Sangdong钨矿预计将于近期开始运营

Investment Rating - The report provides a "Recommended" investment rating for the industry, indicating a positive outlook for the sector [4]. Core Insights - The Sangdong tungsten mine is expected to commence operations shortly, with final preparations underway and processing equipment installed [1]. - A binding purchase agreement has been established with U.S. defense contractors for the supply of tungsten oxide, specifically for defense applications [1][6]. - The company has received shareholder approval to relocate production from Canada to the U.S., enhancing long-term competitiveness amid geopolitical tensions [1]. - The company has engaged a strategic partnership with American Defense International to strengthen its position in the U.S. defense and technology sectors [1][7]. Financial Performance Summary - In Q1 2025, revenue increased by 1.3% year-on-year to 7.9 million CAD, driven by higher tungsten concentrate sales [2]. - Mining business revenue grew by 24.1% year-on-year to 0.75 million CAD, attributed to improved production and pricing [2]. - Operating expenses totaled 9.5 million CAD in Q1 2025, up from 4.3 million CAD in the same period last year, primarily due to increased non-cash equity incentive costs [2]. - The net loss for Q1 2025 was 34.6 million CAD, compared to a loss of 3.8 million CAD in the previous year, largely due to non-cash losses from warrant liability valuation [2]. Cash Position - As of March 31, 2025, the total cash and cash equivalents amounted to 16.9 million CAD, an increase from 7.8 million CAD as of December 31, 2024 [3]. Strategic Agreements - A binding purchase agreement was signed with Tungsten Parts Wyoming, Inc. and Metal Tech for a minimum monthly supply of 40 tons of tungsten oxide for U.S. defense applications [6]. - The strategic partnership with American Defense International aims to enhance the company's engagement in U.S. government policies and industry priorities [7].