Almonty Industries applies for NASDAQ listing

Almonty Industries (TSX, ASX: AII; US-OTC: ALMTF) announced on Monday that it has filed for a public offering on the NASDAQ to fund its planned tungsten oxide facility. Once approved, the shares will trade under the ticker “ALM”, while trading of its OTC-listed shares will cease.“We are pleased to announce our application to list on the Nasdaq concurrent with a US public offering, helping us to secure our position as a leading supplier of tungsten to the US and its allies,” stated Lewis Black, chief executive officer of Almonty, in a press release.Earlier this year, the company announced its plans to change its jurisdiction of incorporation from Canada to the State of Delaware.The application follows Almonty’s announcement last week of a 1-for-1.5 share consolidation to facilitate the NASDAQ listing. Its stock, which was recently added to the S&P/TSX Global Mining Index, began trading on a post-consolidation basis on Monday, opening at C$7.17 a share after closing last week at C$4.62.The tungsten miner’s market capitalization is estimated at just over C$2 billion ($1.5 billion).Tungsten oxide facilityAlmonty intends to use the proceeds from the NASDAQ offering to complete the development of a vertically integrated tungsten operation in South Korea by building a tungsten oxide facility.The facility, as the company detailed previously, is expected to process tungsten concentrates from the historic Sangdong mine nearby. The mine, acquired by Almonty in 2015, is fully permitted and in its advanced construction stages, with first production expected this year.Initially, the operation is expected to output 2,300 tonnes of tungsten oxide (WO3) annually from the mine alone, then more than doubling to 4,750 tonnes following completion of the oxide plant, earmarked for 2026/27. The potential mine life is 90 years, the company has said.In July 2024, Almonty signed a memorandum of understanding with South Korea’s Yeongwol County to secure a location for the oxide facility. Under its investment plan, the company will spend around $72 million to build a 60,000-square-meter factory, and another $29 million for upgrades.In its presentation, Almonty said its South Korean operation has the potential to produce over half of the world’s tungsten, as it hosts the largest tungsten deposit globally by inferred resources, with one of the highest grades.The operation would also boast the highest recovery rate at 85% and the lowest cost at $110 per tonne, which is roughly half of China’s average, Almonty’s management previously said.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com