Almonty Industries Inc. · NASDAQ:ALM
Almonty Industries — Investor Presentation (September 2025)
20 slides from Almonty Industries's investor presentation, September 2025
Slide 1: A Leading Global Producer of Tungsten Concentrate
A Leading Global Producer of Tungsten Concentrate NASDAQ: ALM Investor Presentation TSX: AII | ASX: AII | | Frankfurt: ALI1 September 2025
Slide 2: Disclaimer
Disclaimer This presentation was prepared by 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 comprehensive and has not been subject to any indepen
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
Almonty Industries at a Glance UNDER COMMISSIONING SANGDONG Almonty Industries Inc. (“Almonty” or the “Company”) is a diversified and SOUTH KOREA Acquired: 2015 experienced global producer of tungsten in conflict-free regions Stage: Construction Probable Mineral Reserves: 8.6 Mt @ 0.42% grade(1) Mar
Slide 5: 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 ➢ Starting January 1, 2027, the DoD will ban the military procurement of tungsten
Slide 6: Almonty Expected to Address Significant Market Need for Tungsten
Almonty Expected to Address Significant Market Need for Tungsten 2025 Conflict–Free Tungsten Market Pro-Forma for Global Tungsten Market – 2025 Almonty at Full Capacity (Expected H2 2027) (1 ton = 100 MTU, ~588 tons -> 58,750 MTU) Pro Forma Conflict-Free Tungsten Production(3) (WO3 Tons per annum) C
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 Anticipated redomiciling from Canada to the U.S. creates the opportunity to become one of the only U.S.–based tungsten providers H2 2025 Completi
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 3.6% 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 budget rose ➢ Defense spending grew ➢ Budget rising from ➢ Defense budget from US$817B (2023) from US$67B (2023)(3) to to US$64B (2024)(3), with £54B (FY 2023/24) to jumped from ¥6.6T to US$850B (2025 US$8
Slide 11: South Korea – Opportunities
South Korea – 3 Opportunities 1 Almonty’s Flagship Asset – Sangdong Tungsten 1 One of the largest and highest-grade tungsten deposits in the world with demonstrated Deposit historical production prior to closure in 1994 Phase I & II 2 Plans for the development of a 4,000t per annum vertical nano tun
Slide 12: Sangdong Project Buildout, Construction of the Tungsten Oxide Facility and Panasqueira Expansion
Sangdong Project Buildout, Construction of the Tungsten Oxide Facility and Panasqueira Expansion ➢ Construction in advance stages, production start slated for H2 2025 230,000 MTUs WO3* PHASE I ➢ Processing Plant has been designed and built for twice the throughput, Concentrate 640,000 tons 15 Years
Slide 13: 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 14: Sangdong – Offtake Agreements and Project Financing
Sangdong – Offtake Agreements and Project Financing Reputable partners confirm high-quality project 15-YEAR OFFTAKE AGREEMENT OFFTAKE AGREEMENT GUARANTEE GOVERNMENT-BACKED SENIOR PROJECT PROVIDES VISIBILITY INTO ~US$575M FOR 100% OF POTENTIAL FINANCE LOAN PROVIDED BY GERMAN REVENUE OPPORTUNITY MOLYB
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: Almonty's Molybdenum Opportunity
Almonty’s Molybdenum Opportunity Opportunity Overview ➢ Molybdenum is a chemical element with applications in military armor, Secured Offtake Agreement aircraft parts, electrical contacts and industrial motors due to its ability to withstand extreme temperatures ➢ Jan 2025 – signed agreement with Se
Slide 17: Management Team, Operations & Board of Directors
Management Team, Operations & Board of Directors Lewis Black Brian Fox, CPA General Gustave F. Perna Executive Director, President & CEO Chief Financial Officer (from Aug 25th) Non-Exec. Director • Currently a Partner of Almonty Partners LLC, a privately- • Over 25 years of U.S.-based operational an
Slide 18: Almonty's Attractive Business Model
Almonty’s Attractive Business Model Revenue growth driven by additions to mining capacity at existing facilities with attractive margins (in MTU)(1) (1 ton = 100 MTU, ~588 tons -> 58,750 MTU) Offtake agreements in place to acquire virtually all of Almonty’s expected Phase I tungsten production Phase
Slide 19: Capitalization Summary
Capitalization Summary (1) Cash and Liquidity (as of June 30, 2025) (all figures in thousands; CAD unless otherwise noted) Unrestricted Cash and Equivalents $15,170 Note: not Restricted Cash $9,514 including IPO proceeds Total $24,684 Debt (as of June 30, 2025) Term and Other Loans – EUR $26,366 Ter
Slide 20: A Leading Global Producer of Tungsten Concentrate
A Leading Global Producer of Tungsten Concentrate TSX: AII | ASX: AII | OTCQX: ALMTF | Frankfurt: ALI1.F 100 KING STREET WEST SUITE 5700 TORONTO, ON CANADA M5X 1C7 WWW.ALMONTY.COM
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