Highlights:
- 7th and Penultimate 8th drawdowns from KfW IPEX-Bank (“KfW”)
totaling US$10.6 million to be received this week.
- National Defense Authorization Act for Fiscal Year 2025 by
the United States Senate highlights concern around tungsten supply
chain, given the dominance of China and Russia, and directs
progress towards cultivating domestic or allied sources of tungsten
within the supply chain.
Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII /
ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), through its
wholly-owned South Korean subsidiary, Almonty Korea Tungsten
Corporation (“AKTC”), is pleased to announce that it has
received a fully executed Utilization Request for US$10.6 million
in conjunction with the seventh and eighth drawdowns on the US$75.1
million KfW project loan facility related to the construction of
the Company’s Sangdong Tungsten Mine in South Korea. This US$10.6
million drawdown is scheduled for release on July 19, 2024.
Lewis Black, President and CEO of Almonty said:
“This week, Almonty will receive its seventh and eighth
drawdowns from KfW from its US$75.1 million loan facility, bringing
the total amount of drawdowns to date to US$66.5 million. The 7th
and penultimate 8th drawdowns continue to demonstrate the solid
progress being made constructing the Sangdong Tungsten Mine.”
“Almonty also notes that the National Defense Authorization Act
for Fiscal Year 2025 published last week by the United States
Senate - Committee on Armed Services1. The report re-iterates what
we have known for a long time – that critical materials such as
tungsten are of great strategic importance within the defense
industrial base due to China and Russia’s dominance within the
global tungsten supply chain. The report highlights that the US
Government remains concerned about the stability of the tungsten
supply chain which was exacerbated by the Russian war on Ukraine.
Importantly, the report says “the Committee directs the Assistant
Secretary of Defense … to brief the Committees on Armed Services of
the Senate and the House of Representatives, not later than 31
March 2025 on: (1) the ongoing efforts to cultivate a supply chain
for … tungsten, to include the Manufacturing Capability expansions
and Investment….offices investments efforts; and (2) any updated
concerns regarding the supply chain for … tungsten, to include
efforts to develop more than one domestic or allied sources within
the supply chain;…”
“Almonty is uniquely placed to participate in the strong
tungsten industry tailwinds as an existing producer of tungsten at
our Panasqueira mine in Portugal, which the US Department of
Commerce visited in late 2023. Further to this and importantly, it
is an opportune time to be building the Sangdong Tungsten Mine in
South Korea, the world’s largest tungsten mine outside of China, in
South Korea, one of the strongest United States allies and the
world’s largest per capita consumer of tungsten worldwide.2”
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 northwestern
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
https://www.armed-services.senate.gov/imo/media/doc/fy25_ndaa_committee_report.pdf
2 https://almonty.com/investors/presentations/ - Investor
Presentation, May 2024
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717912590/en/
For further information, please contact: Lewis Black
Chairman, President and CEO Telephone: +1 647 438-9766 Email:
info@almonty.com
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