Almonty announces the filing of its financial statements and MD&A for the three months ended December 31, 2013

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Investor conference call Thursday February 27 at 8:30am EST

Revenue of $5.5 million and EBITDA¹ of $2.201 million and Net Income of $1.042 million for Q1, 2014

TORONTO, Feb. 26, 2014 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today announced the filing of its unaudited consolidated interim financial statements and management discussion & analysis ("MD&A") for the three months ended December 31, 2013.  Unless otherwise indicated, all currency amounts contained in this news release are in thousands of Canadian dollars.

Almonty reported revenue of $5,463, gross profit of $2,967 representing a gross profit margin of 54.3%, EBITDA¹ of $2,201 and net income of $1,042 for the three month period ended December 31, 2013.

Summary operating information:

Subsequent to the end of Q1 2014, after discovering the faulty calibration (See press release dated January 31, 2014) the Company continued to re-tune its processing circuit.  Tungsten recovery rates increased to 57.0% for the month of January.  The Company is continuing to re-tune its processing circuit and anticipates returning to a tungsten recovery rate of 65% in the near-term.

The following financial information is for three months ended December 31, 2013 and 2012: 

Lewis Black, Chief Executive Officer of Almonty commented, "Despite both a 6% drop in the APT price during the quarter and the decline in the US dollar vs. the Euro, the Company is pleased with the operational results it has achieved. Importantly, the on-going cost reductions and tungsten recovery gains have continued their momentum into Q2, with January being the Company's most productive month ever in terms of MTUs of WO₃ produced."

A teleconference to review the first quarter ended December 31, 2013 will be held at 8:30 a.m. ET on Thursday, February 27, 2014. Representing management will be Lewis Black, chairman, president & chief executive officer, and Dennis Logan, chief financial officer. A question and answer period will follow brief remarks from management.

To participate in the teleconference:

• if calling from North America:                +1-888-390-0546
• if calling from outside North America:    +1-416-764-8688

An archive of the conference call will be available until March 15, 2014.

To access the archive:

• from North America:    +1 888-390-0541 (pass code: 688098)
• from outside North America: +1-416-764-8677 (pass code: 688098)

About Almonty

The principal business of Toronto, Canada based Almonty Industries Inc. (TSX-V: AII) is the mining, processing and shipping of tungsten concentrate from its tungsten mine at the Los Santos Project.  The Los Santos Project was acquired by Almonty in September 2011.  The Los Santos Project is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate.  Almonty also has an option to acquire a 100% ownership interest in the Valtraxial tin-tungsten project in north western Spain.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. This press release contains forward-looking statements and information including, without limitation, minimal capex, tungsten recovery rates and future APT prices. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations.

The forward-looking statements and information in this press release include information relating to the intentions of management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.  By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

SOURCE Almonty Industries Inc.