Almonty Industries

Almonty has extended the offtake agreement with Global Tungsten & Powders for tungsten concentrate from the Sangdong mine from 15 to 21 years and increased the total volume by 40% from 3.15 to 4.41 million MTU. A contractual minimum volume of 210,000 MTU per year was agreed, and the price terms raise expected revenue per MTU by 6.3%. At current prices Almonty expects additional annual revenue of around USD 30 million and a total contract value of about USD 490 million; the contract covers around 90% of Phase I production. » More on de.investing.com

Almonty Industries shares surged after Oppenheimer raised its price target from $7 to $12 and maintained an "Outperform" rating. Almonty aims to triple tungsten production to about 2.4 million tonnes by 2027, with the Sangdong mine in South Korea playing a central role and potentially supplying up to roughly 40% of Western supply at full capacity. At the same time, Almonty has launched legal action against Pure Tungsten, seeking an injunction over allegedly false and misleading statements about the company. Investors should monitor both tungsten price developments and the outcome of the lawsuit. » More on finanzen.net

Almonty Industries has appointed Brian Fox as its new Chief Financial Officer to support its US domiciliation strategy following its IPO and NASDAQ listing. Fox brings over 25 years of leadership experience and succeeds Mark Gelmon, who will remain with the company as a financial advisor. Analysts view Almonty positively given expected revenue growth and the strategic importance of the Sangdong mine in South Korea. » More on de.investing.com