Almonty Industries Inc. (“Almonty” or the “Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company is planning to change its jurisdiction of incorporation from Canada to the State of Delaware while maintaining its listings for now on the Toronto Stock Exchange and the Australian Securities Exchange. We refer to this transaction as a “US domestication” in this press release. The US domestication reflects the growing importance of the United States in Almonty’s strategic positioning. With its robust regulatory framework for critical materials like tungsten and molybdenum and the evolving global economic landscape, the United States presents a compelling jurisdiction for our incorporation. The State of Delaware, in particular, was chosen as our new domicile because the Delaware General Corporation Law (“DGCL”) expressly accommodates continuances under Section 192 of the Canada Business Corporations Act and is recognized for its extensive body of corporate law. Supported by decades of case law in Delaware courts, the DGCL provides well-defined guidance on the duties and obligations of directors and officers, offering legal clarity that is expected to benefit both the Company and its shareholders.
“By changing our base of operations and jurisdiction of incorporation from Canada to the United States, we are aligning our corporate structure with the location of a significant portion of our shareholder base and enhancing our ability to access key US markets,” said Lewis Black, CEO. “This move reinforces our strategic focus on growth and operational agility, ensuring we remain competitive and well-positioned to deliver value to stakeholders in an evolving global landscape. We observed ongoing global tensions with export restrictions in China, import duties by the United States and also restrictions on tungsten from China, Russia, Iran, and North Korea by the US Department of Defense. Amid those rising global tensions, Almonty and its South Korean Sangdong Mine are poised to become a cornerstone for a transparent and reliable Western source of tungsten and molybdenum.”
As global geopolitical tensions evolve and policies in key economies shift to encourage domestic sourcing of critical raw materials, the Company’s management believes that being based in the United States will enhance Almonty’s long-term competitiveness and agility in a dynamic global market.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in northwestern Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north- western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedarplus.ca.
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