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Almonty Industries

Termination of coverage

Update | Mining | 12 Nov 2017

Edison Investment Research is terminating coverage on Almonty Industries (All). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Almonty Industries

Tough as tungsten

Outlook | Mining | 16 Aug 2016

Operating against persistently low tungsten prices, Almonty has continued to grow its business and has raised two-thirds of the capex required, as debt, for its flagship South Korean Sangdong project, with the remainder likely via equity-linked instruments. We consider development of Sangdong as key to the company managing its gearing levels and the current low tungsten price environment. Aside from growing its production capabilities, Almonty plans to take over Vietnamese ferro-tungsten producer ATC Alloys, thereby diversifying into downstream processing.

Almonty Industries

APT price rebound key, finances bolstered

Update | Mining | 11 Mar 2016

The present weakness in tungsten (APT) prices continues to be reflected in Almonty's financial results, against a backdrop of steady production, improving costs and corporate efforts to strengthen its balance sheet. Alongside its corporate activity, Almonty is progressing optimisation of its Wolfram Camp Mine (WCM) to bring costs in line with Los Santos's, as well as progressing development of its Sangdong asset (commissioning is expected in 2017). With APT prices at 10-year lows, it is clear a rebound in prices is the key for Almonty emerging as the pre-eminent global tungsten producer and maintaining itself as a going concern.

Almonty Industries

Robust Q315 results despite weaker APT

Update | Mining | 17 Sep 2015

Almonty reported solid Q315 financial results, with an adjusted EBITDA loss narrowing to C$0.9m compared to C$1.0m in Q215 and C$1.5m in Q115, against the backdrop of a falling APT price. The results were supported by the continuing strong performance from Los Santos, which benefited from improved plant recovery and higher processed grade. Having incorporated Sangdong, the reported results and updated tungsten price assumptions into our model, we revise our valuation of Almonty from C$1.00/share to C$1.26/share.

Almonty Industries

Woulfe transaction implications

Update | Mining | 31 Jul 2015

Following the recent transaction to acquire Woulfe Mining's equity and debt, Almonty has proposed a merger of the companies, which would give Woulfe shareholders c 40% share in the combined entity. Woulfe's main asset is the past-producing Sangdong tungsten project, which boasts low opex, capital intensity and a relatively short lead time. We have attempted a preliminary valuation of the project, estimating its NPV10 at C$0.7 per Almonty share on a funded and fully diluted basis, using a US$300/mtu APT price and assuming the IMC JV goes ahead.

Almonty Industries

Proposed acquisition of Woulfe

Flash note | Mining | 09 Jul 2015

Almonty has announced its intention to acquire Woulfe Mining in an allsharetransaction, potentially creating one of the largest independentproducers of tungsten with annual output of more than 400kmtu of WO3.

Almonty Industries

Q215 results; Woulfe transaction

Update | Mining | 09 Jun 2015

Almonty reported mixed Q215 financials, with Los Santos delivering solid results while WCM underperformed. The company has also announced the acquisition of shares and debt in Woulfe Mining, which could provide it with an 18.7% interest, potentially leading to a combination of the companies' assets. We lower our SOTP valuation of Almonty to C$1.0/share, but expect the shares to be well supported in the near-term should tungsten prices stabilise and on any evidence of WCM's performance gradually improving.

Almonty Industries

C$1.5m reduction in the WCM acquisition price

Flash note | Mining | 27 Feb 2015

Almonty has announced a C$1.5m reduction in the Wolfram Camp Mine (WCM) acquisition cost, stemming from the project's working capital adjustment. This will be satisfied through the surrender of a respective portion of the convertible debt issued to Deutsche Rohstoff. This reduction in net debt increases our valuation of the company to C$1.32/share.

Almonty Industries

Termination of merger with Woulfe

Update | Mining | 18 Feb 2015

Almonty and Woulfe have announced the termination of discussions to combine the two companies. It is unclear what the reason for this decision is and which company decided to walk away. We believe the news is neutral for Almonty and slightly negative for Woulfe.

Almonty Industries

Strong FY14 results; Woulfe merger update

Update | Mining | 13 Feb 2015

We increase our valuation of Almonty to C$1.29/share, mostly owing to strong FY14 financial results. We believe the Woulfe transaction could be positive for the company, if it manages to retain IMC as a strategic partner on mutually beneficial terms. Overall, we maintain our positive view on the stock as we believe Almonty continues to provide attractive turnaround potential coupled with growth optionality.

Almonty Industries

Proposed merger with Woulfe Mining

Flash note | Mining | 28 Jan 2015

Almonty Industries has announced its intention to merge with Woulfe Mining, which owns the past-producing Sangdong tungsten project in South Korea. This deal could elevate the combined company into the top ranks of the industry, potentially making it the largest upstream tungsten producer outside China.

Almonty Industries

Share buyback extension

Flash note | Mining | 05 Jan 2015

Almonty has announced its intention to renew its share buyback programme, totalling 1.43m shares, or 2.9% of the outstanding share capital. At the current share price, the company would spend c C$0.9m. While relatively small, the buyback is marginally accretive to the EPS and valuation.