Almonty Industries applies for NASDAQ listing

Almonty Industries (TSX, ASX: AII; US-OTC: ALMTF) revealed on Monday that it has actually declared a public offering on the NASDAQ to money its organized tungsten oxide center. When authorized, the shares will certainly trade under the ticker “ALM”, while trading of its OTC-listed shares will certainly stop.

” We delight in to introduce our application to listing on the Nasdaq simultaneous with a United States public offering, assisting us to safeguard our setting as a prominent distributor of tungsten to the United States and its allies,” specified Lewis Black, ceo of Almonty, in a news release.

Previously this year, the business revealed its strategies to alter its territory of consolidation from Canada to the State of Delaware.

The application complies with Almonty’s statement recently of a 1-for-1.5 share debt consolidation to promote the NASDAQ listing. Its supply, which was just recently included in the S&P/ TSX Global Mining Index, started trading on a post-consolidation basis on Monday, opening up at C$ 7.17 a share after shutting recently at C$ 4.62.

The tungsten miner’s market capitalization is approximated at simply over C$ 2 billion ($ 1.5 billion).

Tungsten oxide center

Almonty means to utilize the profits from the NASDAQ offering to finish the growth of an up and down incorporated tungsten procedure in South Korea by developing a tungsten oxide center.

The center, as the business described formerly, is anticipated to refine tungsten focuses from the historical Sangdong mine close by. The mine, obtained by Almonty in 2015, is totally allowed and in its sophisticated building and construction phases, with very first manufacturing anticipated this year.

Originally, the procedure is anticipated to outcome 2,300 tonnes of tungsten oxide (WO ₃) yearly from the mine alone, after that greater than increasing to 4,750 tonnes adhering to conclusion of the oxide plant, set aside for 2026/27. The possible mine life is 90 years, the business has actually stated.

In July 2024, Almonty authorized a memorandum of comprehending with South Korea’s Yeongwol Area to safeguard a place for the oxide center. Under its financial investment strategy, the business will certainly invest around $72 million to construct a 60,000-square-meter manufacturing facility, and an additional $29 million for upgrades.

In its discussion, Almonty stated its South Oriental procedure has the possible to create over fifty percent of the globe’s tungsten, as it holds the biggest tungsten down payment worldwide by presumed sources, with among the highest possible qualities.

The procedure would certainly additionally flaunt the highest possible recuperation price at 85% and the most affordable price at $110 per tonne, which is about fifty percent of China’s standard, Almonty’s administration formerly stated.