Almonty Industries (AII) Investor presentation summary

Strategic positioning and market context

• Positioned as a leading global producer of tungsten concentrate, with operations in conflict-free regions and a focus on supplying critical minerals for defense and technology sectors.

• Well-timed to fill the supply gap as China restricts tungsten exports and Western nations implement bans on adversarial-sourced tungsten, with U.S. defense procurement bans starting in 2027.

• Multi-year offtake agreements in place, including a 21-year contract with a U.S.-based customer for Sangdong Phase I production.

• Tungsten is recognized as a critical mineral due to its unique properties and strategic importance in defense, electronics, and energy storage.

Operational highlights and project development

• Sangdong Tungsten Mine in South Korea has resumed production after 30 years, with Phase I completed and Phase II expansion planned to double throughput.

• Panasqueira Mine in Portugal continues over a century of production, with an L4 extension planned to increase output.

• Gentung Project in Montana marks entry into the U.S. market, supporting domestic supply chain independence.

• Downstream development includes a vertical nano tungsten oxide plant, targeting semiconductor and battery markets.

Financial strength and capital structure

• Completed an oversubscribed $800 million convertible senior notes offering due 2031, supporting project funding.

• Cash and equivalents as of June 30, 2026, totaled $1.23 billion, with total debt of $862 million.

• Share repurchase program authorized for up to $300 million over 36 months.