than the actual figure can be reported. Refer to Chapter 22 for more information about the main assumptions used in generating forecast financial information contained in the Technical Report. 5.17.2 - The production target from which the forecast financial information is derived (including all the information contained in rule 5.16). Refer to Chapter 16 of the Technical Report for more information on the production targets from which the forecast financial information contained in the Technical Report is derived. 5.17.3 - If a significant proportion of the production target is based on an exploration target, the implications for the forecast financial information of not including the exploration target in the production target. N/A Expand
The Market Online
30-04-2025
- Business
- The Market Online
Almonty: Building The Most Significant Non-Chinese Tungsten Source On The Map
Today we're digging into a metal that doesn't get the headlines but drives the backbone of modern warfare manufacturing and tech infrastructure. Tungsten is dense, unbreakable and brutally essential. And without it, missiles don't fly straight, drills don't cut, and that phone you hold so diligently onto won't function. Now the problem, China controls the bulk of global supply, and in fact, it currently controls 90%, and the West is only now waking up to the risk and the consequences. At the forefront of that is one company, Almonty Industries. It is one of the few players actually doing something about it. They're pushing their Sangdong Project in South Korea towards production in the next two months, building what could be the most significant non-Chinese tungsten source on the map. And with a fresh strategic alliance in the US defense sector, and a just locked in move to domesticate into the US, Almonty isn't positioning, it's advancing. We recently caught up with Christopher Ecclestone, Strategist at Hallgarten + Company, to break down the stakes, the supply chain war, and what investors keep missing. A voice who's never shy about calling it like it is. LYNDSAY: Let's start with critical metals. What's the real cost of falling behind in securing supply and who really stands to lose the most? CHRISTOPHER: You know, the West has become enormously reliant in recent decades upon the attitude of just in time as an industrial strategy and also that you didn't have to do anything to ensure your supply chains. The attitude was that if China can produce it cheaper than anyone else, a mineral that is, we'll buy from them, and it will always be available. And that has been a total fallacy and not only from the point of view that the Chinese have then got you by the throat, so to speak, and can potentially cut off supply. But in fact, China has been over exploiting some of these metals for decades now, as we've seen rare earths and antimony things. So, they've actually been destroying their own capabilities in the space. And the West has not wanted to make the investments required to refresh supplies. And so, particularly in tungsten, we saw after the last price peak, which wasn't actually all that high early last decade that a lot of tungsten production shut down because the prices were very poor. And they stayed at a very low level really until 2021, 2022 when they picked up a little bit, but they didn't pick up a lot. And it certainly wasn't an environment in which people could make a lot of money or even any money in the West. And so hardly anyone was doing anything in the tungsten space. There were very few explorers and many of the explorers that there had been when the last price peak was around gave up and went away because what was the use of finding a metal that in fact you couldn't really bring to production because the price you'd get for production was so poor. LYNDSAY: Right, absolutely. Let's shift over to geopolitical risk for a second here then. How are investors still treating tungsten like a side bet with the given and clearly national security asset that it's become? CHRISTOPHER: For a long time, the metal was sold as being a metal that was used in machine tools. It was used in drill bits, it was used in other sorts of domestic tools, saws, drills, knives, cutters, that type of thing. But in fact, tungsten has been a military metal since before the Second World War. And in fact, it was extremely critical in the Second World War. It was one of the reasons why countries like Spain and Portugal could remain neutral in the Second World War because they were the main suppliers and they had a business of selling both to the Axis powers, Germany and Italy, and also selling to the Western powers. So they were making money on both sides during the Second World War. But the crucial factor with tungsten is its hardness. So, the hardness works two ways in the military sense. One is you have shells and bullets and ballistics that are tungsten coated, and so they are then armor piercing. So, you can fire a shell that is made out of tungsten at a tank, and it will go right through the tank and achieve its goal. But then if it's also used