 This is Intel Radio, featuring investor intel and breaking stories with host Ellis Martin. Welcome. In this segment I'll speak with Louis Black, president and CEO of Almonte Industries, the leaders in Tungsten. Almonte Industries trades on the TSX Venture Exchange under the symbol ALL. Almonte specializes in acquiring distressed and underperforming operations and assets in Tungsten markets. These then benefit from the company's in-house operating experience and unrivaled expertise. Highly regarded as a hands-on turnaround investor operator, Almonte is an expert at overseeing projects regarded as too complex or difficult for the average pure financial investor. Louis, welcome to Intel Radio and InvestorIntel.com. Thank you for having me. Almonte is clearly the rising global player in Tungsten. If you wouldn't mind for listeners new to the space, give us a snapshot of the company and answer the question if you will. Why Tungsten? Tungsten is the world's longest running non-interrupted mine in the world. On site there are fourth and fifth generation Tungsten experts. They don't know anything else at Tungsten, from metallurgy to geology to the mining engineering, hard rock mining, processing. This is what they do. Given that the barrier of entry of expertise is very high and given that ultimately customers who want this material are not so price sensitive as perhaps most other commodities, they just need a reliable source material. That's what piqued our interest into Tungsten. So the need for Tungsten will never diminish and you'll always have a resource to bring to market meeting the demand. Yes, I mean demand increases by 3% a year and has done for the last 30 years. It's consistent growth in the markets for the material and ultimately because you use so little of it in process, there's really no incentive to ever look for a substitute. Even though at this time there is no substitute. Melidimum has about half the wear property of Tungsten, which is probably the closest product that you could substitute for, but it wears at half the rate quite as quickly. And to be honest, the industries that we sell into a very mature industry has been around for 80, 90 years. Most of them, they're all blue-chip, AAA rated companies, privately or publicly held. Stores of industry like the car manufacturers, Boeing, Airbus, Sandvik. So there is no incentive to look for alternatives because they find Tungsten is the best performer that is available. And so, as you said, demand heavily increases every year and supply is always an issue given that this knowledge to us extracted is very specific. You just announced filings for the Los Santos mind, Wolfram Camp Mind and Valtrix All Project in a 43-101 dated October 31st, 2015. Introduce our audience to these three projects and some of their highlights. We bought Wolfram Camp just over a year ago. We are in the process of optimizing it as we did with our Los Santos project. And Wolfram Camp gives us the product of Wolfram Mind. So we can now offer our clients both forms of Tungsten concentrate, which is very important. The Wolfram Camp project is very similar to our Portuguese project that we used to own in terms of its mineralization. When you maintain production and you're optimizing something, it's a slower process than just shutting down and then you have obligations to meet on our buy contract. It is now drawing to a finish. Valtrix All is essentially a project that we've had an eye on for a while. We acquired it from the state. It's a brownfields tin operation, but what they never really looked at was between the court's veins and the ship is a great deal of shillings. So we've just put out the 43-101 on that and that project will be developing and permitting during next year. And of course our other project is of course our South Korean assets, which we acquired this year, which we would describe as the crown jewel in the industry. This sort of supersedes anything I want to use. It is considered by the industry to be the premium Tungsten asset globally in terms of grade and in terms of reserves. So we have been monitoring the South Korean project for about nine years. We've sort of watched it thrown around a variety of management teams. And then finally we were able to, starting last year, start to negotiate a way of finally acquiring the best site that exists out there. One of our investor intel analysts, Christopher Eccleston, just visited your Los Santos project in Spain and stated that you had managed to put together the Western World's Tungsten Brain Trust. What did he mean by this? Well, I think what he was really trying to say was that the people that work within our onesie are all from the Tungsten industry. They're not from copper, nickel, crystal metals. They are full to fifth generation Tungsten operators and their fields cover anything from geology to metallurgy to the hard rock mining to open pits. This is their specialty. If we go to a consultant, consultant has virtually no knowledge of how to process Tungsten because why would he? There are a variety of Tungsten projects in the way. There are no reference books. There are no courses in university. This knowledge was handed down through the generations when obviously the West in the 50s, 60s and early 70s were the leaders in the production of Tungsten. When those mines began to close and obviously the focus of production shifted to China, that knowledge just disappeared. And so I think what he saw was a group of guys who essentially had experienced or worked or had knowledge of pretty much every type of process from the actual physical extraction to the processing of Tungsten. And Tungsten is very brittle. And so unless you know how to handle it correctly, you have such dissipation because of a brittleness. You have very poor recovery. So I think that's what he was really referring to is that I don't think there exists anywhere a group of people who know more about Tungsten than the team that he met. In this challenging market, you managed to raise additional finance in the amount of $2.4 million. Your company expects to raise additional capital in order to continue the development and build out of your Sandung Tungsten project in Korea that you referenced earlier. Would you tell us more about this project? Well, I think actually we raised more than $2.4 million. I think we raised about $8.5 million altogether, I remember right now. And we continue to use our credit facilities to advance the glimmery work to prepare Sandong for production. Obviously, the challenge right now is our current stock price has had a tremendous sell-off with quite many other mining companies. We've been the beneficiary after the merger with Wolf, which happened with Sandong. There are a number of obviously retail investors who have decided that they just want to take their money off tables. We've taken a beating. We have no intention at this time of doing equity raises that would subject our shareholders, including myself, or the major shareholder in our monthly, to unnecessary dilution. We have the fishing capital in which to advance Sandong. And we are in late stage negotiation with what we can do to the normal lending avenues, additional banks. You completed a merger with Wolf Minerals and, of course, closed the related financing. You attracted a powerful investor in Doysha Rostov AG. We have a number of very good shareholders in the company, everyone from Fidelity, Colonial, Duke Korea, Zinc, and Doysha Rostov. Doysha Rostov stood out to the front because we bought the Wolfram Camp project from them. They are very much committed to tungsten. But what they realized with owning Wolfram Camp is that you need knowledge to succeed. And despite their best efforts to find that knowledge, it's very difficult. And we got to know Doysha Rostov and we were obviously consolidating the sector. And so it was a natural fit. They very much believe in tungsten. I understand completely the rationale is why they do. And at the same time, we had the personnel to make the magic happen. And so it's a very natural fit. And so we were very happy that the CEO of Doysha Rostov joined our board. He brings a good Germanic discipline to our board, which is good, as well as the fact that he, like myself, are completely committed and focused on finishing what we started, which is the consolidation of the Western consumer sector, only with projects that we consider to be competitive with the Chinese. And so we are completely aligned. So Doysha Rostov has continued to be a very strong supporter and a good friend of Almonte and Arshel. Lewis, we appreciate your time today. Thank you so much for joining us on Intel Radio and InvestorIntel.com. Thanks very much, Ella. Thank you. I've been speaking with Lewis Black, president and CEO of tungsten leader Almonte Industries, trading on the TSX Venture Exchange under the symbol ALL. Learn more about Almonte Industries on InvestorIntel.com. For InvestorIntel and Intel Radio, I'm Ellis Martin. Thank you for joining Ellis Martin on Intel Radio. For more information, go to InvestorIntel.com or email info at InvestorIntel.com for additional information.