Almonty Industries Inc. · NASDAQ:ALM
Almonty Industries — Investor Presentation (October 2025)
21 slides from Almonty Industries's investor presentation, October 2025
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 October 2025
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 Almonty Industries at a Glance SANGDONG SOUTH KOREA Acquired: 2015 Stage: Construction Almonty is a diversified and experienced global producer of tungsten in Probable Mineral Reserves: 8.6 Mt @ 0.42% grade(1) conflict-free regions PRODUCING ASSET Market Cap HQ: Toronto, Canada T
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 Large-scale drill program at separate, adjacent Sangdong Molybdenum asset to confirm mineral reserves and de-risk H2 2025 potential future produc
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 Secured Offtake Agreement ➢ Molybdenum is a chemical element with applications in military armor, aircraft parts, electrical contacts and industrial motors due to its ability to ➢ Jan 2025 – signed agreement with SeAH Group for 100% of material w
Slide 17: Corporate Highlights
Corporate Highlights Lewis Black Executive Director, President & CEO TSX:AII (in CAD) as per October 07, 2025 $12.00 • Currently a Partner of Almonty Partners LLC, a privately-held company specializing in tungsten mining investments and has over 16 years of experience in the tungsten mining industry
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) Note: not Unrestricted Cash and Equivalents $15,170 including Restricted Cash $9,514 IPO proceeds, which closed Total $24,684 July 15th, 2025 Debt (as of June 30, 2025) Term and
Slide 20: APT Price Rotterdam (USD/MTU)
APT Price Rotterdam (USD/MTU) (1) $700 $650 $600 $550 $500 $450 $400 $350 High to Low Range Average Price $300 Jan 2024 Apr 2024 Jul 2024 Oct 2024 Jan 2025 Apr 2025 Jul 2025 1) Fastmarkets: Average tungsten APT 88.5% WO3 min cif Rotterdam and Baltimore duty-free; MTU = 10 kg 20
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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