for armor, if you use it on armored personnel, carriers or tanks, then they become resistant to ammunition from your enemy. So you need it both to protect yourself in a defensive mode and in an offensive mode. And you know, big Western militaries used to have reserves, strategic reserves of this, and they got very slack. You know, particularly after 1989, there was much talk about the peace dividend. There was no more cold war. It was the end of history. It was the end of war. There'd be no more big wars. And that was a big mistake because then they let their reserves run down. They let the sources that fed those reserves run down or close. You know, no mine is forever. And many tungsten mines just sort of like faded away and then were not replaced. And so, the military has left themselves in a very vulnerable position that if they didn't have a big stockpile, then if there is a war, they won't be prepared and they won't have access to material. LYNDSAY: With that then, is there a reserve right now only in China, or is there a reserve that Almonty now with their nearing production mine, is that one of the production goals? To create enough now to have that reserve away from the China supply chain? CHRISTOPHER: Yes, absolutely. You can have two types of reserves. One is a reserve that you buy the metal in the market, and you put it in a big warehouse somewhere. You know, the US Strategic Reserve of oil is very famous. The US used to have reserves of all sorts of strategic metals just in case there was a war. And really after 1989, as I mentioned, after the Vietnam War they thought, oh, we don't need these anymore. So they either didn't add to them or they ran them down and they thought, oh, we can use this money for other stuff. And so they did. And so that left those vulnerable. And the other type of reserve you can have is a reserve that's in the ground, but when it's in the ground, it has to be in a friendly nation because it's useless to say we know that we have access to a reserve of tungsten in the DRC, for instance. And then think that if there's a war in 10 years or 20 years from now, you will still have access to that because these countries change their allegiances and you just don't have access. So, you really need to have a reserve of ore if it's going to be in the ground, that is in the ground of a friendly nation. And the US has lots of friends, but you know, sometimes who's a friend changes, but in the case of Korea in particular, Korea is a long-term ally of the US. And so that is the big advantage for Almonty here because they will be producing from a mine that was formally a mine, it was a mine for many decades and then shut down because of poor pricing and other factors. And it's that mine now that Almonty's going again. So, this demand for the product of Almonty out of Korea from not only Korean industry, this Korean industry of course is massive. It's a big industrial power. Japan, which is right nearby and of course in the US and the rest of the West. So, Almonty's customers potentially for Sangdong offtake sort of go well around the block in a line of Western and non-Chinese really industrial nations that need and want a source of tungsten that is not subject to Chinese whims. LYNDSAY: Oh, that's the thing. Absolutely. They've definitely aligned themselves where they need to be, for sure. CHRISTOPHER: Yes. LYNDSAY: Let's talk a little bit further about that Sangdong mine. They are nearing production. How much disruption should the incumbents brace for once this project goes live? CHRISTOPHER: Well, it's very interesting you mention that because if we went back three years ago, we would've said, oh, China's happily supplying tungsten to the West, and all is beautiful in the world. Now tungsten of course, is what is called dual use by the Chinese. Basically, meaning that it has industrial usages, machine tools, but it also has military usages. And the Chinese have decided to put a clamp down on the supply of dual use material particularly to the US because that was in a sort of response to some dual use bans that the US imposed on things like semiconductors and other industrial and technological products. So, it's a bit of a tit for tat action going on there, but what it's done is it's really focused mines in the West upon who is your friend, who is not your friend, who can produce something that if the bullets start to fly, you can actually call them up and say we need some tungsten, can you supply it? Certainly, if the bullets started flying between China and Taiwan, you wouldn't be calling Beijing and saying, can you give us some tungsten to defend Taiwan? So obviously everyone's starting to work out now which side they're on, and Almonty's on the right side. LYNDSAY: It's all about shifting dynamics. So, let's lean into that one a little bit more. The American situation signals, as you mentioned, Almonty is no longer chasing contracts. It's inserting itself into national security conversations. So how does this actually shift the company's influence in a market where government ties