Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 74

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 74
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 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, 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 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, with tungsten concentrate content averaging over 74%
WO, which contributes to our position as a leading producer of tungsten concentrate in a highly concentrated global tungsten
market, with limited production outside of China, Russia and North Korea. 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 Mine and 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 molyb