Almonty Industries Inc. · NASDAQ:ALM
Almonty Industries — Investor Presentation (September 2026)
18 slides from Almonty Industries's investor presentation, September 2026
Slide 1: A Leading Global Producer of Tungsten Concentrate
NASDAQ: ALM | Frankfurt: ALI1 A Leading Global Producer of Tungsten Concentrate Investor Presentation September 2026
Slide 2: Disclaimer
Disclaimer This presentation was prepared by Almonty Industries Inc. ("Almonty" or the "Company") and the analyses contained in it are based, in part, on certain assumptions made by and information obtained from the Company and/or from other sources. The information contained may not be comprehensiv
Slide 3: Disclaimer (Cont’d)
Disclaimer (Cont’d) Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are inclu
Slide 4: Almonty Industries at a Glance
PROCESSING & RAMPING-UP SANGDONG Almonty Industries at a Glance TUNGSTEN MINE (1) SOUTH KOREA Acquired: 2015 Stage: Production Probable Mineral Reserves: Almonty Industries Inc. (“Almonty” or the “Company”) is a diversified and 8.6 Mt @ 0.42% grade(2) experienced global producer of tungsten in confl
Slide 5: Almonty Sustains Strong Momentum
Almonty Sustains Strong Momentum 1 U.S. Domestication ➢ Considering becoming a U.S.-based entity with a primary listing on the NASDAQ 2 Start of Commercial Mining at Sangdong Tungsten Mine ➢ First ore delivered at Sangdong, the final step before commercial production 3 Completion of Sangdong Tungste
Slide 6: Unique Conflict-Free Tungsten Portfolio Positions Almonty as Viable Solution in Highly Concentrated Market
Unique Conflict-Free Tungsten Portfolio Positions Almonty as Viable Solution in Highly Concentrated Market The Issue The Solution Global Tungsten Supply Shifts Amid U.S. -China / Adversarial ALMONTY Nation Restrictions Largest and one of the only ➢ Starting January 1, 2027, the DoW will ban the mili
Slide 7: Key Priorities to Become the Primary Supplier of Conflict-Free Tungsten
Key Priorities to Become the Primary Supplier of Conflict-Free Tungsten The next two years are expected to be transformational for Almonty Expected Timing Completed Start of Commercial Mining at Sangdong Tungsten Mine Q4 2025 Completed Completion of Phase I of Sangdong Q4 2025 Completed Commissionin
Slide 8: Tungsten – A Critical Metal Enabling Defense and AI Technologies
Tungsten – A Critical Metal Enabling Defense and AI Technologies Tungsten – One of The Most Important Among Critical Raw Materials (1) ➢ Tungsten's extreme hardness, density and high melting point TRANSPORT make it critical for defense applications ECONOMIC IMPORTANCE (2) 26% 9 26% MINING & ➢ Rising
Slide 9: Global Tungsten Supply and Demand
Global Tungsten Supply and Demand Increasing Demand Causing Near-term Supply Shortage Global Tungsten Production Global Tungsten Global tungsten demand volume is End-Use by Region(4) A supply deficit expected in the Production(3) projected to grow at a CAGR of 2.0% near term, with demand from 2025 t
Slide 10: Increases in Military Budgets Signal Long-Term Demand Growth
Increases in Military Budgets Signal Long-Term Demand Growth ➢ Defense spending rose ➢ Defense expected to ➢ Defense spending grew ➢ Defense spending of ➢ Defense budget from US$817B (2023) reach €108B in 2026, to US$64B (2024/2025)(3) £66B, equivalent of 2.3% will grow from ¥8.4T in to US$919B (202
Slide 11: Sangdong Project Buildout, Construction of the Tungsten Oxide Facility and Panasqueira Expansion
Sangdong Project Buildout, Construction of the Tungsten Oxide Facility and Panasqueira Expansion ➢ Commercial Mining commenced December 2025 ➢ Some components have been built which may support a higher ~230,000 MTUs PHASE I throughput or expansion. WO3* Concentrate p.a. 640,000 tons 21 Years Offtak
Slide 12: Sangdong – Massive Orebody with Compelling Operational Profile
Sangdong – Massive Orebody with Compelling Operational Profile SIGNIFICANT HIGH GRADE LOW COST HIGH RECOVERY 45+ POTENTIAL YEARS FULLY PERMITTED & ALL RESERVE UPSIDE MINE LIFE (3) DRAWDOWNS APPROVED Estimated low quartile One of the largest tungsten Superior grade versus Estimated recovery of 85%(2)
Slide 13: Sangdong – Offtake Agreements and Project Financing
Sangdong – Offtake Agreements and Project Financing Reputable partners confirm high-quality project DE-RISKING THROUGH OFFTAKE AGREEMENT GUARANTEE GOVERNMENT-BACKED SENIOR 21-YEAR FLOOR-PRICE OFFTAKE FOR 100% OF POTENTIAL PROJECT FINANCE LOAN PROVIDED AGREEMENT MOLYBDENUM OUTPUT BY GERMAN STATE-OWNE
Slide 14: Gentung (Montana) – Almonty’s First U.S.-Based Project
Gentung (Montana) – Almonty’s First U.S.-Based Project Strategic U.S. Positioning: Potential to enhance domestic tungsten supply for essential industries KEY FACTS ➢ Acquisition of Gentung (Montana) marks Almonty’s entry into the United States with 100% ownership of undeveloped tungsten assets in th
Slide 15: Panasqueira – In Production for More Than a Century
Panasqueira – In Production for More Than a Century Proven track record in a Western jurisdiction KEY FACTS ➢ Located in Covilhã, Castelo Branco district, Portugal ➢ One of the world’s longest producing tungsten mines – over a century of continuous production ─ Long term expertise operating Panasque
Slide 16: Management Team, Operations & Board of Directors
Management Team, Operations & Board of Directors Lewis Black Jorge Beristain, CFA Brigadier General (Ret.) Steven L. Allen Executive Director, President & CEO Chief Financial Officer Chief Operating Officer • Currently a Partner of Almonty Partners LLC, a privately- • Most recently VP Finance at Rye
Slide 17: Capitalization Summary
Capitalization Summary (1) Cash and Liquidity (as of June 30, 2026) (all figures in thousands; CAD unless otherwise noted) Cash and Equivalents $1,227,242 Debt (as of June 30, 2025) Term and Other Loans – EUR $20,044 Term and Other Loans – USD $8,526 Promissory Note $250 Convertible Senior Notes $68
Slide 18: A Leading Global Producer of Tungsten Concentrate
LOS SANTOS Acquired: 2011 GENTUNG Stage: Care & Maintenance (Montana) PANASQUEIRA SANGDONG Acquired: 2025 Acquired: 2016 VALTREIXAL TUNGSTEN Stage: Under Development Stage: Production Acquired: 2013/2016 Acquired: 2015 SANGDONG Stage: Pre-feasibility Stage: Processing & Ramping Up DOWNSTREAM Stage:
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