Almonty Industries Inc. · NASDAQ:ALM
Almonty Industries — Investor Presentation (January 2026)
23 slides from Almonty Industries's investor presentation, January 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 January 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: Under Commissioning 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 conf
Slide 5: Almonty Sustains Strong Post-IPO Momentum
Almonty Sustains Strong Post-IPO Momentum 1 U.S. Domestication ➢ Potential to become 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 Sangd
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 ➢ Starting January 1, 2027, the DoW will ban the military procurement of tungsten
Slide 7: 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 8: 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 Start of Commercial Mining at Sangdong Tungsten Mine Q4 2025 Completion of Phase I of Sangdong Q4 2025 Commissioning – throughput capacity of 640
Slide 9: 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 10: 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 11: 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 12: Overview of Major Critical Minerals and Their Leading Primary Producers
Overview of Major Critical Minerals and Their Leading Primary Producers(1) 98,7% 95,0% 90,9% 82,7% 81,3% 79,4% 75,9% 70,6% 70,0% 69,2% 63,4% 60,0% 59,5% China China 50,0% Brazil Congo (Kinshasa) China 42,3% 41,9% China South Africa 39,5% 37,0% China 36,7% China United States China 25,2% Congo (Kinsh
Slide 13: 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 15 Years Offtake
Slide 14: 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 15: 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$575M REVENUE OPPORTUNITY MOLYBDENUM OUTP
Slide 16: Sangdong – Almonty's Material Project
Sangdong – Almonty’s Material Project 16
Slide 17: Gentung Browns Lake (Montana) – Almonty's First U.S.-Based Project
Gentung Browns Lake (Montana) – Almonty’s First U.S.-Based Project Strategic U.S. Positioning: Potential to enhance domestic tungsten supply for essential industries KEY FACTS ➢ Acquisition of Gentung Browns Lake (Montana) marks Almonty’s entry into the United States with 100% ownership of one of th
Slide 18: Panasqueira – In Production for More Than a Century
Panasqueira – In Production for More Than a Century Proven track record in a Western jurisdiction KEY FACTS ➢ Located in Covilhã, Castelo Branco district, Portugal ➢ One of the world’s longest producing tungsten mines – over a century of continuous production ─ Long term expertise operating Panasque
Slide 19: Management Team, Operations & Board of Directors
Management Team, Operations & Board of Directors Lewis Black Brian Fox, CPA Brigadier General (Ret.) Steven L. Allen Executive Director, President & CEO Chief Financial Officer Chief Operating Officer • Currently a Partner of Almonty Partners LLC, a privately- • Over 25 years of U.S.-based operation
Slide 20: Almonty's Attractive Business Model
Almonty’s Attractive Business Model Revenue growth driven by additions to mining capacity at existing facilities with attractive margins (in MTU)(1) (1 ton = 100 MTU, ~588 tons -> 58,750 MTU) Offtake agreements in place to acquire virtually all of Almonty’s expected Phase I tungsten production Phase
Slide 21: Financial Overview
Financial Overview (FYE 12/31) Historical Revenue Profile Historical Mining Income & Margin ($ in millions, CAD) ($ in millions, CAD) $28,8 $22,5 $2,0 14,4% 9,7% $1,2 $1,1 $8,7 $6,8 $0,7 6,8% 4,8% FY2023A FY2024A Q3 24A Q3 25A FY2023A FY2024A Q3 24A Q3 25A 21
Slide 22: Capitalization Summary
Capitalization Summary (1) Cash and Liquidity (as of September 30, 2025) (all figures in thousands; CAD unless otherwise noted) Unrestricted Cash and Equivalents $109,398 Restricted Cash $2,190 Total $111,588 Debt (as of September 30, 2025) Term and Other Loans – EUR $26,687 Term and Other Loans – U
Slide 23: A Leading Global Producer of Tungsten Concentrate
LOS SANTOS Acquired: 2011 GENTUNG BROWNS Stage: Care & Maintanance LAKE (Montana) PANASQUEIRA SANGDONG Acquired: 2025 Acquired: 2016 VALTREIXAL TUNGSTEN Stage: Production 2026 Stage: Production Acquired: 2013/2016 Acquired: 2015 SANGDONG Stage: Development Stage: Under Commissioning DOWNSTREAM Stage
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