Latest news with #tungsten
National Post
3 days ago
- Business
- National Post
Almonty Industries Appoints U.S. National Security and Defense Logistics Leader Alan Estevez to the Board of Directors
Article content TORONTO — 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. Article content Article content 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. Article content 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. Article content 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. Article content '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.' Article content 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 Article content 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. Article content 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. Article content 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. Article content 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. Article content 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. Article content Article content Article content Article content Contacts Article content Company Contact Lewis Black Chairman, President & CEO +1 647 438-9766 info@ Article content Article content
News.com.au
4 days ago
- Business
- News.com.au
Aussie explorers race to capitalise on tungsten price rally
China's export limits on key minerals have stirred volatility in the market, with tungsten also feeling the impact Prices jumped to $400/mtu, an 18% rise since February These explorers are looking to capitalise on the positive market dynamics China's export restrictions over critical minerals have affected prices across the board and tungsten is no exception, with European prices surging to their highest level in over a decade last month. The cost of ammonium paratungstate (APT) – a crucial intermediate in tungsten production – climbed to $400/mtu, reflecting an 18% rise since February in the wake of the quota cuts. Four other metals, including indium, tellurium, molybdenum and ruthenium were also targeted. China's move, made in response to US tariffs, heightened fears around global supply chains, especially as China already leads production of all five restricted metals and controls around 80% of the tungsten market. Commercial and industrial uses of tungsten Due to its industrial significance and susceptibility to supply chain interruptions, tungsten – a heavy, hard, greyish-white metal – has been classified as a 'critical mineral' by the US, UK, and European Union. Its high melting point, hardness and density make it suitable for various applications including electronics, semiconductors, solar cells and batteries but its most critical application lies in its use for high-speed munitions and as protective casing in nuclear weapons. It also serves as a hardening agent in steel and is essential in producing high-temperature-resistant superalloys, which are vital for turbine blades in jet engines and power engines. Analysts are now predicting higher tungsten prices in the short term, driven by mounting supply concerns and the pressing need to establish alternative mining operations beyond China. The case for tungsten on the ASX and in Australia Australia holds 11% of the world's tungsten resources, according to the US Geological Survey, ranking second globally behind China. Tungsten has been found in every Australian state except Victoria and South Australia, but output remains small. Almonty Industries (ASX:AII) stands as the leading ASX-listed tungsten player, with steady production at its Panasqueira mine in Portugal and a flagship development underway at Sangdong in South Korea's Gangwon province. Q1 saw the company deliver 81,400 tonnes of tungsten – and now, with Sangdong entering the last pre-production phase, production is about to hit full throttle. But the largest tungsten producer in Australia is EQ Resources (ASX:EQR), which owns the Mt Carbine mine in Far North Queensland. With operations expanding aggressively, EQR more than doubled output in 2023 and is pushing toward a production rate of 450,000tpm by late 2025, unlocking the premium high-grade ore contained within the Iolanthe ore system through the final pre-strip. The hunt for tungsten Australia may not rival China in tungsten production, but a growing number of exploration companies are actively searching for new deposits. Tungsten Mining (ASX:TGN) continues to advance its position in the sector, eyeing near-term production opportunities at the Hatches Creek project in the Northern Territory. It also owns the Mt Mulgine asset in WA, which contains 259Mt of ore at 0.11% tungsten oxide. A recent maiden resource estimate for separate tungsten trioxide and copper domains at Hatches Creek was recently reported, further strengthening the project's inventory. A tungsten domain resource of 12Mt grading 0.17% tungsten trioxide and 0.12% copper was defined, along with a separate copper domain of 6.1Mt at 0.29% copper. The project area hosts extensive remnants of past mining – such as waste dumps, shafts, tailings, and a battery site at Pioneer – following historical production of ~2840t of 65% WO3, as well as bismuth and copper concentrates. The near-term developer is considering a phased approach to developing Hatches Creek, beginning with processing legacy stockpiled material before advancing to open-pit extraction across the project area. TGN chairman Gary Lyons said the maiden JORC resource represents a major step towards the company achieving its objective of rapid evaluation and development of Hatches Creek. 'The results were well beyond target in both scale and grade of tungsten and copper,' he said. 'Drilling has defined 20,900 tonnes of WO3 and 32,100t of copper at a time of strengthening critical metal prices.' GWR Group (ASX:GWR) owns a stake in TGN with a market value of $15.98m and maintains a strong view on the tungsten price noting the recently announced Chinese export restrictions on the metal. Elementos (ASX:ELT) meanwhile operates the Cleveland tin project, southwest of Birnie, Tasmania where recent drilling has confirmed a large zone of tungsten mineralisation as well as suite of supporting critical minerals below the tin and copper resources.
