Almonty Announces the Filing of Its Q2-2024 Unaudited Condensed Interim Consolidated Financial Statements and MD&A for the Six Months Ended June 30, 2024 and $2,401,000 in Positive EBITDA From Mining Operations(1)
TORONTO, August 13, 2024--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) today announced the filing of its unaudited condensed interim consolidated financial statements and its management’s discussion & analysis ("MD&A") for the six months ended June 30, 2024. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars.
The following financial information is for the three and six months ended June 30, 2024 and 2023:
Almonty Industries Inc.
| | | | | | | | | | | | | | MD&A Tables
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | Three months ended
| | | | Three months ended
| | | Six months ended
| | | Six months ended
| | | | | 30-Jun-24
| | | | 30-Jun-23
| | | 30-Jun-24
| | | 30-Jun-23
| | | | | $'000
| | | | $'000
| | | $'000
| | | $'000
| | | Gross Revenue
| |
| 7,938
|
| |
| 5,533
|
| |
| 15,762
|
| |
| 12,630
|
| | Mine production costs
| |
| 6,169
|
| |
| 5,285
|
| |
| 12,834
|
| |
| 11,013
|
| | Care and maintenance
| |
| 264
|
| |
| 254
|
| |
| 527
|
| |
| 509
|
| | Depreciation and amortization
| |
| 294
|
| |
| 235
|
| |
| 584
|
| |
| 485
|
| | Income (loss) from mining operations
| |
| 1,211
|
| |
| (241
| )
| |
| 1,817
|
| |
| 623
|
| | | | | | | | | | | | | | |
| | General and administrative costs
| |
| 1,533
|
| |
| 1,461
|
| |
| 3,008
|
| |
| 3,150
|
| | Non-cash compensation costs
| |
| 543
|
| |
| 180
|
| |
| 935
|
| |
| 282
|
| | Loss before the under noted items
| |
| (865
| )
| |
| (1,882
| )
| |
| (2,126
| )
| |
| (2,809
| )
| | | | | | | | | | | | | | |
| | Interest expense
| |
| 1,128
|
| |
| 1,032
|
| |
| 2,551
|
| |
| 1,999
|
| | Financing fees
| |
| -
|
| |
| -
|
| |
| -
|
| |
| 739
|
| | (Gain) loss on valuation of embedded derivative liabilities
|
| (79
| )
| |
| (92
| )
| |
| 2
|
| |
| (215
| )
| | (Gain) loss on valuation of warrant liabilities
|
| (515
| )
| |
| (268
| )
| |
| (406
| )
| |
| (697
| )
| | Foreign exchange loss (gain)
| |
| 394
|
| |
| (1,086
| )
| |
| 1,297
|
| |
| (854
| )
| | Tax provision
| |
| -
|
| |
| (73
| )
| |
| 5
|
| |
| 30
|
| | Net loss for the period
| |
| (1,793
| )
| |
| (1,395
| )
| |
| (5,575
| )
| |
| (3,811
| )
| | Income (loss) per share - basic
| | $
| (0.01
| )
| | $
| (0.01
| )
| | $
| (0.02
| )
| | $
| (0.02
| )
| | Income (loss) per share - diluted
| | $
| (0.01
| )
| | $
| (0.01
| )
| | $
| (0.02
| )
| | $
| (0.02
| )
| | Dividends
| |
| -
|
| |
| -
|
| |
| -
|
| |
| -
|
| | | | | | | | | | | | | | |
| | Cash flows provided by (used in) operating activities
|
| (4,301
| )
| |
| (837
| )
| |
| (5,421
| )
| |
| (1,563
| )
| | Cash flows provided by (used in) investing activities
|
| (8,862
| )
| |
| (6,099
| )
| |
| (16,230
| )
| |
| (8,744
| )
| | Cash flows provided by (used in) financing activities
|
| 3,996
|
| |
| 6,452
|
| |
| 7,140
|
| |
| 8,127
|
|
The following financial information is as at June 30, 2024 and December 31 2023:
Almonty Industries Inc.
| | | | | | MD&A Tables
| | | | | | | | | | | |
| | | | | | |
| | | | | 30-Jun-24
| | 31-Dec-23
| | | | | $'000
| | $'000
| | Cash
| | | 7,641
| | 22,019
| | Total assets
| | | 231,163
| | 235,334
| | Long-term debt
| | | 132,779
| | 130,067
| | Shareholders’ equity
| | | 50,268
| | 48,508
| | | | | | |
| | Other
| | | | | | | Outstanding shares (‘000)
| | | 258,607
| | 233,889
| | Weighted average outstanding shares (‘000)
| | | | | | | Basic
| | | 249,253
| | 213,144
| | Fully diluted
| | | 249,253
| | 213,144
| | Closing share price
| | | $0.61
| | $0.54
|
While our Panasqueira mine in Portugal consistently provides a positive EBITDA from mining operations, Almonty’s Q2-2024 loss includes non-cash charges of approximately $450k for interest settled by share issuance, share-based compensation expense of $935k and $1.3 million of unrealized foreign exchange loss.
EBITDA from mining operations at our Panasqueira mine was $2,401,000 for the six months ended June 30, 2024 and is in line with equaling or exceeding $10 million of EBITDA from mining operations for the year ending December 31, 2024.
In addition, Almonty continued to clean up its balance sheet by converting over $9 million of long-term debt into shares of the Company as well as push out the maturity date of an additional $21.4 million of long-term debt to March 2027. The Company’s working capital deficiency has also shown a significant positive trend with a decrease of 79% from $30.4 million as at December 31, 2023 down to $6.1 million as at June 30, 2024.
The Company is in an exciting phase right now with the build-out of our Sangdong Mine being in full swing towards completion of construction, with drawdowns on our KfW IPEX-Bank US$75.1 million loan facility being received on time and as planned and with the 7th and 8th drawdowns, totaling US$10.64 million, having been received during July 2024. In addition, given the fact that our underground Panasqueira mine, with a grade of 0.14%, is providing a significant positive EBITDA from mining operations, the Company expects very positive results from its underground Sangdong mine in South Korea, once it commences production, given its 0.46% grade of material to be mined.
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