reports
- Peter Thilo Hasler
H1/2024 above estimates – increasing price target to CAD 2.31
On the backdrop of higher production and increased tungsten recovery rates at the Panasqueira Mine, H1/2024 profits from mining operations were significantly above our estimates and last year’s level. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming one the most important global suppliers of conflict-free tungsten material. We continue to value the shares of Almonty Indu...
- Peter Thilo Hasler
Defence spendings support tungsten demand
As geopolitical tensions continue to rise, the demand for advanced defence technologies is likely to increase, driving the demand for tungsten armour which is less regulated than depleted uranium and also considered “exportable” by the US government. With the world’s longest producing mine (Panasqueira) and the world’s largest tungsten deposit (Sangdong) under construction, Almonty is – in our view – very close to becoming the most important global supplier of conflict-free tungsten material. We...
- Peter Thilo Hasler
H1/2023 in-line with estimates – Los Santos about to reopen
With CAD 12.6mn and CAD -3.8mn, both sales (H1/2022 CAD 13.3mn) and pre-tax loss (H1/2022: CAD -3.9mn), respectively, were in-line with our expectations in H1/2023. 100% of revenues were generated by the Portuguese Panasqueira mine, where ore mined and processed declined by 20.9% in H1/2023. Free cash flow for the first six months was CAD -10.3mn (H1/2022: CAD -5.8mn) which was financed by the issuance of shares (CAD 5.0mn) and long-term debt (CAD 4.8mn, net of repayments). We continue to value...
- Peter Thilo Hasler
Reopening Los Santos mine utilizing proprietary technology
We continue to value the shares of Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Given a lower number of shares outstanding and lower capex from re-operationalising the Spanish Los Santos mine than previously anticipated, we adjust our target price to CAD 1.69 from CAD 1.59 per share. With an expected share price perfor...
- Peter Thilo Hasler
Sangdong on track for commissioning in 2024e
We value Almonty Industries using a two-stage Discounted Cashflow entity model of Almonty’s producing assets (Sangdong, Los Santos, and Panasqueira) to which we have added the discounted value of the development project (Valtreixal). Reflecting the higher number of shares outstanding, our fully diluted price target slightly declines to CAD 1.59 from CAD 1.66 per share. Given a 144.6% upside from the current share price of CAD 0.65 we are reiterating our Buy rating for the shares of Almonty Indus...
- Peter Thilo Hasler
The revival of the Sangdong tungsten project
We are initiating research coverage of Almonty Industries with a Buy rating and a CAD 1.67 price target, which is derived using a blended NAV- and two-stage DCF-based approach. Considering the expansion of its own value creation by building a vertically integrated nano-tungsten oxide processing plant to supply the South Korean battery anode and cathode manufacturing industry would unlock additional value creation potential for Almonty, allowing the company to generate significant earnings growth...
Almonty Shares Begin Trading on Xetra in Germany
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX:AII) (“Almonty”) announces the start of trading of Almonty shares on Xetra, the electronic trading system of Deutsche Börse AG in Germany (WKN: A1JSSD, ISIN: CA0203981034, Ticker-Symbol: 1MR). mwb Wertpapierhandelsbank AG, as designated sponsor, will handle the trading of Almonty‘s shares with immediate effect and therefore contribute to increased liquidity and a higher turnover. Almonty’s Chairman, President and CEO Lewis Black commented: “With our shares now trading on Xetra, we expect to further strengthen our profile in Europe, wh...
Almonty Industries Inc. Announces Signing of Site Clearance Contract, ...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): “NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES” Almonty Industries Inc. (“Almonty” or the "Company") (TSX-V: AII), is pleased to announce that it has entered into a series of contracts for site clearance, demolition and mine development work of the Company’s wholly-owned Sangdong Tungsten and Molybdenum Mine (the “Sangdong Mine”) in South Korea. The Site Clearance Contract was signed on April 20, 20...
Almonty Industries Inc. Receives Conditional Approval to List on the T...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): “NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES” Almonty Industries Inc. (“Almonty” or the "Company") (TSX-V: AII), is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the "TSX") to list its common shares on the TSX. "Graduating to the TSX represents yet another important milestone for Almonty as we continue on our successful journey as the largest ...
