(Incorporated in Toronto, Ontario)

Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTC Market. Almonty’s stock also trades on the Toronto Stock Exchange (TSX) as well as on the Australian Stock Exchange (ASX) and the Frankfurt Stock Exchange (FSE). 

From the prospectus:

Our Common Shares are listed and posted for trading on the TSX under the trading symbol “AII” and on the ASX under the trading symbol “AII” (in the form of CDIs, with each CDI representing a single Common Share), and are trading on the FSE under the trading symbol “ALI”, and on the OTCQX under the trading symbol “ALMTF.” Upon and subject to receipt of all requisite approvals and the commencement of trading of the Common Shares on the NASDAQ, trading of the Common Shares on the OTCQX will cease.

We have also applied to list the Offered Shares on the TSX. Listing will be subject to the Company fulfilling all of the listing requirements of the TSX and NASDAQ, as applicable.

We are a leading producer of tungsten concentrate, primarily for the defense industry, with plans to vertically integrate into oxide production, and we hold an additional deposit of molybdenum. Tungsten’s extreme hardness, density and high melting point make it critical for armor-piercing ammunition, armor shielding for military vehicles, missile components, radiation shielding and hypersonic weapons, however, global scarcity and processing difficulty makes securing conflict-free supply a challenge. With production of tungsten severely limited outside of China, Russia and North Korea, we believe the operation of our established mine in Portugal, in addition to the construction of our mine in South Korea, positions us as a key supplier for Western defense programs. With a strategic emphasis on advancing vertical integration in the tungsten supply chain, we plan to become one of the only U.S.-based tungsten producers by redomiciling from Canada to the state of Delaware, in the United States. Demand for our products is underscored by a 15-year floor-priced offtake contract with a U.S. defense contractor for our tungsten concentrate as well as a second offtake agreement for tungsten oxide, designated exclusively for U.S. defense applications. In addition, we have secured an offtake agreement with a floor price structure, with SeAH M&S (“SeAH”) for our potential molybdenum production.

Our flagship asset, the Sangdong Tungsten Mine (the “Sangdong Mine”) in South Korea, is one of the world’s largest tungsten deposits by Inferred Mineral Resource and provides tungsten of superior grade compared with global peers, and is in soft commissioning. Once fully operational, Sangdong is expected to produce a significant portion of the global tungsten supply outside of China, supplying to mission-critical sectors such as defense, aerospace, semiconductors and batteries. As noted above, the Sangdong Mine is supported by a 15-year, floor-priced offtake agreement with a leading U.S. defense contractor for more than 90% of Phase I production at Sangdong, securing anticipated revenue and validating strategic importance. The Company is also party to a US$75.1 million project financing facility provided by KfW IPEX-Bank, the export and project finance arm of German state-owned KfW Group, which is backed by the Federal Republic of Germany. The loan bears interest at SOFR plus 2.3% and provides for principal repayment on a quarterly basis over a 6.25-year term. Almonty also has a molybdenum project with significant Inferred Mineral Resources on a separate property adjacent to the tungsten orebody at the Sangdong Mine. This molybdenum opportunity provides access to another critical material used in aerospace alloys, energy infrastructure and nuclear defense.

We also own and operate the Panasqueira tungsten mine in Covilha, Castelo Branco, Portugal (the “Panasqueira Mine”)—one of the world’s longest-producing tungsten mines—which has been operating for over a century and is renowned for its high-grade, low-impurity tungsten concentrate. In addition to its production, the Panasqueira Mine serves as a vital source of technical know-how and operational expertise across our portfolio. Our Spanish assets, including the Valtreixal tungsten mine project located in the province of Zamora, in Western Spain (the “Valtreixal Mine”) and the Los Santos tungsten mine located near Salamanca, Spain (the “Los Santos Mine”), provide us with additional growth opportunities and help diversify our future supply.

Almonty’s objective is to build a secure, Western-focused tungsten and molybdenum supply chain capable of displacing reliance on China and meeting the increasing needs of Western defense industries. Given our multi-decade resource visibility, access to high-grade material, our expertise in tungsten processing, our long-term offtake agreements and experienced management team, Almonty is well-positioned to become a leading strategic supplier of “conflict-free” tungsten and molybdenum for defense and aerospace, semiconductor and battery markets.

Note: Net loss and revenue are in U.S. dollars (converted from Canadian dollars) for the 12 months that ended March 31,2025.

(Note: Almonty Industries Inc. is conducting a public offering with estimated proceeds of $75 million – in connection with its plan to uplist its stock to the NASDAQ from the OTCQX in the U.S. The number of shares and the public offering price have yet to be determined.)