Almonty Industries (AII) 20th International Investment Forum (IIF) summary

Sangdong ramp-up and expansion

• Sangdong offtake was extended by six years, with higher prices across the contract; the grinding circuit is commissioned and running at full throughput, while flotation adjustments continue.

• Recoveries are tracking expectations; phase one is operating 16 hours daily, with operating time increasing by two hours every few days.

• The first concentrate vessel is booked for October 24; phase two equipment orders for the mills are planned in the next four to six weeks, with impacts expected next year.

• A site for a Korean tungsten oxide plant has been identified with regional government support; construction is planned for next year, potentially starting in Q1 or Q2, subject to land and permits.

• Sangdong’s selected target concentrate grade is 60%, chosen to maximize throughput efficiency and blending flexibility.

Portugal and European tailings

• Panasqueira reported a margin above 63% in the last quarter; its gravity plant has the highest recoveries globally, according to Black.

• Los Santos has rehabilitated three of four pits; a four-year effort to recover tungsten from tailings worked in laboratory and pilot testing, and the first commercial test remains uncertain.

• A suitable offtaker could help limit downside and provide a price floor; success at Los Santos could support European supply and expansion to Panasqueira tailings and other sites.

• Tailings recovery produces only low-grade concentrate, limiting potential buyers; Black expects European governments to require professional plans to prevent further environmental damage.

United States and Rwanda

• Montana is a longer-term project; most surrounding land has been acquired, with the final piece in progress and state permits advancing through the established process.

• Montana remains attractive to Black, but mining and operating costs are twice those in Europe; permitting is proceeding discreetly, with no rush to announce milestones.

• Rwanda’s tungsten arrangement took longer than expected and remains in progress; it provides a blueprint for supporting small-scale miners and developing compliant supply with U.S. government assistance.

• Material collection began quickly; Black was told exports could make it the largest tungsten exporter from Rwanda as soon as November, less than two months after finalizing the deal.

• Black is open to further supply-chain solutions over the next 24 months, supported by industrial customers.