Almonty's Q3-2024: A Strong Quarter for Tungsten Mining

Almonty Industries, a leading global tungsten mining company, recently announced the filing of its Q3-2024 unaudited condensed interim consolidated financial statements and management's discussion & analysis (MD&A). The company's strong performance in the quarter highlights its strategic focus on production, construction, and development, positioning it as a key player in the tungsten market.

Almonty's Q3-2024 financials reveal a positive EBITDA of $896K from mining operations, indicating a profitable quarter. This marks a significant improvement from the previous quarter, where the company reported a loss. The turnaround can be attributed to several factors, including the commencement of production at the Panasqueira mine in Portugal, which has been operational since the 19th century and is known for its high-quality tungsten concentrates. Additionally, the company's strategic acquisitions, such as the Sangdong mine in South Korea, have contributed to its earnings growth. The Sangdong mine, which is currently under construction, is expected to become one of the world's largest tungsten mines, with an average grade of 0.51% WO3, three times the global average.

Almonty's diversified portfolio, with operations in conflict-free regions, has positioned the company well to capitalize on the increasing demand for tungsten in various industries, including electronics, automotive, and aerospace. The company's success is built on three main pillars: production, construction, and development, with each project presenting unique advantages and synergies.

Almonty's Q3-2024 earnings growth can be attributed to its strategic focus on production, construction, and development. Key drivers include the extension of the Panasqueira mine to level L4, which is ready for construction with high synergies and use of existing infrastructure. Additionally, the construction progress at Sangdong, with all progress milestones achieved, and the permitting process underway for Valtreixal, contribute to the company's earnings growth. These strategic initiatives align with Almonty's goal of becoming one of the leading tungsten producers worldwide.


In conclusion, Almonty Industries' Q3-2024 financials demonstrate the company's strong performance and strategic direction. With a focus on production, construction, and development, Almonty is well-positioned to capitalize on the growing demand for tungsten and maintain its competitive edge in the market. As the company continues to invest in its projects and expand its global presence, investors should monitor its progress and consider the potential opportunities it presents.