Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 13

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 13
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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 M&S (“SeAH”) for our potential molybdenum production.

Our flagship asset,
the Sangdong Tungsten Mine (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 IPEX-Bank, 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 tungsten mine in Covilha, Castelo Branco, Portugal (the “Panasqueira Mine”)—one
of the world’s longest-producing tungsten mines—which