Almonty Announces Positive Financial Results, Shares Surge 16%

Shares of Almonty Industries Inc. (TSX-Venture:AII) continued to rally today off mid-May lows as the company announced very strong three and six months revenue results.

Lewis Black, Chief Executive Officer of Almonty, commented in today’s press release, “The Company’s income from mining operations recorded in Q2 of fiscal 2018 was $5,531,000, an increase of $4,850,000 over that recorded in Q1 of fiscal 2018. The EBITDA from mining operations jumped to $7,604,000 compared to $ 951,000 for the same period in fiscal 2017.

"We are also pleased to announce a positive net income of $ 3,759,000 or $0.02 per share for Q2. The Company’s results from mining operations has significantly improved as a consequence of our new fixed-price contracts and strong market contract prices whilst costs continued to decrease, reflecting the continued strengthening of tungsten demand and price globally.

"The current Tungsten price is continuing to strengthen and sits significantly above the Q2 price received. With the signing of our newly-negotiated Sangdong off-take agreement, announced on March 13, 2018, we are now ready to finalize our $85-million U.S. project financing and have already commenced the build-out of our Sangdong Mine located in South Korea. We are poised to have a very strong 2018 in both performance and growth with Q3 estimated to surpass the current Q2 results."

Shareholders are cheering the company on in early-afternoon trading by sending shares higher to the tune of 16.85% to $0.52. Shares of AII have been sliding over the last few months after a strong rally last September. Today’s move on strengthening fundamentals may suggest a near-term bottom for the stock.

Almonty Industries Inc. is in the business of 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 refurbishment of its Wolfram Camp Mine in north Queensland, Australia, 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.