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Almonty announces the filing of its financial statements and MD&A for the year ended September 30, 2012
By: PR Newswire
Dec. 17, 2012 07:01 AM
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
Revenue of $5,394 million and EBITDA1 of $1,848 million for the fourth quarter and Revenue of $21,645 and EBITDA1 of $7,203 million for the Year and achieves Tungsten recovery rate of 64.2% for the month of November
TORONTO, Dec. 17, 2012 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today announced the filing of its audited consolidated financial statements and management discussion & analysis ("MD&A") for the year ended September 30, 2012. Unless otherwise indicated, all currency amounts contained in this news release are in thousands of Canadian dollars.
Almonty reported revenue of $5,394, gross profit of $2,878 representing a gross profit margin of 53.9%, EBITDA1 of $1,848 and net income of $1,025 for the three month period ended September 30, 2012. For the Year ended September 30, 2012 revenue totalled $21,645, gross profit was $10,539 representing a gross profit margin of 49.2%, EBITDA1 of $7,203 and net income of $2,415.
Almonty mined 114,647 tonnes of ore at a weighted average grade of 0.30% WO3 for the three month period ended September 30, 2012 (462,221 tonnes of ore at a weighted average grade of 0.28% WO3 for the Year ended September 30, 2012). The overall increase in head grade mined is a result of planned pit optimization that the Company is continuing to undertake following the completion of an updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") report completed September 30, 2012. The Company believes that it will be able to continue to further enhance its ability to access higher grade material in future periods as a result.
The Company processed 119,903 tonnes of ore during the three month period ended September 30, 2012. The weighted average grade of ore processed was 0.24% for a total contained MTU WO3 processed of 29,229. For the Year ended September 30, 2012 the Company processed 476,591 tonnes of ore at a weighted average grade of 0.24% WO3 for a total contained MTU WO3 processed of 113,867.
Tungsten concentrate recovery for the three month period ended September 30, 2012 averaged 60.0%, a 3.3% increase over the previous quarter's recovery rate of 58.1%. Tungsten recovery for the Year ended September 30, 2012 averaged 57.8%, reflecting a steady increase over the prior year when the mine was under previous ownership.
The Company shipped 15,817 MTU of high grade concentrate (65.0% or higher WO3) and 2,760 MTU of low grade concentrate (between 45.0% and 65.0% WO3) during the three months ended September 30, 2012. For the Year ended September 30, 2012 the Company shipped 57,839 MTU of high grade concentrate (65.0% or higher WO3) and 8,580 MTU of low grade concentrate (between 45.0% and 65.0% WO3).
Production levels for the three months ended September 30, 2012 totalled 17,524 MTU of WO3 concentrate, an increase of 8.5% over the three months ended June 30, 2012. Cash operating costs for the three months ended September 30, 2012 were US$159 /MTU, a decrease of 15.0% over the three months ended June 30, 2012 and a decrease of 17.6% when compared to the year ended September 30, 2011.
Summary operating information:
Subsequent to year end the Company continued to modify its processing circuit with the installation of additional tungsten recovery equipment. Tungsten recovery rates were 60.0% for October and 64.2% for November. Based on test work that has been carried out to date the Company believes that it will be able to achieve its targeted tungsten recovery rate of 65.0% with the planned addition, during the month of December 2012, of additional equipment to the processing circuit.
Lewis Black, Chief Executive Officer of Almonty commented, "Our rigorous optimization efforts have yielded the results we expected and we are on track to achieve our minimum targeted tungsten recovery rate of 65%. Our cash operating cost are continuing to trend down towards our targeted level of $125-130 per MTU, positioning the Company to continue generating positive cash flow in the context of the current APT commodity pricing environment. The Company is ready to capitalize on the anticipated increase in demand for Tungsten concentrate in 2013."
The following financial information is for the periods from June 9, 2011 to September 30, 2011, from October 1, 2011 to September 30, 2012 and from July 1, 2012 to September 30, 2012:
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 mine was originally opened in 2008 and commissioned in July 2010 by its former owner. The Los Santos Project is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate.
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
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Almonty's current expectations. 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.
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 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.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Almonty undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change.
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.
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