Unlocking the Potential of Panasqueira Mine: Almonty Industries’ Investment Highlights

Last Updated, February 24, 2024
Written by Lewis Black

Written by Lewis Black

Home » Market Announcements » Unlocking the Potential of Panasqueira Mine: Almonty Industries’ Investment Highlights

Almonty Industries is thrilled to announce the entry into Level 4 (L4) of the Panasqueira Mine.

In the picturesque landscapes of Covilhã, nestled within Portugal’s Castelo Branco district, lies the historic Panasqueira Mine – a testament to a rich legacy of tungsten mining dating back to the late 1800s.

Operated by Almonty Industries Inc., Panasqueira Mine stands as a beacon of progress and opportunity, with recent developments signaling an exciting chapter in its storied history.

Key Facts:

Panasqueira Mine’s Level 4 (L4) opening is poised to redefine the landscape of tungsten mining with its immense potential and low-risk profile. A comprehensive scoping study has paved the way for this ambitious project, positioning it for advancement pending ore resources confirmation and financing completion.

Scheduled to commence as early as Q1/2024, the groundwork for the L4 opening is a testament to Almonty Industries’ commitment to operational efficiency and timely execution.

By capitalizing on existing surface infrastructure and focusing on underground development, the L4 opening is poised to significantly enhance production capacity, projecting an increase on the annual output plus the extension of the life of the mine.

Operational Highlights:

The L4 opening represents a strategic shift in operational focus, aiming to optimize extraction while streamlining upper-level operations for enhanced profitability.

Through ongoing exploration drilling and the construction of exploration galleries, Almonty Industries is committed to maximizing resource identification and extraction efficiency, ensuring long-term sustainability.

Utilization of existing surface equipment and a meticulous approach to following the orebody to depth contribute to Panasqueira Mine’s low-risk operational profile, positioning it as a stable and reliable investment opportunity. Post-extension, an EBITDA margin exceeding 30% is anticipated, reflecting the financial viability and profitability of the project.

Strategic Partnerships and Recognition:

A recent visit by the US Department of Commerce underscores Panasqueira Mine’s strategic importance in meeting global tungsten demand, highlighting its pivotal role in shaping the future of the industry.

Discussions surrounding the L4 opening and Panasqueira’s role in addressing surging demand from defense and oil & gas industries exemplify its significance in global supply chains and its potential to drive economic growth. Panasqueira Mine’s extensive mining, processing, and environmental infrastructures, coupled with its vital role in the regional economy, solidify its position as a cornerstone of sustainable mining practices and community development.

Recent Development:

We are thrilled to announce the entry into Level 4 (L4) of the Panasqueira Mine, marking a significant milestone in our journey towards the extension. The opening of the first incline to the L4 represents our commitment to progress and excellence in mining operations.

As Almonty Industries embarks on this transformative journey towards the L4 opening at Panasqueira Mine, we remain committed to delivering value to our investors and stakeholders while fostering sustainable growth and development.

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Almonty Receives Further and Final Commitments Under Previously Announced Placement

Almonty Receives Further and Final Commitments Under Previously Announced Placement

Almonty is pleased to announce that in conjunction with its March 2024 Placement, the Company has closed a fourth tranche through the sale of the previously-announced firm commitment of 3,000,000 Placement Chess Depository Interests Units (“CDIs”) at A$0.62 per unit and is scheduled to close on an additional 1,090,909 common share units at Cdn$0.55 per unit on May 23, 2024.

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 Statements
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.


For further information, please contact:

Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
Email: [email protected]

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