This sums up the current state of affairs While our Panasqueira mine in Portugal consistently provides a positive EBITDA from mining operations, Almonty’s Q3-2024 loss includes non-cash charges of approximately $450k for interest settled by share issuance, share-based compensation expense of $2.399 million and $1.999 million of unrealized foreign exchange loss.
EBITDA from mining operations at our Panasqueira mine was $3,323,000 for the nine months ended September 30, 2024.
In addition, Almonty continued to clean up its balance sheet by converting over $9 million of long-term debt into shares of the Company as well as push out the maturity date of an additional $21.4 million of long-term debt to March 2027.
The Company is in an exciting phase right now with the build-out of our Sangdong Mine being in full swing towards completion of construction, with drawdowns on our KfW IPEX-Bank US$75.1 million loan facility being received on time and as planned and with the 7th and 8th drawdowns, totaling US$10.64 million, having been received during July 2024. In addition, given the fact that our underground Panasqueira mine, with a grade of 0.14%, is providing a significant positive EBITDA from mining operations, the Company expects very positive results from its underground Sangdong mine in South Korea, once it commences production, given its 0.46% grade of material to be mined.