Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 80

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 80
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 Amended Off-Take
Agreement also contains a pricing mechanism offering two main options: one, a formula tied to APT prices on published indices, and the
other, a fixed price that can be mutually agreed upon for a defined period. Where market prices drop below a certain floor, GTP must
pay a support premium to ensure AKTC’s pricing does not fall below the baseline of US$183 per MTU of tungsten concentrate payable.
This baseline corresponds to an APT reference price of US$235 per MTU.

The Company’s
exclusive binding offtake agreement with SeAH, provides that SeAH is committed to purchasing all molybdenum produced from the Sangdong
Molybdenum Project for the life of the mine, if it ever goes into production. The agreement includes a hard floor price of US$19.00 per
pound (prior to treatment charges) and no upside cap, aligning with similar mechanisms in the Company’s other long-term supply
agreements.

<div align='center'>Source: Fastmarkets: ferro-molybdenum 65% Mo min, in-whs Rotterdam.</div>

Under the Company’s
binding offtake agreement with both TPW and Metal-Tech, TPW is committed to purchasing a minimum of 40 metric tonnes of tungsten oxide
per month, exclusively for U.S. defense applications in missile, drone, and ordnance systems. Metal-Tech will convert the oxide into
tungsten metal powder – in either Israel or the U.S. – with the entire processed output designated solely for TPW’s
defense programs. As indicated above, the agreement includes a hard floor price that is comparable to the Company’s existing minimum
pricing mechanisms in other long-term supply agreements.

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

Material Mineral
Projects

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