Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 78

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 78
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| ● | Metal-Tech: Metal-Tech                                                                        
 is an Israeli metal processor. The offtake agreement concluded with Metal-Tech is exclusively 
 intended for U.S. defense programs by TPW, a U.S. manufacturer of tungsten products, and      
 includes a guaranteed floor price with no upside cap. We have partnered with Metal-Tech to    
 support its DoD-compliant production systems linked to downstream defense logistics programs. |

| ● | SeAH:                                                                                       
 SeAH is a major South Korean metal processor and a major alloy and aerospace supplier who   
 is currently constructing a significant metals facility in Temple, Texas. Almonty’s         
 partnership with SeAH ensures access to high-purity, secure molybdenum for high-tech alloys 
 and space/aero systems.                                                                     |

These agreements
provide long-term revenue visibility, customer concentration among defense groups, and strategic partnerships. You will find below a
non-exhaustive summary of the material agreements to which Almonty is a party, including the agreements with the customers described
above.

Almonty, along with
its wholly-owned indirect subsidiary, BTW, is party to a distribution agreement (the “Distribution Agreement”) for
a portion of the tungsten concentrate produced at the Panasqueira Mine. The Company has also entered into separate supply agreements
with European- and Japan-based customers for the sale of tungsten concentrate produced at the Panasqueira Mine. These agreements support
the Company’s ongoing sales strategy and reflect continued demand across key international markets. As part of its commercial approach,
the Company may prefer shorter-term agreements in order to retain flexibility and control over material flows. Meanwhile, all production
not sold under the Distribution Agreement is sold to customers in Europe and North America.

Gross margin is calculated by dividing Almonty’s gross profit by its revenue for a given period.

Net income margin is calculated by dividing Almonty’s net income by its revenue for a given period.

| 45 |

The Amended Off-Take
Agreement concluded with GTP provides for the supply of tungsten concentrate to be mined and processed at the Company’s wholly-owned
Sangdong Mine in South Korea. Under this agreement, once financial close occurs and is confirmed in writing, the term begins and will
continue for fifteen years from the date of first delivery of the material, unless extended to accommodate the repayment of all outstanding
amounts under a senior secured facility or to ensure delivery of the total contracted quantities specified in the agreement.