Almonty Industries Inc. (NASDAQ:ALM) is one of the 10 Stocks Defying Tech Market Turmoil.
Almonty Industries grew its share price by 7.73 percent on Friday to finish at $8.22 per share, after reporting a strong earnings performance in the third quarter of the year, helped by higher tungsten prices.
During the period, net income increased by 51.2 percent to CA$50.23 million from CA$33.19 million in the same period last year.
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Revenues soared 381 percent to CA$41.89 million from CA$8.7 million year-on-year, primarily driven by a significant appreciation in the prices of tungsten APT, with the European APT average price climbing 355 percent to $2,800 per MTU from $615 per MTU in the same period last year.
Income from mining operations amounted to CA$26 million, marking a 1,900 percent surge from CA$1.3 million year-on-year.
The third quarter also marked the same period that the Sangdong mine returned to full operations after 33 years, raising rosy growth prospects for the company in the long-term period.
In September this year, Almonty Industries Inc. (NASDAQ:ALM) received the final certificates required to commercially operate the processing plant and produced the first tungsten, leading to a Phase 2 expansion that is expected to nearly double throughput capacity to 1.2 million tons per year.
“With more than 90 percent of Phase I production already contracted, our focus now is on ramping the plant safely and steadily, and we have support on site working alongside our operators to do exactly that. The same partner is supplying Phase II equipment, including new mills,” Almonty Industries Inc. (NASDAQ:ALM) President and CEO Lewis Black said.
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