Almonty Industries revenue up 28% in fiscal 2024

Almonty Industries Inc. has released its financial results for the fiscal year 2024. The company, which produces tungsten concentrate, reported revenue of CAD$28.8 million, a 28% increase from CAD$22.5 million the previous year. This growth was mainly driven by higher sales and improved pricing for tungsten concentrate. Income from mining operations rose significantly, up 81.8% to CAD$2.0 million compared to CAD$1.1 million in 2023. The increase is attributed to greater production at the Panasqueira mine in Portugal and better pricing. However, operating expenses increased to CAD$8.9 million from CAD$7.0 million due to higher non-cash share-based compensation. Almonty reported a net loss of CAD$16.3 million, more than double the loss of CAD$8.8 million the previous year. This loss was mainly due to non-cash foreign exchange losses and changes in the value of certain financial liabilities linked to stock performance. Adjusted EBITDA improved, but still showed a loss of CAD$3.06 million. The company had CAD$7.8 million in cash at the end of 2024, down from CAD$22.0 million in 2023. This decrease was due to investments in mining assets, particularly the Sangdong Project in South Korea. In January 2025, Almonty raised CAD$10.3 million from an equity placement. The CEO, Lewis Black, highlighted the company's operational progress and financial strengthening despite challenging economic conditions. He emphasized the importance of the Panasqueira mine and the upcoming Sangdong mine, which is expected to enhance tungsten supply for allied nations. Almonty is also expanding partnerships and considering a potential NASDAQ listing in 2025. The company's efforts aim to support long-term growth as it prepares for the startup of the Sangdong mine.