Almonty Industries Inc. (“Almonty” or the
“Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt:
ALI) today announced the filing of its audited annual consolidated
financial statements, management’s discussion & analysis
(“MD&A”) and AIF for the year ended December 31, 2022. Unless
otherwise indicated, all currency amounts contained in this news
release are expressed in Canadian dollars.
The following financial information is for the years ended
December 31, 2022 and 2021:
Year ended Year ended 31-Dec-22
31-Dec-21 $'000 $'000 Gross Revenue
24,796
20,847
Mine production costs
19,987
19,565
Care and maintenance
964
848
Depreciation and amortization
1298
1783
Impairment reversal
-
(4,136
)
Loss from mining operations
2,547
2,787
General and administrative costs
6,145
6,380
Non-cash compensation costs
3,811
1,513
Loss before the under noted items
(7,409
)
(5,106
)
Interest expense
3,863
3,487
Financing fees
742
-
(Gain) loss on valuation of embedded derivative liabilities
(521
)
(133
)
Loss on valuation of warrant liabilities
(293
)
-
Foreign exchange (gain) loss
2,934
(215
)
Tax provision
356
(492
)
Net loss for the period
(14,490
)
(7,753
)
Income (loss) per share - basic
$
(0.07
)
$
(0.04
)
Income (loss) per share - diluted
$
(0.07
)
$
(0.04
)
Dividends
-
-
Cash flows provided by (used in) operating activities
(5,573
)
(8,440
)
Cash flows provided by (used in) investing activities
(22,755
)
(10,001
)
Cash flows provided by (used in) financing activities
35,224
17,187
The following financial information is as at December 31, 2022
and 2021:
31-Dec-22 31-Dec-21 $'000 $'000 Cash
8,442
1,048
Total assets
192,845
165,855
Long-term debt
89,480
67,706
Shareholders’ equity
39,750
37,492
Other Outstanding shares (‘000)
215,980
207,705
Weighted average outstanding shares (‘000) Basic
213,144
198,186
Fully diluted
213,144
198,186
Closing share price
$
0.68
$
0.89
Almonty’s Chairman, President and CEO Lewis Black commented:
“While operations at our Panasqueira mine in Portugal continues
to show income and positive EBITDA from mining operations with a 9
fold increase in EBITDA compared to 2021 and a disciplined
management of costs during some extraordinary inflationary events,
the Company recorded a non-cash unrealized foreign exchange loss of
$2.9 million during the year as a result of an 8.5% swing in the
relative USD vs. CAD foreign exchange rates as well as a non-cash
charge for share-based payments of $3.8 million on the granting of
stock options during the year that were directly linked to the
successful closing of the KfW debt financing. A further update on
the progress at site will follow shortly.”
About Almonty
The principal business of Toronto, Canada-based Almonty
Industries Inc. is the mining, processing and shipping of tungsten
concentrate from its Los Santos Mine in western Spain and its
Panasqueira mine in Portugal as well as the development of its
Sangdong tungsten mine in Gangwon Province, South Korea and the
development of the Valtreixal tin/tungsten project in north western
Spain. The Los Santos Mine was acquired by Almonty in September
2011 and is located approximately 50 kilometres from Salamanca in
western Spain and produces tungsten concentrate. The Panasqueira
mine, which has been in production since 1896, is located
approximately 260 kilometres northeast of Lisbon, Portugal, was
acquired in January 2016 and produces tungsten concentrate. The
Sangdong mine, which 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, was acquired in September 2015
through the acquisition of a 100% interest in Woulfe Mining Corp.
Almonty owns 100% of the Valtreixal tin-tungsten project in
north-western Spain. Further information about Almonty’s activities
may be found at www.almonty.com and under Almonty’s profile at
www.sedar.com.
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.
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.
(1) 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230403005416/en/
Lewis Black Chairman, President and CEO Telephone: +1 647
438-9766 Email: info@almonty.com
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