Yahoo
27-05-2025
- Business
- Yahoo
Guardian Metal Resources PLC Announces Pilot Mountain Geotechnical Update
LONDON, UNITED KINGDOM / / May 27, 2025 / Guardian Metal Resources plc (LON:GMET)(OTCQX:GMTLF), a strategic development and mineral exploration company focused on tungsten in Nevada, USA, is pleased to announce that the geotechnical drilling covering the Company's Pilot Mountain tungsten project ("Pilot Mountain" or the "Project") located in mining friendly Nevada, USA, is now complete (Fig. 1). The drilling campaign targeted the 'Desert Scheelite' zone and comprised a total of 1,156 metres across seven drillholes (Fig. 2). Drillhole GCH-06 was abandoned at a depth of 67.07 metres due to drill operator error and GCH-07 was redrilled at the same location as GCH-06 to a final depth of 173.55m. The collected geotechnical data has now been submitted to the Company's appointed geotechnical engineers and will form a key input into the ongoing Pre-Feasibility Study for the Project. Pilot Mountain Highlights: The geotechnical drillholes were designed by the Company's geotechnical engineers to provide geotechnical information in the vicinity of the planned open pit shell. Encouragingly, multiple geotechnical drillholes intersected porphyry and/or skarn-type alteration and mineralisation, suggesting that the Desert Scheelite mineralised system extends beyond the current known limits of the Desert Scheelite Zone, including the following downhole intervals: GCH-01: Multiple strongly skarn altered intervals from 151.4m to 153.9m, 158.5m to 158.8m, 166.5m to 170.8m, and 191.3m to 192.6m with local visible scheelite mineralisation; GCH-04: Multiple porphyry-mineralised intervals including potassic alteration with cross-cutting ± pyrite, molybdenite and/or chalcopyrite veins; GCH-05: Multiple strongly porphyry-mineralised intervals including potassic as well as sodic-calcite alteration with cross-cutting ± pyrite, molybdenite and/or chalcopyrite veins (Fig. 3, 4); and GCH-07: Skarn as well as porphyry-style alteration within the hole, porphyry has predominantly propylitic alteration with local phyllic alteration towards the bottom of the hole. The first drill hole at the Project's 'Garnet Zone', PGMR25-001, is now complete to a final depth of 100m, and the Company is pleased to report that it intersected multiple very strongly visually skarn-mineralised scheelite dominated intervals (Fig. 5). The 'Garnet Zone' had not been drilled since being acquired by Guardian Metal in 2021. Oliver Friesen, CEO of Guardian Metal, commented: "The Company continues to make excellent progress at Pilot Mountain, with drilling operations advancing at pace. Encouragingly, multiple geotechnical holes indicate that the mineralising system at Desert Scheelite extends beyond the currently drilled footprint. In addition, strong visual mineralisation observed at the Garnet Zone demonstrates the significant untapped potential across other known, at-surface skarn zones. "Recent executive orders from the Trump administration underscore a strategic push to reshore critical metal supply chains - particularly tungsten, given its importance to the defence sector and United States' national security. We remain focused on advancing both of our co-flagship projects as swiftly as possible, with analytical results from Pilot Mountain and Tempiute expected shortly." Media Figure 1:State of Nevada, United States, location map showing position of the Company's 100% owned Pilot Mountain Project and Tempiute. Figure 2:Drillhole plan map showing location of recently completed resource drilling at Desert Scheelite as well as the location of the geotechnical drillholes reported herein. Figure 3:Quartz vein within potassic altered quartz-monzonite with very strong disseminated molybdenite (~10%) mineralisation throughout (Drillhole GCH-05 @ 123.8m). Figure 4:Pyrite and chalcopyrite mineralised quartz vein (Drillhole GCH-05 @ 136.8m). Figure 5:Visually strong scheelite mineralisation within the first drillhole completed at the Garnet Zone from 63.79 to 65.38m downhole. COMPETENT PERSON STATEMENT The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Guardian Metal Resources plc to provide technical support. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company are responsible for the contents of this announcement. Forward Looking Statements This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. For further information contact the following: Guardian Metal Resources plc Oliver Friesen (CEO) Tel:+44 (0) 20 7583 8304 Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll Tel: +44 20 7213 0880 Shard Capital Partners LLP Lead Broker Damon Heath/Erik Woolgar Tel: +44 (0) 20 7186 9000 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Guardian Metal Resources PLC View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
