Almonty Industries Inc T.AII

Update

[chizzles]

Sangdong Mine Operational Update and Second KfW Drawdown received Highlights • Torrential rainfall event at Sangdong Tungsten Mine in August with >220mm of rain over three-day period. • Underground mine, all associated underground infrastructure and surface infrastructure completely unaffected. • Mine Development reached significant milestone - enabling further exploration and exploitation. • Receipt of second drawdown amount of US$4.1 million from KfW-IBEX Bank US$75.1 million project financing loan facility, as scheduled. Toronto – 24 August 2022 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an operational and financing update in relation to its Sangdong Tungsten Mine, which is currently under construction in South Korea. Operational update Earlier this month, the Sangdong region where the Company’s Sangdong Mine is located in South Korea, was hit by some of the heaviest rain in decades. In the 3 days between the 9 and 11 August 2022, the region experienced rainfall of over 220 mm. Pleasingly, the entire length of the mine was kept stable and all underground infrastructures such as pumping, power ventilation and compressed air operated normally. All surface related infrastructures as mine support office, power supply network, drainage, waste dump, ore stockpiles, batch plant and subcontractors installations also operated as normal. Following this significant weather event, a technical audit was undertaken on the infrastructure which concluded no issues with the infrastructure. Mine development works hit an important milestone in late August, with the hanging wall gallery of -1 Level being reached, which is significant as this will allow further exploration and exploitation works of that extensive ore zone. Almonty is also pleased to note that the second drawdown from the KfW-IBEX Bank US$75.1 million project financing loan facility of US$4.1 million has been received in August. Drawdowns are occurring in line with the project drawdown schedule. Almonty’s Chairman, President and CEO Lewis Black commented: We are pleased that the Sangdong Mine infrastructure passed this stress test which is a testament to the quality of the engineering works and studies completed over the several years leading to construction of our world class Sangdong Tungsten Mine. Further, we are pleased to have successfully reached connection to the -1 Level hanging wall gallery, which represents 55% of our reserves, which occurred in August. This is significant because it enables Almonty access to infrastructure previously constructed which can be re-furbished (such as the drainage gallery, or the vertical shaft) and enables further exploration from this zone. We are also pleased to have received the second drawdown from our financing partners, KfW-IPEX Bank, under the US$75.1 million project financing loan facility which brings the total amount received to date to US$16.9 million, as scheduled.

[QuarterDollar]

Glad to see all the design and construction of the site drainage in anticipation of that rare 100 year event worked for this monsoon. @5ilver, Do you know the significance of LB's statement: Is this the first ore to be extracted? But then again, he says it enables further exporation from this zone.  I thought our current JORC resource had a something like a guaranteed 13 year

[5ilverlining808]

I think they are just exposing these minable areas in prep for when the plant is built. Long ago the first area exposed was the 600 metre strike zone, and now this one. I dont know what will be mined first. I think the reason for further exploration is to keep things moving at a steady pace and to avoid mine development team sitting idle, plus to reach/expose the Main Ore Body and Footwall zones.

[QuarterDollar]

A year ago, Almonty had 37% of the tunneling work done. I presume this is the next phase in the continuation of that work. You are probably right 5ilver and it makes sense that they are keeping things moving along by keeping teams busy.

[5ilverlining808]

Honestly, I am only throwing out my best guess. It is a bit disappointing that the plant concrete works were not mentioned, but when you said "monsoon" and I looked into that, it seems to be a bit of a God send that they held off. I now see that Sangdong is at the same longitude as Tokyo Japan, and from what I Googled the monsoon season should have ended in July. Climate change steps

[QuarterDollar]

@5ilver you have the knowledge and experience when it comes to mining, so I will take your best guess over any other guess, including my own. I don't know what they call downpours in SK, so in want of a better word, I called it a  monsoon. 

[5ilverlining808]

Just to let you know, I am sure Almonty is watching this board but not participating in dialogue when some comments are wrong or adding corrections to clarify. I replied to a post from blueskies about tpa and tph with some grade predictions and that post has been removed from the board. It must have had some thing in that to warrant a request to remove it by Almonty , but why not make an effort

[Sargonski]

Curious about your grade predictions  ..  and any other predictions related to what you think this mine is capable of producing .. and on what timeline.  Cheers

[QuarterDollar]

@Sargonski We haven't made any grade predictions. All grades are based upon what is said by the company in webnars and more so by what is published by Almonty.

[QuarterDollar]

oh... I missed 5ilver's previous post

[QuarterDollar]

@5ilver.... you mean this post? 5ilvers Ramp Up Response to BlueSkies

[5ilverlining808]

No it wasnt that one. I think the post was mainly to break down tha to tph and some other stuff. Not sure what that was.

[TradingKiwi]

Interesting volume pattern today, many 500 lots on the tsx throughout the day.  Not normal for Almonty.  Indicates possible larger auto trader either buiding a position or selling.