Almonty Industries (AII) Investor presentation summary

Strategic positioning and market context

• Positioned as a leading global producer of tungsten concentrate with assets in South Korea, Portugal, Spain, and the U.S., focusing on conflict-free supply for defense and technology sectors.

• Well-timed to fill the supply gap as China, which produces over 80% of global tungsten, restricts exports and U.S. bans on adversarial-sourced tungsten begin in 2027.

• Multi-year offtake agreements with customers in the U.S., Japan, and the EU, including a 15-year deal for most Sangdong Phase I output.

• Tungsten is recognized as a critical mineral due to its unique properties and strategic importance in defense and technology.

• Recent U.S. and allied policy shifts and rising defense budgets are driving demand for secure, Western tungsten supply.

Asset portfolio and operational progress

• Sangdong Mine (South Korea) is one of the world’s largest tungsten deposits, with 8.6 Mt probable reserves at 0.42% WO3 and a mine life potential of 45+ years.

• Phase I at Sangdong completed and fully funded, with commercial mining commenced in Q4 2025; Phase II expansion targets 1.2 million tons/year by 2027.

• Panasqueira Mine (Portugal) has operated for over a century, producing high-grade, low-impurity tungsten and is set for an L4 extension to boost output.

• Gentung Project (Montana) acquired in 2025, providing U.S. domestic tungsten supply with existing infrastructure and development rights.

• Downstream vertical nano tungsten oxide plant planned, with up to $50M in project financing secured and capacity up to 6,000 tons/year.

Financials, agreements, and growth outlook

• Market capitalization of US $5.6bn as of May 2026, with unrestricted cash and equivalents of $265.9M and total debt of $174.6M at year-end 2025.

• 15-year offtake agreement with GTP provides revenue visibility of ~$575M; floor price guarantees and no upside cap on tungsten pricing.

• Government-backed senior project finance loan of $75.1M from KfW IPEX-Bank, guaranteed by OEKB.

• Gross margin targeted at 50–60% and net income margin at 30–40% with expansion of mining capacity.

• Strategic partnerships with U.S. defense and technology sectors, including ADI and participation in the Critical Minerals Forum.