TORONTO, July 28, 2022–(BUSINESS WIRE)–Almonty Industries Inc. (“Almaty“or the”Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) today announced that it has received the first drawdown of $12,818,081 from the $75.1 million Project Finance Loan Facility. USD from KfW-IBEX Bank.
Lewis Black, Managing Director of Almonty, said: “The company has achieved its objective of securing and deploying a Tier 1 loan for its Tier 1 tungsten project. the Company’s Sangdong Mine in Sangdong, South Korea. the mine will secure the western supply of tungsten, an essential metal, for many decades to come. The withdrawal of this loan marks a turning point for the company and we can now return to rapid growth to consolidate our dominance in the western tungsten sector, both in the production of concentrates and soon the sole western producer downstream.
In addition, Sangdong is home to a very rich resource of molybdenum. As recently announced, we will simultaneously strengthen our knowledge and planning for the Almonty Korea Moly deposit/project and are well positioned for the Korean domestic Moly market being the 4e largest Moly importer in the world. Almonty is also exploring several growth opportunities in safe jurisdictions. Our Moly project also presents unique national supply chain opportunities and will be well supported in the country. »
The principal activity of Almanty Industries Inc., based in Toronto, Canada, is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira 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 kilometers from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometers 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 high-grade, long-lived tungsten deposits outside of China, was acquired in September 2015 by the acquisition of a 100% stake in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in northwest Spain. Further information about Almonty’s business is available at www.almonty.com and under Almonty’s profile at www.sedar.com.
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Disclaimer for forward-looking information
When used in this press release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict “, “may” or “should” and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. Such statements and information are based on management’s beliefs, estimates and opinions as of the date the 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 differ materially from those expressed or implied by these forward-looking statements, including but not limited to: any specific risk associated with fluctuations in the price of ammonium para tungstate (“APT”) from which the selling 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 developed. information, forecasts and assessments relating to Almonty’s business, credit and liquidity risk, hedging risk, competition in the mining industry, risks relating to the market price of Almonty’s stock, Almonty’s ability to retain key management personnel or to procure the services of qualified and experienced qualified personnel, risks relating to claims and legal proceedings against Almonty and the one of its operating mines, risks relating to unknown defects and deficiencies, risks relating to the adequacy of internal control over financial reporting, risks relating to government regulations, including environmental regulations, risks relating to Almonty’s international operations , the risks associated with the exploration, development and operation of Almonty’s tungsten mines, Almonty’s ability to obtain and maintain necessary permits, Almonty’s ability to comply with laws, regulations and applicable permit requirements, the lack of appropriate infrastructure and employees to support Almonty’s mining operations, the uncertainty as to the accuracy of mineral reserves and mineral resource estimates, production estimates from Almonty’s mining operations, the inability to replace and expand mineral reserves, title and rights uncertainties aboriginal peoples regarding mineral properties owned directly or indirectly by Almonty, Almonty’s ability to obtain adequate financing, Almonty’s ability to complete permits, construction, development and expansion, challenges relating to global financial conditions , risks relating 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 the TSX’s acceptance of listing of Almaty shares on the TSX.
Forward-looking statements are based on assumptions that management believes are reasonable, including, but not limited to, no material adverse changes in the market price of ammonium para tungstate (APT), the continued ability to fund or obtain funding for ongoing commitments, expectations regarding resolution of legal and tax issues, absence of adverse change in applicable laws, ability to obtain local contractors, employees and assistance in the event of necessary and on reasonable terms, and other assumptions and factors set forth 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 the forward-looking statements, there may be other factors that cause the results, level of activity, performance or achievements not to be as expected, estimated or expected. There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in forward-looking statements occur or substantially materialize, there can be no assurance that they will have the anticipated consequences or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual results may vary.
Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of important 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 as well as other uncertainties and potential events.
Almonty has also assumed that important factors will not cause the forward-looking statements and information to differ materially from actual results or events. However, the list of such 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 ALMONTY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTACK UNBIDDEN IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AS OF ANY OTHER DATE. ALMONTY MAY CHOOSE TO DO SO, IT DOES NOT COMMIT TO UPDATING THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED UNDER APPLICABLE LAW.
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