Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 79

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 79
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 Almonty
Korea Tungsten Corporation (“AKTC”) is the seller under the Amended Off-Take Agreement, while GTP acts as the buyer,
with GTP’s parent company and Almonty jointly serving as obligors. The scheelite ore to be supplied must meet certain specifications
relating to tungsten trioxide content, maximum impurities, and overall quality, and the Amended Off-Take Agreement sets forth a minimum
monthly delivery volume after a twelve-month ramp-up period, requiring AKTC to supply and GTP to purchase 210,000 MTUs/year, over 90%
of the expected 230,000 MTUs/year production capacity of Sangdong Phase I once in commercial production. The 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