Almonty Industries Inc. · NASDAQ:ALM

Almonty Industries — Investor Presentation (July 2025)

21 slides from Almonty Industries's investor presentation, July 2025

  1. Slide 1: A Leading Global Producer of Tungsten Concentrate

    A Leading Global Producer of Tungsten Concentrate TSX: AII | ASX: AII | OTCQX: ALMTF | Frankfurt: ALI1.F Investor Presentation July 2025

  2. Slide 2: Disclaimer

    Disclaimer This presentation is not a prospectus or an offer to sell securities. The offering is being made by means of the prospectus only. Almonty Industries Inc. (the "Company", "Almonty", "we" or "our") has filed a registration statement (including a preliminary prospectus) on Form F-10 with the

  3. 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

  4. 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(2) Mar

  5. 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

  6. 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

  7. 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

  8. 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 make it critical for defense applications ECONOMIC IMPORTANCE (2) 26% TRANSPORT 9 26% MINING &  Rising

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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)

  14. 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 OFFTAKE AGREEMENT GUARANTEE GOVERNMENT-BACKED SENIOR PROVIDES VISIBILITY INTO EXCLUSIVELY INTENDED FOR U.S. FOR 100% OF POTENTIAL PROJECT FINANCE LOAN PROVI

  15. 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

  16. 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

  17. Slide 17: Management Team, Operations & Board of Directors

    Management Team, Operations & Board of Directors Lewis Black Mark Gelmon CPA, CA General Gustave F. Perna Executive Director, President & CEO Chief Financial Officer Non-Exec. Director • Currently a Partner of Almonty Partners LLC, a privately- • Has provided expertise to several TSX-V listed compan

  18. Slide 18: Financial Overview

    Financial Overview (FYE 12/31) Historical Revenue Profile Historical Mining Income & Margin ($ in millions, CAD) ($ in millions, CAD) $28.8 $22.5 $2.0 $1.1 9.5% 7.7% $7.8 $7.9 $0.8 $0.6 6.8% 4.8% FY 2023A FY 2024A Q1 24A Q1 25A FY 2023A FY 2024A Q1 24A Q1 25A 19

  19. Slide 19: 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

  20. Slide 20: Capitalization Summary

    Capitalization Summary Cash and Liquidity (as of March 31, 2025) (all figures in thousands; CAD unless otherwise noted) Unrestricted Cash and Equivalents $13,479 Restricted Cash $3,506 Total $16,985 Debt (as of March 31, 2025) Term and Other Loans – EUR(1) $25,514 Term and Other Loans – USD(2) $8,62

  21. Slide 21: 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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