Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 78

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 78
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% to 40%. To the best of management’s knowledge, these targets reflect the current development status and expected
performance of the Company’s operations. The Level 4 extension at Panasqueira and Phase II at the Sangdong Mine are not yet in
production and remain subject to development and financing. These figures are forward-looking, based on management estimates, and subject
to the assumptions and risks described under “Cautionary Note Regarding Forward-Looking Information” and “Risk Factors”.

Gross margin and
net income margin are supplementary financial measures as defined under National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosures.

Customers and
Contracts

Our tungsten and
future molybdenum products are secured under long-term, floor-priced offtake agreements with customers in national defense, aerospace,
and high-technology manufacturing. We supply tungsten to metals processors and tungsten product manufacturers for defense applications,
as well as for the tooling, electronics and other industrial sectors, with a diversified customer base focused across the U.S., EU
and Japan. With the additional production expected from the Sangdong Mine, we have also secured offtake agreements with several blue-chip
customers:

| ● | GTP: GTP, a subsidiary                                                                     
 of the Plansee Group, is a major global tungsten product manufacturer and a U.S. defense   
 contractor. The 15-year offtake agreement concluded with GTP includes a guaranteed floor   
 price of US$183 per MTU based on an APT reference price of US$235 per MTU with no upside   
 cap. The materials are exclusive to defense-only programs under U.S. Department of Defense 
 (“DoD”) guidelines to support munitions, weapons systems and defense-grade                 
 manufacturing.                                                                             |

| ● | Metal-Tech: Metal-Tech                                                                        
 is an Israeli metal processor. The offtake agreement concluded with Metal-Tech is exclusively 
 intended for U.S. defense programs by TPW, a U.S. manufacturer of tungsten products, and      
 includes a guaranteed floor price with no upside cap. We have partnered with Metal-Tech to    
 support its DoD-compliant production systems linked to downstream defense logistics programs. |

| ● | SeAH:                                                                                       
 SeAH is a major South Korean metal processor and a major alloy and aerospace supplier who   
 is currently constructing a significant metals facility in Temple, Texas. Almonty’s         
 partnership with SeAH ensures access to high-purity, secure molyb