Almonty Industries Inc. · NASDAQ:ALM
Almonty Industries — Investor Presentation (May 2026)
30 slides from Almonty Industries's investor presentation, May 2026
Slide 1: A Leading Global Producer of Tungsten Concentrate
NASDAQ: ALM | TSX: AII | ASX: AII | | Frankfurt: ALI1 A Leading Global Producer of Tungsten Concentrate Investor Presentation May 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
UNDER COMMISSIONING SANGDONG Almonty Industries at a Glance TUNGSTEN MINE 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(1) experienced global producer of tungsten in conflict-free
Slide 5: Almonty Sustains Strong Post-IPO Momentum
Almonty Sustains Strong Post-IPO 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, marking the final step before commercial tungsten production 3 Comp
Slide 6: Unique Conflict-Free Tungsten Portfolio Positions Almonty as Viable Solution
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: 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 15 Years Offtake
Slide 12: Almonty Assets
2. ALMONTY A ee
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 PROVIDES VISIBILITY INTO FOR 100% OF POTENTIAL PROJECT FINANCE LOAN PROVIDED ~US$575M REVENUE OPPORTUNITY MOLYBDENUM OUTP
Slide 15: 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 16: 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 17: Management Team, Operations & Board of Directors
Management Team, Operations & Board of Directors Lewis Black Jorge Beristain Fox, CFA Brigadier General (Ret.) Steven L. Allen Executive Director, President & CEO Chief Financial Officer (starting June 1st) Chief Operating Officer • Currently a Partner of Almonty Partners LLC, a privately- • Most re
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 December 31, 2025) (all figures in thousands; CAD unless otherwise noted) Unrestricted Cash and Equivalents $265,948 Restricted Cash $2,461 Total $268,409 Debt (as of December 31, 2025) Term and Other Loans – EUR $25,707 Term and Other Loans – USD
Slide 20: Sangdong – Progress Pictures (I/X)
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Slide 21: Sangdong – Progress Pictures (II/X)
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Slide 22: Sangdong – Progress Pictures (III/X)
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Slide 23: Sangdong – Progress Pictures (IV/X)
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Slide 24: Sangdong – Progress Pictures (V/X)
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Slide 25: Sangdong – Progress Pictures (VI/X)
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Slide 26: Sangdong – Progress Pictures (VII/X)
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Slide 27: Sangdong – Progress Pictures (VIII/X)
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Slide 28: Sangdong – Progress Pictures (IX/X)
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Slide 29: Sangdong – Progress Pictures (X/X)
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Slide 30: 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: Commissioning & Ramping Up DOWNSTREAM Stag
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