Hi All, Almonty has updated their latest presentation from the previous December 2024 version to a new February 2025 version. Available here https://almonty.com/investors/presentations/
Below are my comments on the differences. Not financial advice, DYOR. Good luck to all.
-Market Cap has more than doubled going from $230m to $545m.
-Both Lews Blacks and Plansees holdings have increased.
-The Cash at hand in both the old December 2024 and February 2025 are both referencing the cash at hand as at Sep 30th 2024. Reading between the lines they have very little cash on hand today.
There is a new slide spruiking how moving their domicile from Canada to the USA is going to solve the USAs lack of tungsten supply issues. I see it as fluff and just an extra cost to Almonty shareholders. Meanwhile EQ Resources is now listed on the US Department of Defence’s Defence Industrial Base Consortium (https://www.dibconsortium.org/current-members/). EQR is still located in Australia with no issues becoming a member. No sign of Almonty on the list. Lewis doesn't let that stop him explaining “Almonty Industries is one of the only transparent, non-restricted, western source for tungsten with the ability to supply conflict-free tungsten to the United States and other western partners.“
Stating Sangdong will be in production in quarter 2 2025 at Sangdong. Some photos from February showing progress. Looks a long way off complete to me. It looks to me they still need to do the fit out of the processing gear, pipelines, electrical and conveyors once the buildings are complete.
The start-up capex for Sangdong has changed from USD $228m in Dec 2024 to $120m USD in Feb 2025. Lewis at it again, another conscious decision to make things look better than they seem. They still have $150m Debt. They have completed all funding draw downs and Lewis obviously does not want the market to know how much cash is on hand as they are still using the September 30 figure. Sounds like they will need to raise more capital soon.
We could check the Dec Quarterly but Almonty has not published it yet. Not sure how that works but you think Lewis would be focused on getting his overdue quarterly out for the shareholders instead of having interview after interview to tell the world he is getting a few phone calls and Nvidia and Iphones use tungsten.
No update to the cash costs per ton. That's not important is it. But better tell everyone the Capex dropped $90m right?
Quite a few changes to the SangDong gantt chart.
-Repayment start has moved from end of Q1 2025 to mid Q1 2026-> more interest costs.
-Plant construction has moved from ending end Q2 2024 (Yes even in Dec 2024 Lewis was planning for the plant to be finished in Q2 2024) to end of Q2 2025.
-Completion and Commissioning has moved from after the plant is complete to before the plant is complete. 5th Generation tungsten miners at work here!
-9 month ramp up is now only 3 month ramp up.
-Start of mining activities has moved from starting 6 months before the last presentation was released to now only 3 months before the last presentation was released. ??????
-Phase 2 expansion has left the gantt chart and instead of starting in q4 2025 its sometime in 2027.
But don’t forget “ALL MILESTONES ACHIEVED”
Initial Capex for Phase 1 has jumped from $75m USD to $125m USD (what happened to the $120m figure?)
They have removed the slide “Almonty Group - Production and Financial Growth Profile” I guess they realised they were not going to produce 250,000+ MTUs from Sangdong in financial year 2025.
(20min delay)