Almonty Industries (AII) Q4 2024 earnings summary

Executive summary

• Revenue rose 28% year-over-year to $28.8 million, driven by higher tungsten concentrate sales and improved pricing under long-term agreements.

• Income from mining operations increased 81.8% to $2.0 million, reflecting higher production at the Panasqueira mine and better pricing.

• Net loss widened to $16.3 million from $8.8 million, mainly due to non-cash unrealized foreign exchange losses and valuation changes in embedded derivative and warrant liabilities.

• Final preparations for the Sangdong Tungsten Mine in South Korea are underway, with processing equipment installed and full drawdown of a US$75.1 million project loan completed.

• Strategic partnerships and investor relations initiatives were expanded to strengthen market position and communications.

Financial highlights

• Revenue: $28.8 million, up 28% year-over-year.

• Income from mining operations: $2.0 million, up 81.8% year-over-year.

• Operating expenses: $8.9 million, up 27.1% year-over-year, mainly due to higher non-cash share-based compensation.

• Net loss: $16.3 million, compared to $8.8 million prior year, impacted by non-cash items.

• Adjusted EBITDA: $(3.06) million, improved from $(4.39) million, a 30.3% increase.

Outlook and guidance

• Near-term startup of Sangdong Tungsten Mine expected, with higher ore grades anticipated to drive future profitability.

• Reviewing potential NASDAQ listing in 2025, contingent on market conditions.

• Well-positioned to capitalize on increasing tungsten demand and deliver long-term value.