are becoming just as valuable as production? CHRISTOPHER: Oh, yes, that's the critical factor here. You know, Almonty was a bit of a strange beast for a long time. It was a company listed on the Canadian stock exchanges with a Canadian registration of the corporation. But its mines were in Spain and then it added a mine in Portugal. Now it's adding the mine in Korea. But that didn't necessarily put it in close contact with the Pentagon and the US Department of Defense and its needs. So, what they've done in recent times at Almonty, unfortunately for Canada, but Canada doesn't provide Almonty with much of a market. Almonty was selling their products internationally to German and Swedish companies, and now they've redomiciled themselves from Canada to the US, which makes them a US corporation. And turns what was the largest Canadian tungsten producer that was not producing in Canada into the largest US tungsten producer, which is nevertheless not producing in the US either. But once you're on shore in the US and we've seen this major sort of shift in recent times away from offshoring back to onshoring. Having both your corporate office there and a close relationship with Washington, which is developing because Almonty have tied up with firm in Washington that will give them a direct sort of entree to the powers that make the purchasing decisions in Washington. Almonty is now seen not only as being in an allied nation Canada which a member of NATO, but it's actually becoming a US corporation, which puts it squarely in the tick, tick, tick checklist of the DOD, the Department of Defense, the Defense Logistics Agency, which buys for the DOD and the Pentagon, which basically is the brains of the US military industrial complex. LYNDSAY: Those are great partnerships to have and great insights that you're giving us here. Now that the US domestication has been cleared, what does this mean for its access to federal backing and defense driven capital? You touched on it a little bit, but let's explore that a little bit more if we could. CHRISTOPHER: Well, it's a great backstop for Almonty because prices have improved in the tungsten sector, so that's a big positive for them. But if you want to expand and get even bigger then you need access to funds. And over the years, with the price of tungsten not being great and profitability being low in the sector Almonty had a long and hard road despite its own conviction about the future of tungsten to finance its projects. Fortunately though, Sangdong is fully financed and it's really off to the races, but it's always better to have a guaranteed buyer, and particularly one of the best guaranteed buyers who always will pay the invoice when you send it to them is the US military. And so that's a great position to be in. But beyond Sangdong, Almonty has its former mine in Spain, which it would like to reopen in a different format to the way that it was operating before. And it also has another project in Spain, a big, identified tungsten resource, which it could also reopen to service not only demand from the European militaries, but from the US military. And to put it in perspective many of the predictions of tungsten industry growth in recent years have been 1% per year, 2% per year. And last year, defense spending around the world grew by 9.4%. So that is a quantum leap from what was viewed as being sort of a low growth industry. Defense is now like one of the highest growth industries out there, and it's one that's being prioritized as well, and one that has governments behind it. And as we know, governments, if they need to, as we saw in the pandemic, can find money and are dedicated to a course that they regard as crucial. And definitely defense is a national number one issue in most countries around the world now. And it wasn't a few years ago. LYNDSAY: So that's where the line gets drawn right there. Critical metals like tungsten aren't just resources anymore. They're leverage, they're essential. They are here to stay. So the players who control supply chains will control the outcome and the clock ticking on who gets there first. Yes, so Almonty's not just moving, they're moving with intent and the market needs them. CHRISTOPHER: Yes, and they've moved ahead of the pack because many of the other tungsten wannabes, because the price was so bad for so long are not advanced at all. And when they're on the verge opening another big mine, because it's already got a mine in Portugal. One that's functioning at the moment. But most of the other tungsten wannabes have nothing more than some 43-101's saying that they might have something. Almonty's the real deal. If you would like to learn more about Hallgarten + Company, their website is and for more information on Almonty, their website is as well you can find them on the TSX under the ticker symbol AII. Join the discussion: Find out what everybody's saying about this stock on the Almonty Industries investor discussion forum, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
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
