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Case study
Global Services to a Canadian-Domiciled Mining Company
Almonty Industries Inc. (“Almonty”) is a prominent mining company specialising in tungsten, with operational mines located in South Korea, Portugal and Spain. Based in Vancouver, Canada, Almonty is listed on the Toronto Stock Exchange (“TSX”) and had ambitious plans to expand its market reach through a dual listing on the Australian Securities Exchange (“ASX”).
The client challenge
Almonty faced a series of challenges with its financial reporting and audits. Over recent years, Almonty’s audit reports were persistently lodged late on the TSX, leading to dissatisfaction and frequent changes in auditors. Almonty also required a comprehensive Independent Accountant’s Report (“IAR”) as part of the ASX dual-listing process. The company’s incorporation in Canada and primary listing on the TSX posed challenges in aligning audit requirements across jurisdictions.
The solution
Nexia Perth (Australia) orchestrated a collaborative, cross-border solution leveraging the global Nexia network. Nexia Perth connected with Zeifmans, Nexia’s member firm in Toronto. Zeifmans agreed to act as the lead auditor for Almonty, with Nexia Perth engaged as a contractor. Nexia Perth and Zeifmans seamlessly integrated their teams to conduct the audit, ensuring compliance across jurisdictions.
At the same time Nexia Samduk (South Korea) audited the Sangdong mine, Nexia Audria (Spain) contributed to the Daytal mine audit in Spain and Nexia CPLA (Portugal) assisted in reviewing audit work papers from another auditor, responsible for the Portuguese mine.
For the first time in years, Almonty’s financial statements were lodged on time, demonstrating the effectiveness of the Nexia network.
Value
Nexia delivered exceptional value to Almonty by ensuring timely lodgement of financial reports, which reinstated Almonty’s compliance with TSX requirements and strengthened investor confidence. By leveraging Nexia’s global network, this provided Almonty access to mining industry specialists and cross-border auditing proficiency.
Conclusion
This engagement exemplified the strength of Nexia’s global network and its ability to adapt to client needs. It highlights the effective collaboration among Nexia firms in Australia, Canada, Korea, Spain and Portugal, showcasing the network’s cohesion and capacity.
Partnering with Almonty reinforced Nexia’s expertise in the mining sector and its ability to serve complex, multinational clients.
