08:33 AM EDT, 05/20/2025 (MT Newswires) -- (Updates with Almonty Joining CMF)

Almonty Industries ( ALMTF ) on Tuesday said it got membership in the Critical Minerals Forum (CMF), a U.S. Defense Advanced Research Projects Agency (DARPA)-funded not-for-profit trade association, dedicated to building resilient and diversified critical minerals supply chains.

In partnership with DARPA's Open Price Exploration for National Security initiative, CMF provides input to create and refine AI-driven analytic models that forecast cost, price, supply and demand for critical minerals such as Tungsten.

This comes after Almonty reported a wider loss in the first quarter. The net loss increased to $34.6 million for the three-months ended March 31, compared with $3.8 million, a year earlier, the company said over the holiday weekend. It attributed the change primarily to a non-cash loss of $25.8 million from the change in valuation of warrant liabilities, based on a "Black-Scholes" valuation method reflecting the increase in Almonty's stock price from $0.91 on Dec. 31, 2024 to $2.25 on March 31.

Revenue increased to $7.91 million in Q1 compared with $7.82 million, a year-ago, due to higher tungsten concentrate sales, driven by a combination of lower production volumes and improved pricing under long-term supply agreements.

"At Panasqueira, we again delivered positive income from mining operations, reaffirming the mine's consistency and the importance of the operating experience derived there as we approach startup at our flagship Sangdong project in South Korea" said Almonty Chief Executive Lewis Black. "With production at Sangdong on the near-term horizon, we believe Almonty is well positioned to enter a new phase of growth, aligned with rising strategic demand for tungsten in defense and technology applications."

Shares of the company closed down $0.08 to $2.40 on Friday on the Toronto Stock Exchange.