Company: ALM
Filing Date: 2025-10-31
Form Type: F-10/A
Source: 0001493152-25-020439
Chunk: 22

Company: Almonty Industries Inc.
Filing Date: 2025-10-31
Form: F-10/A
Chunk 22
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 paratungstate (“ APT”) pricing was relatively steady over most of fiscal 2024, with mid-market prices generally ranging between approximately US$330 and US$340 per metric tonne unit (“ MTU”).

Near the end of fiscal 2024 and into the first quarter of fiscal 2025, APT prices increased significantly, with mid-prices rising from approximately US$330 per MTU in early January 2025 to US$360 per MTU at the end of the first quarter of 2025, based on market quotations. APT prices have shown an upward trend since the fourth quarter of 2024, reaching approximately US$462.5 per MTU as of June 2025. There can be no assurance that this pricing trend will continue in the future.

The average market price was approximately US$324 per MTU for the year ended December 31, 2023, and approximately US$329 per MTU for the year ended December 31, 2024.

Growth Strategy

Almonty’s objective is to build a secure, Western-focused tungsten and molybdenum supply chain capable of displacing reliance on China and meeting the escalating needs of Western industries.

The Company’s growth strategy is focused on its Mineral Projects and includes the development of the Sangdong Mine in South Korea and the ongoing operations of the Panasqueira Mine in Portugal.

The current mine and processing plant construction at the Sangdong Mine (Phase I) is expected to begin production in the fourth quarter of 2025. Once fully operational, the targeted ore throughput capacity is expected to reach around 640,000 tonnes per year. The Company expects to increase its throughput capacity up to 1.2 million tonnes through the Phase II planned expansion. This expansion is fully permitted under existing Phase I approvals, and during the development of Phase I, some components have been built which may support a higher throughput or expansion.

Additionally, Almonty is planning an extension of the Panasqueira Mine, with the potential to extend the life of the mine and significantly increase production capacity. Key objectives of this extension include increased ore throughput and improved average head grade, while continuing to serve customers who rely on the mine’s concentrate.

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The Company is continuously in the process of seeking additional potential offtake partners and evaluating new opportunities to expand our commercial partnerships.

Customers and Contracts

Our tungsten and future molybdenum products are secured under long-term, floor-priced offtake agreements with