Almonty Industries Inc. Announces That It Has Signed a Ten Year Off-Ta...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce that it has entered into a new off-take agreement dated March 12, 2018, (the “Off-Take Agreement”) with an existing customer (the “Customer”) for the tungsten concentrate to be mined and processed at the Company’s wholly-owned Sangdong Tungsten Mine in South Korea. The agreem...
Almonty Announces Positive $2,953,000 Q1 EBITDA from Mining Operations...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of its unaudited interim condensed consolidated financial statements and management’s discussion & analysis for the three months ended December 31, 2017. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars. ...
Almonty Announces Positive $2,875,000 Q4 EBITDA from Mining Operations...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of its audited annual consolidated financial statements and management’s discussion & analysis for the year ended September 30th, 2017. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars. The f...
Almonty Announces the Appointment of Michael Costa to its Board of Dir...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce it has added Mr. Michael Costa as an independent director to its board of directors. Mr. Costa serves as Vice President and Portfolio Manager at Goodman & Company Investment Counsel Inc. In this role, he acts as Portfolio Manager, managing a portfolio of opportunisti...
Almonty Announces the Signing of the EPC Contract for the Sangdong Min...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V:AII) (“Almonty”) announces that it has signed an EPC (Engineering, Procurement and Construction) Contract with POSCO E&C for the development works at the Sangdong Tungsten and Molybdenum Mine located in the Republic of Korea. The EPC Contract, entered into on December 28, 2017 with POSCO E&C, one of top tier general contractors in Korea and a subsidiary of the third largest steel mill in the world, is a turnkey based contract for the development and construction of pri...
Almonty Industries Inc. Announces Its Intention to Initiate a Normal C...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSXV: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty” or the “Company”) (TSXV: AII) announces that it intends to initiate a Normal Course Issuer Bid (the “Bid”), subject to the approval of the TSX Venture Exchange (“TSXV”). The Company intends to purchase, from time to time, as it considers advisable, up to 7,331,011 common shares (which is equal to 4.3% of the outstanding common sh...
Almonty Announces Closing of Non-Brokered Private Placement Financing ...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (“Almonty”) (TSXV: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty”) (TSXV: AII) announces that it has closed its previously announced private placement pursuant to which Almonty issued 1,294,462 common shares at a price of $0.54 per common share for gross proceeds to Almonty of $699,009.48 (the “Offering”). All securities issued pursuant to the Offering are subject to resale ...
Almonty Announces Signing of Subscription Agreement with JP Morgan Ass...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (“Almonty”) (TSXV: AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (“Almonty”) (TSXV: AII) announces that it has entered into a subscription agreement with JP Morgan Asset Management (UK) Ltd (“JPAM”) pursuant to which JPAM will subscribe for 5,000,000 common shares at a price of CAD$0.54 per common share for gross proceeds to Almonty of CAD$2,700,000 (the “Placement”). This private pl...
Almonty Announces Debentureholders Holding Convertible Debentures in t...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V:AII) (“Almonty”) announces that two holders of convertible debentures holding an aggregate principal amount of AUD$500,000 (CAD$493,761.58) have exercised their rights under such convertible debentures to convert the principal thereof into common shares of Almonty (“Common Shares”) at a price per Common Share of CAD$0.55. The conversion will result in the issuance of an aggregate of 897,748 Common Shares. The conversion price represents a premium to the trading price of the Com...
Almonty Announces it Has Reached an Agreement to Convert a CAD$4.0 Mil...
TORONTO--(BUSINESS WIRE)-- Almonty Industries Inc. (TSX-V:AII): NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES Almonty Industries Inc. (TSX-V:AII) (“Almonty”) announces that it reached an agreement with Deutsche Rohstoff AG (“DRAG”), an existing shareholder of and lender to Almonty, to convert (the “Conversion”) into common shares of Almonty (“Common Shares”) a non-transferable secured convertible debenture held by DRAG in the principal amount of CAD$4,000,000 due Septembe...
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