“Building a mine in a mature and developed democracy is a deeply engaging process which includes not only the physical build of the project but also how the project co-exists with the community and the environment both prior, during and after completion. We are building what we expect to be the largest tungsten mine outside of China with a very long mine life which will have a profound and positive affect on the local and domestic community, after decades of economic stagnation for both the South Korean domestic consumption of tungsten and the wider global tungsten market.”
“We are striving for the Sandong Tungsten Mine to be the most technically advanced of any tungsten mine in the world and the most ESG compliant and therefore the most transparent.”
“As we continue to advance the mine towards commissioning, it is now my job to ensure that the wider investing market knows more about our Tier 1 project and about this profound effect this mine will have not only in sectors such as technology – batteries, screens, semiconductors – but also defence, an area which is now significantly increasing its global importance particularly in the USA.”
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Toronto – May 1, 2023, – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce a construction and financing update in relation to its Sangdong Tungsten Mine.
As announced on 3 April 2023, construction works are continuing to progress in accordance with our construction schedule and the total amount drawn under the KfW Loan Facility now stands at US$32.3 million.
In April 2023, engineering staff from the Sangdong Tungsten Mine team and members of the EPC consortium made a field trip to Almonty’s tungsten mines and processing plants in Portugal and Spain to better implement ideas and philosophy in the design and engineering of the main processing plant and pastefill plant at the Sangdong Tungsten Mine.
As national demand for the reinforcement and implementation of regulations and promotion of safety awareness has increased, the Company has conducted HSE training and has realigned the organization to focus on special safety personnel. This is aimed at exceeding national standards and enhancing the HSE standards at the mine and at the site of the Sangdong Tungsten Mine.
Almonty is pleased to advise that the installation of the new 4 MW power system, replacing the temporary 950kw system, for the mine infrastructure, was completed successfully in March 2023, without incident. The Korea Electrical Safety Corporation (KESCO) performed the pre-use inspection and issued the use certificate for the 4 MW power system. The power supply expansion is expected to provide stable power to the Sangdong Tungsten Mine’s surface and underground infrastructure, thereby improving work efficiency and production.
Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is nearing completion. 99% of all equipment related to the Ball Mill and SAG Mill has arrived in South Korea. The final drive is now expected to arrive in May 2023.
All engineering plans have been finalized, and surface scalping has begun for essential pre-work to prepare the site for civil construction.
Key Equipment items including Ultra Fine Screens, Apron Feeders, Flotation Tanks are nearing completion from the manufacturer and Metso Outotec will shortly begin the process of preparing documentation for the equipment. Almonty currently estimates that 75% of the light short lead time equipment will be loaded for transport to South Korea in May 2023.
In recent months, members of the local governments as well as representatives of the Sangdong village and surrounding areas have visited the site to show continuous interest in the development status of the project and to encourage the hard work and efforts of Almonty employees.
Almonty Industries has secured a corrective disclosure from Pure Tungsten following a successful legal settlement, confirming that Tiger Kim never held an executive, officer or director position with Almonty and that his limited involvement as an independent contractor ended in 2015.
Almonty Industries has issued a shareholder update highlighting the start of tungsten production at the Sangdong Mine, the launch of Phase II development, and continued expansion of its Western-aligned tungsten supply strategy across South Korea, Europe and Rwanda.
Almonty today announced that it has received mining facility inspection certificates for the processing plant and crushing facilities at the Sangdong Mine (“Sangdong”) in Yeongwol, Gangwon Province, South Korea.
Almonty (NASDAQ: ALM) (FSE: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Tungsten Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit almonty.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.
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 in this news release include, but are not limited to, statements concerning the completion of the Offering, the Company’s redomiciling initiatives, the Company’s position as a leading supplier of tungsten to the U.S. and its allies, the timing of any listing of the Common Shares on the Nasdaq and trading on the Frankfurt Stock Exchange, and the use of proceeds of the Offering.
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 market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company’s industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility.
Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty’s management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty’s control. Any of these risks 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 Registration Statement, the most recent Annual Information Form and the 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.
For further information, please contact:
Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
Email: info@almonty.com
