Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 73

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 73
---

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 for our potential molybdenum production.

| 42 |

Our flagship asset, 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, 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. In addition to its production, the Panasqueira Mine serves
as a