Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 79

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 79
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denum 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 separate supply agreements with a European customer, Wolfram Bergbau &
Hütten AG, for approximately 52% of the tungsten produced at the Panasqueira Mine, and a Japanese customer, Sumitomo Electric
Industries, Ltd., for approximately 48% of the tungsten produced at the Panasqueira Mine (collectively, the “Supply Agreements”).
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.

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.

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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. 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