25-05-2025
- Business
- ABC News
Tasmanian government issues $7.5m loan to struggling tungsten mine after previous loan converted to shares
The Tasmanian government has issued a $7.5 million loan to a struggling King Island tungsten mine, having just become a shareholder in the mine's owner to help prevent it from going under. Australian-owned Group 6 Metals — which owns the Dolphin mine, Australia's largest mined tungsten deposit — disclosed the new loan in its most recent quarterly update to the Australian Stock Exchange. It was not announced by the Tasmanian government. A government spokesperson said the loan was approved because the mine is "critical" for regional employment and economic activity. "The $7.5 million loan was an important element of the business transformation plan that aims to deliver operational improvements to mining and processing activities to achieve profitability and growth, as the demand for tungsten continues to grow," the spokesperson said. The loan comes from Tasmanian Development and Resources' borrowing facility and does not require additional budget funding, the spokesperson said. It's the latest in several financial commitments by the Tasmanian government to both get the mine reopened and keep it operational. In 2021, the government approved a $10 million loan to previous owner King Island Scheelite to restart operations at the mine, which shut in 1990 due to low tungsten prices. At the time, the government said it wanted to see it result in a "clever, job-creating mine". It reopened in May last year, but the mine — now owned by Group 6 Metals — encountered financial difficulties and was suspended from trading on the ASX in October, on the brink of entering administration. The company's board chair was replaced, and its managing director, two non-executive directors and chief financial officer all resigned. New Group 6 leadership embarked on an $80 million recapitalisation plan, with its creditors — including the Tasmanian government from its $10 million loan — asked to convert debts into equity. The government agreed, and now owns 12 per cent of the company's shares — the equivalent of about a $20 stake for each Tasmanian. The shares were issued at 0.04 cents, but the company's latest trading price was 0.025 cents — a more than 30 per cent reduction. The government then approved the new $7.5 million loan at 12 per cent interest over two years. Group 6 Metals recorded negative net cash flow of $12.1 million in the December quarter and negative $7 million in the March quarter, but new executive chairperson, Kevin Pallas, said the company was progressing with production improvements "without delay". China accounts for about half the world's tungsten mining, with very few other countries supplying the critical metal. Its main use is in hardening steel, critical for the mining, construction and weapons manufacturing sectors. China's rapid increase in tungsten mining in the 1990s is considered to be a factor in the collapse in the global price, which was a precursor to the first closure of the King Island mine. David Cooke, from the Centre for Ore Deposit and Earth Sciences at the University of Tasmania, said population growth and technological improvements were causing demand to increase. "It's in the national interest, and global interest, to have viable tungsten mines operating for viable supply chains, so that you can't have your supply shut off for geopolitical reasons. "I'm sure there's also the fact that the King Island economy would be benefiting from having a mine operating again." He said direct government investment in mines was not unheard of, citing Sweden as an example. The tungsten mine has faced a range of challenges, which the company's new leadership has put down to shortcomings during its recommissioning. In January, Mr Pallas said it had struggled to achieve improvements to its process plant performance, there were "continued delays" in decision-making on plant component changes, and "poor supplier relations". The mine continued to face breakdowns, which Mr Pallas said was due to "strategic errors in the original commissioning". It also had a poor safety record, with three lost time incidents for workers in the December quarter, and another