Company: ALM
Filing Date: 2025-10-31
Form Type: F-10/A
Source: 0001493152-25-020439
Chunk: 23

Company: Almonty Industries Inc.
Filing Date: 2025-10-31
Form: F-10/A
Chunk 23
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 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 United States, European Union and Japan. With the additional production expected from the Sangdong Mine, we have also secured offtake agreements with several blue-chip customers.

Notably, Almonty, along with its wholly-owned indirect subsidiary, Beralt Tin & Wolfram (Portugal), S.A., is party to separate supply agreements with a European customer, Wolfram Bergbau & Hütten AG, for approximately 52% of the tungsten produced at the Panasqueira Mine, and a Japanese customer, Sumitomo Electric Industries, Ltd., for approximately 48% of the tungsten produced at the Panasqueira Mine (collectively, the “ Supply Agreements”).

The Company has also entered into an amended off-take agreement, originally dated March 12, 2018, (the “ Amended Off-Take Agreement”) with Global Tungsten & Powders Corp., which is part of the Plansee Group. The Amended Off-Take Agreement provides for the supply of tungsten concentrate to be mined and processed at the Sangdong Mine. Under this agreement, once financial close occurs and is confirmed in writing, the term begins and will continue for fifteen years from the date of first delivery of the material, unless extended to accommodate the repayment of all outstanding amounts under a senior secured facility or to ensure delivery of the total contracted quantities specified in the agreement.

Copies of the Supply Agreements and the Amended Off-Take Agreement are filed under Almonty’s SEDAR+ profile at www.sedarplus.ca.

Material Mineral Project

As announced on July 3, 2025, the Company has conducted a reassessment of its mining portfolio and has concluded that, on the basis of its current strategy, including management’s focus and deployment of resources on the Sangdong Mine and the expected economic importance to the Company of the production at Phase I relative to its other properties, as well as the expected timing and significant potential production increase of Phase II, the Sangdong Mine is the only mineral project on a property that is material to the Company for the purposes of NI 43-101.

Financial Condition

As at September 30, 2025, the Company held cash and cash equivalents of approximately $111.59 million (of which $