01:40:07 EDT Wed 19 Jun 2019
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Almonty Industries Inc
Symbol C : AII
Shares Issued 181,441,893
Close 2019-01-07 C$ 0.73
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Almonty loses $10.68-million in fiscal 2018

2019-01-12 02:25 ET - News Release

Mr. Lewis Black reports


Almonty Industries Inc. has filed its audited annual consolidated financial statements, management's discussion and analysis, and annual information form for the year ended Sept. 30, 2018.

The attached financial information is for the three months and year ended Sept. 30, 2018, and 2017.

                                    FINANCIAL HIGHLIGHTS
                                                             Three        Three      Year       Year
                                                            months       months     ended      ended 
                                                             ended        ended      Sept.      Sept. 
                                                          Sept. 30,    Sept. 30,       30,        30,
                                                              2018         2017      2018       2017

Gross revenue                                              $14,629      $10,809   $65,171    $39,018
Mine production costs                                        9,416        7,990    36,699     32,349
Impairment loss                                             15,604            -    15,604          -
Depreciation and amortization                                4,681        1,875    11,155      6,400
                                                           -------      -------   -------    -------
Earnings (loss) from mining operations                     (15,072)         944     1,713        269
General and administrative costs                             2,494        3,273     8,426      9,864
Non-cash compensation costs                                      -          472       897        472
                                                           -------      -------   -------    -------
Earnings (loss) before the undernoted items                (17,566)      (2,801)   (7,610)   (10,067)
Interest expense                                               467          497     2,459      2,436
(Gain) loss on debt settlement                                   -       (3,015)        -     (3,015)
Foreign exchange (gain) loss                                (1,268)      (1,124)      (95)    (1,368)
Tax provision                                                2,065          122       715        122
                                                           -------      -------   -------    -------
Net income (loss) for the period                           (18,830)         719   (10,689)    (8,242)
                                                           -------      -------   -------    -------
Income (loss) per share, basic                              ($0.10)       $0.00    ($0.06)    ($0.07)
                                                           -------      -------   -------    -------
Income (loss) per share, diluted                            ($0.10)       $0.00    ($0.06)    ($0.07)
                                                           -------      -------   -------    -------
Dividends                                                        -            -         -          -
                                                           -------      -------   -------    -------
Cash flows provided by (used in) operating activities        4,243       (3,411)   10,940     (2,888)
Cash flows provided by (used in) investing activities          (31)      (1,140)   (6,023)   (10,680)
Cash flows provided by (used in) financing activities       (2,757)       7,706      (540)    13,934
                                                           -------      -------   -------    -------

Lewis Black, chief executive officer of Almonty, commented: "These results are continuing to reflect the go-forward cost structure and production profile of Almonty. To highlight this, the company has seen an increase of 427 per cent in EBITDA [earnings before interest, taxes, depreciation and amortization] from mining operations (before impairment charges) when compared to 2017. The positive impact of the recent improvement in the commodity price, which hit a three-year high in mid-calendar 2018 at approximately $350 (U.S.) per mtu, continues to positively impact revenue and earnings, as prices have continually increased since July, 2017. My personal investment of $6.5-million into Almonty's common shares during mid-2017 is a testament to my confidence in Almonty's future and the continued improvement of its performance. The company's focus continues to be to strengthen its balance sheet and to continue moving forward with the development of the Sangdong mine. The recent conversion of large tranches of debt into equity, at significant premiums to the underlying market price, has reduced the company's overall debt levels, and we are continuing to focus on maintaining the company's gearing ratio to more normalized levels. The company is pleased with its overall stock performance of 129-per-cent growth in the 2018 year and fully expects this trend to continue as the buildout of Sangdong continues. Mine development at Sangdong commenced in November, 2018, to first quarter 2019 and continues on schedule with plant equipment orders anticipated to be placed at the end of January, 2019. We remain on track for our previously stated time frame. With our improved performance and stronger balance sheet, combined with the expected financing and construction of our Sangdong property, Almonty is well placed to remain the dominant western supplier of tungsten concentrate."

About Almonty Industries Inc.

The principal business of Almonty Industries, based in Toronto, Canada, 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 northwestern 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-per-cent interest in Woulfe Mining Corp.

(1) Non-GAAP Financial Measures

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