Almonty Industries (AII) Registration Filing summary

Company overview and business model

• Operates tungsten and tin mines in Spain, Portugal, and South Korea, with a focus on supplying critical minerals to Western defense, aerospace, and technology sectors.

• Flagship asset is the Sangdong Mine in South Korea, one of the world’s largest tungsten deposits, with a 15-year offtake agreement for U.S. defense applications.

• Vertically integrated strategy includes plans for a downstream nano tungsten oxide facility in Korea and a molybdenum project adjacent to Sangdong.

• Also owns the Panasqueira Mine in Portugal (in continuous operation for over a century) and the Los Santos and Valtreixal projects in Spain.

Financial performance and metrics

• FY2024 revenue: $28.8M; net loss: $16.3M; negative operating cash flow: $7.5M; cash at year-end: $7.8M.

• Q1 2025 revenue: $7.9M; net loss: $34.6M, driven by a $25.8M non-cash warrant liability revaluation.

• 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.

• Panasqueira Mine production increased 11.2% in 2024; Los Santos Mine remains on care and maintenance.

Use of proceeds and capital allocation

• Net proceeds of US$75M from the IPO to be used primarily for development and construction of the Tungsten Oxide Facility in Korea, with the remainder for working capital and general corporate purposes.

• Early-stage development activities and equity contribution for project-level debt financing for the facility.

• Additional proceeds from over-allotment option, if exercised, will be allocated similarly.