Almonty Secures Final Funding for Sangdong Tungsten Project

Almonty Completes Final Drawdown for Tungsten Mine Project

Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF) is excited to share the achievement of securing the final drawdown amounting to US$906,000 from a project loan facility of US$75.1 million from KfW IPEX-Bank. This progression supports the ongoing construction of the Sangdong Tungsten Mine, a critical initiative in South Korea.

Strengthening Partnership with KfW

This milestone embodies a strong partnership between Almonty and KfW, which has provided steadfast support since the financing's inception. The bank's collaboration has ensured a steady stream of resources, culminating in this final drawdown that enhances Almonty's capabilities in establishing a significant foothold in the tungsten industry.

Building a Reliable Tungsten Supply

The completion of this drawdown reinforces KfW's unwavering confidence in Almonty’s vision to emerge as a key player in the global tungsten market. The consistent backing from KfW has been instrumental in every request for funding, showcasing their commitment to Almonty’s growth.

Significance of the Sangdong Project

The Sangdong Project represents a vital component in stabilizing the tungsten supply, particularly for Western markets. Almonty's dedication to transparency and reliability aligns with KfW’s objective of bolstering global supply chains.

CEO Lewis Black's Perspective

Lewis Black, CEO of Almonty Industries, expressed his enthusiasm, stating, ”We are delighted to have reached this important milestone with the full backing of our banking partner KfW IPEX-Bank. Their unwavering support has been crucial to the construction of the Sangdong Project and showcases our commitment to financial responsibility.”

About Almonty Industries Inc.

Based in Toronto, Canada, Almonty Industries focuses on the mining, processing, and shipping of tungsten concentrate. Besides the Sangdong mine, Almonty is also engaged in operations at the Los Santos Mine in Spain and the Panasqueira mine in Portugal. The Los Santos Mine was acquired in 2011 and has been producing tungsten concentrate efficiently. The historic Panasqueira mine, launching its operations in 1896, remains productive and highlights Almonty’s long-standing expertise in tungsten mining.

Expanding Operations and Future Projects

Almonty is not just concentrating on existing mines; they are pursuing the Valtreixal tin/tungsten project in Spain. This diversification underscores their mission to solidify their position within the tungsten industry and explore new opportunities.

Operational Integrity and Future Outlook

As Almonty advances in its mining ventures, it maintains a focus on operational integrity and adherence to stringent environmental regulations. The company is dedicated to responsible mining practices and ensuring a sustainable approach to its operations.

Frequently Asked Questions

What is the significance of the final drawdown from KfW?

The final drawdown represents a crucial step in the ongoing construction of the Sangdong Tungsten Mine, reinforcing Almonty’s financial stability and strategic growth.

How does KfW support Almonty's vision?

KfW has provided comprehensive support throughout the financing process, ensuring that Almonty can complete its construction and operational goals effectively.

What other projects is Almonty involved in?

In addition to the Sangdong project, Almonty operates the Los Santos Mine in Spain and the historic Panasqueira mine in Portugal, among other developments.

How does Almonty ensure sustainable mining practices?

Almonty integrates responsible mining methods into its operations, focusing on adherence to environmental regulations and ensuring the longevity of its resource management.

What are the future prospects for Almonty in tungsten production?

With its current projects and ongoing operations, Almonty is well-positioned to become a leading producer of tungsten, catering to a stable supply chain for global markets.

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