Almonty Industries ( (TSE:AII) ) has provided an announcement.
Almonty Industries reported a 28% increase in revenue for fiscal year 2024, reaching $28.8 million, driven by higher tungsten concentrate sales and improved pricing. Despite an increase in income from mining operations, the company experienced a net loss of $16.3 million due to non-cash foreign exchange losses and changes in the valuation of financial liabilities. The company is advancing its Sangdong Tungsten Mine in South Korea and has secured a strategic partnership with American Defense International to strengthen its position as a key supplier to the U.S. defense sector. Additionally, Almonty plans to redomicile from Canada to the United States to enhance competitiveness and mitigate foreign exchange volatility.
More about Almonty Industries
Almonty Industries Inc. is a leading global producer of tungsten concentrate. The company focuses on the mining and production of tungsten, a critical material used in various industries, including defense and technology. Almonty operates mines in Portugal and South Korea, with a strategic emphasis on supporting U.S. industry amidst global geopolitical tensions.
YTD Price Performance: 131.68%
Average Trading Volume: 543,513
Technical Sentiment Signal: Sell
Current Market Cap: C$645.6M
See more data about AII stock on TipRanks’ Stock Analysis page.