two in the March quarter, along with high employee turnover. Mr Pallas told the ASX these matters are being addressed "systematically", and that it will take "time and investments" to improve the plant's performance. Group 6 Metals is aiming to start trading again on the ASX "in the near future", with the debt recapitalisation plan central to this. Greater clarity on the value of the Tasmanian government's shares will be known when trading recommences. Its debt-to-shares conversion resulted in a significant dilution of the shares for smaller shareholders. Sam Baker, from Shadforth Financial, said having a government be a significant shareholder in an ASX-listed company was "a bit unusual", but was also largely unavoidable due to the company likely going under without the changes. "The financial assistance has tended to not be in an ASX-listed company … but there is a fair bit more transparency around it, due to the company being bound by reporting requirements by the Stock Exchange," he said.
National Post
20-05-2025
- Business
- National Post
Almonty Joins DARPA Funded Critical Minerals Forum
Article content Article content TORONTO — 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, upon being invited to join, it has attained membership in the Critical Minerals Forum (CMF), a US Defense Advanced Research Projects Agency (DARPA)-funded not-for-profit trade association dedicated to building resilient and diversified critical minerals supply chains. Article content Almonty was invited to join the CMF as the main Western tungsten producer and accepted membership into this U.S. DoD-sponsored policy think tank. Article content The Critical Minerals Forum facilitates the collaboration needed for increased and reliable production of critical minerals by convening leading critical mineral miners, processors, and end-users across the minerals supply chain as well as investors and government institutions. In partnership with DARPA's Open Price Exploration for National Security (OPEN) initiative, CMF provides input to create and refine AI-driven analytic models that forecast cost, price, supply and demand for critical minerals. These predictions are geography-specific and customizable to real-life variables, such as geopolitical scenarios, generating transparent and probabilistic outputs. CMF enables market participants to act on these forecasts, make investment decisions, contract for offtake, and provides a clearinghouse for critical minerals supply chain projects. Article content Lewis Black, Chief Executive Officer of Almonty Industries, commented: 'We are privileged to be a part of CMF and to leverage its AI-driven forecasts providing transparent and credible pricing, supply, and demand data for critical minerals. The geography-specific forecasts and data from CMF will empower us to make informed decisions for our tungsten production, pricing and offtake agreements. Article content 'CMF also facilitates collaboration needed for increased and reliable production of critical minerals by convening leading companies in the supply chain, investors, and government institutions. As a member, we hope to provide a strong voice in these discussions as the key upstream supplier of tungsten oxide to the defense supply chain of the U.S. and its allies, and one of the only transparent, non-restricted, conflict-free western sources for tungsten to the United States from a friendly country. Tungsten has long been recognized as a critical mineral by the U.S. government, with key applications across aerospace, defense systems, high-performance electronics, and clean energy technologies. We look forward to meeting with the members of CMF, DARPA, the U.S. Geological Survey, and allied governments to help build resilient and diversified supply chains for critical minerals,' concluded Black. Article content 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 Article content 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. Article content 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. Article content 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. Article content 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. Article content 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. Article content 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. Article content Article content Article content Article content Article content Contacts Article content Company Contact Lewis Black Chairman, President & CEO +1 647 438-9766 info@ Article content Article content Article content
