What Sent Almonty Industries (ALM) Down 9.6%

Almonty Industries Inc. (NASDAQ:ALM) is one of the 10 Stocks Investors Are Running Away From.

Almonty Industries fell by 9.6 percent on Monday to end at $15.02 apiece, as investor sentiment was dragged by concerns about the economic impact of the prolonged US-Iran war.

The stock fell alongside key players and industries riding the artificial intelligence wave, as investors unloaded portfolios for safety while waiting for developments between the US and Iran.

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Photo by Alesia Kozik on Pexels

It can be learned that the two nations over the weekend launched fresh missile strikes, weeks after trying to negotiate a peace deal.

However, President Donald Trump over the weekend said that the US has reinstated an Iranian blockade in the Strait of Hormuz, and later commanded the launch of missile strikes.

Investors turned pessimistic amid fears over the further economic impact of the prolonged war.

In other news, Almonty Industries Inc. (NASDAQ:ALM) announced earlier this month that it has officially started the processing operations of its Sangdong tungsten mine.

Almonty Industries Inc. (NASDAQ:ALM) said that it exited the first quarter of the year with approximately 120,000 tons of ore stockpiled at an average grade of 0.24 percent tungsten trioxide.

In the second quarter, the company mined an additional approximately 19,700 tons of development ore at an average grade of 0.35 percent tungsten trioxide, while advancing 214.6 meters of underground development, primarily along the Main Vein.

Together, this brings total stockpiled ore to approximately 139,700 tons at a blended grade of approximately 0.25 percent tungsten trioxide ahead of the plant’s commissioning.

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