Lewis Black, Chief Executive Officer of Almonty commented: "2021 saw significant development within the Company, in particular at the project build at Sangdong. We have now completed over 25% of works and have expended over US$23.2 million at the site. Our long lead time mills are now ready in the EU and will be shipped in April to South Korea with a scheduled arrival time in May 2022. I believe the decision to order these long lead time items in advance of drawdown was prudent given that, in the current climate, these same items would be 40% more expensive and delivery time would now be over 2 years. Detailed engineering planning continues to be underway and only this week we have paid the 30% deposit to Metso Outotec for the flotation plant equipment ensuring our price lock and delivery schedule. Our team in Korea has been expanded to cater to the significantly increasing workload as construction accelerates. Drawdown of the KfW-Ipex Bank loan has been unnecessary to date as our equity contribution has covered our build commitments. Shortly, as construction accelerates, drawdown will be made. Given this on-site progress and that our project team is now in place at site, the Company is now looking at how to best maximize our Sangdong asset and drive our growth. Our recent announcements regarding the downstream of our Tungsten concentrate for the South Korean domestic market is part of our strategy. It is also worth noting that Korea is the 4th largest importer of Molybdenum in the world which also aligns with our ongoing assessment of our Korea Moly deposit located 150m under our Korea Tungsten deposit. On a final note, the completion of the new tailings dam in Portugal in 2021 marked a historic moment in the history of Panasqueira. A totally in-house designed and constructed dam allowing a further 20 years of activity ensures the ongoing viability of the project and is testament to the depth of engineering and construction skills found in our team after mining Tungsten for the last 126 years."