Almonty posts meaningful Q2 net income gains
Having worked more than a decade to build towards revenue generation from the Sangdong tungsten mine in South Korea, Nasdaq- and Frankfurt-listed Almonty Industries has reported a 498% year-on-year increase in revenue in the second quarter to $43-million, driven by record tungsten pricing.
The company posted net income of $181-million in the quarter, compared to a loss of $58.2-million in the same quarter last year, while adjusted earnings before interest, taxes, depreciation and amortisation came to $17.6-million, compared to adjusted losses of $4.8-million in the same quarter last year.
Almonty's basic earnings per share grew from -$0.30 in the prior corresponding quarter to $0.64 in the reporting quarter.
The company is still ramping up the Sangdong mine. Once fully operational, targeted ore throughput is expected to reach 640 000 t/y, with a fully permitted Phase 2 expansion contemplated to increase throughput capacity to up to 1.2-million tonnes a year.
Almonty had $1.2-billion of cash on hand at the end of June, providing the company with substantial financial flexibility to advance its growth pipeline in parallel rather than sequentially, including at the Gentung tungsten project, in Montana in the US, and the Panasquiera extension, in Portugal.
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