Almonty Industries (AII) Registration Filing summary

Company overview and business model

• Leading producer of tungsten concentrate, focused on defense, aerospace, semiconductors, and batteries.

• Vertically integrated strategy with plans for a U.S. redomicile and downstream oxide production.

• Flagship Sangdong Mine in South Korea, Panasqueira Mine in Portugal, and development assets in Spain.

• Long-term offtake agreements with U.S. defense contractors and SeAH for molybdenum.

• Objective to build a secure, Western-focused tungsten and molybdenum supply chain.

Financial performance and metrics

• FY2024 revenue: $28.8M; net loss: $16.3M; negative operating cash flow: $7.5M.

• Q1 2025 revenue: $7.9M; net loss: $34.6M (impacted by non-cash warrant revaluation); negative operating cash flow: $4.4M.

• Total assets as of March 31, 2025: $279M; long-term debt: $171.6M; shareholders’ equity: $18.1M.

• Working capital deficiency as of March 31, 2025: $16.7M.

• Projected after-tax NPV (5%) for Sangdong Mine: $343.7M; after-tax IRR: 49.5%; payback: 1.77 years.

Use of proceeds and capital allocation

• Net proceeds (approx. $75M) to fund development and construction of the Tungsten Oxide Facility in South Korea.

• Remaining proceeds allocated to working capital and general corporate purposes.

• Additional proceeds from over-allotment option to be used for the same purposes.