• Cameco, but for tungsten.
• The Albemarle of tungsten.

• Tungsten Concentrate: A critical metal concentrate extracted from Almonty's mining operations for various industrial applications.

Almonty Industries (ALM) primarily sells its tungsten concentrate and related products to other companies (B2B) for various industrial applications.

Major Customer:

• Plansee Group

  The Plansee Group is a privately held Austrian company and a global leader in powder metallurgy, specializing in the production of high-performance materials made from refractory metals, including tungsten. Almonty has an exclusive 5-year off-take agreement with Plansee Group for 25% of the tungsten concentrate production from its Sangdong mine project in South Korea, commencing once the mine reaches commercial production.

While Almonty also sells tungsten concentrate from its Panasqueira mine in Portugal, these sales are typically to various industrial customers and traders primarily in the European market. The specific names of these individual customers are not publicly disclosed or do not represent major, singular off-take agreements comparable to the Plansee Group arrangement for the Sangdong project.

• Sinosteel Engineering & Technology Co., Ltd. (000928.SZ)

Lewis Black, Chairman, President & CEO

Born in London, Lewis Black holds a BA in management and technology from Manchester University. His career began in a global insurance firm before he transitioned into mining, accumulating over 15 years of experience. Prior to co-founding Almonty Industries in 2011, he served as head of sales and marketing for SC Mining Tungsten, Thailand. He also held the roles of Chairman and CEO of Primary Metals Inc. (PMI), a TSX-V listed tungsten mining company, from June 2005 to December 2007. PMI was subsequently acquired by Sojitz Corporation in 2008. As a founder of Almonty, Black has guided the company to specialize in acquiring and rehabilitating distressed and underperforming tungsten operations.

Brian Fox, Chief Financial Officer

Appointed as Chief Financial Officer, effective August 25, 2025, Brian Fox brings over 25 years of operational leadership experience. He most recently served as Chief Financial & Operating Officer at CBIZ Marks Paneth, a prominent U.S. accounting and advisory firm, where he contributed to strategic growth and post-merger integration. His previous experience includes leadership positions at Loureiro Engineering and United Subcontractors, as well as senior audit work at Arthur Andersen. Fox holds a Master's degree in Management from Harvard University and a Bachelor of Science in Accounting from the University of Connecticut. His appointment is a strategic move aligned with Almonty's U.S. redomiciling strategy and Nasdaq listing.

Fernando Vitorino, Chief Operating Officer

Fernando Vitorino was appointed Chief Operating Officer of Almonty Korea Tungsten Corp. on November 18, 2024. He possesses over 30 years of experience in mine management and more than 40 years in financial management. His career includes key roles with Anglo Group subsidiaries in Mozambique and South Africa. He later joined Beralt Tin and Wolfram at Almonty's Panasqueira Mine in Portugal, progressing from Financial Controller to Financial Manager, and ultimately to General Manager, a position he held until 2013. He has also been instrumental in managing operations at Almonty's Los Santos Mine and the Valtreixal project.

John Yi, President - Almonty Korea Tungsten

John Yi serves as President of Almonty Korea Tungsten. He took on this role effective February 1, 2021, as part of Almonty's strategy to enhance its focus on Korea and the broader Asian and Australian financial markets. Prior to joining Almonty, he was the President of Raytheon Korea, a U.S. defense contractor, and previously held a Vice President position at Rolls-Royce in Korea.

Marion McGrath, Corporate Secretary

Marion McGrath is the Corporate Secretary for Almonty Industries. She has over 30 years of experience in the securities industry, specializing in corporate governance and compliance for companies listed on the TSX Venture Exchange. Ms. McGrath is the owner of iO Corporate Services, a firm that provides corporate and accounting services to various publicly-traded Canadian companies.

Almonty Industries (ALM) primarily focuses on tungsten mining and exploration, with molybdenum as a significant byproduct. The addressable markets for these main products are as follows:

• Tungsten: The global tungsten market was valued at approximately USD 4.75 billion in 2024. This market is projected to grow to approximately USD 9.65 billion by 2033, with a compound annual growth rate (CAGR) of 8.20% from 2025 to 2033. The Asia Pacific region holds the largest share of the global tungsten market.
• Molybdenum: The global molybdenum market size was valued at approximately USD 5.04 billion in 2024. It is expected to reach USD 6.14 billion by 2032, growing at a CAGR of 2.50% during the forecast period. The Asia Pacific region dominates the molybdenum market, holding over 61.4% of the market share in 2024.

Almonty Industries (ALM) is anticipated to experience significant revenue growth over the next 2-3 years, driven by several key factors:

1. Sangdong Mine Transition to Full Production: The company's flagship Sangdong tungsten mine in South Korea is transitioning from development to commercial production, poised to become the largest tungsten mine in the Western world. This operational milestone is expected to substantially increase Almonty's output, with plans to triple production to approximately 2.4 million tons of tungsten ore by 2027, potentially supplying about 40% of tungsten from allied nations.
2. Favorable Tungsten Market Dynamics: Growing global defense budgets, restrictions by the U.S. Department of Defense on critical materials from non-friendly sources, and export limitations from China are driving up tungsten prices and demand. Almonty is strategically positioned as a key supplier outside of China and Russia, benefiting from these geopolitical and market shifts.
3. NASDAQ Listing and Enhanced Market Position: Almonty's successful listing on the Nasdaq Capital Market in July 2025 has enhanced its strategic visibility and access to capital in essential mineral markets. This increased exposure can lead to new strategic partnerships and expanded customer opportunities, particularly with Western governments and defense customers seeking secure, long-term tungsten supply.
4. Acquisition of New Strategic Tungsten Project: The recent acquisition of a strategic U.S. tungsten project in Beaverhead County, Montana, further expands Almonty's asset portfolio and potential market reach within a key demand region. This move contributes to diversifying its operational base and securing future supply.
5. Strong Analyst Revenue Growth Forecasts: Financial analysts project substantial revenue growth for Almonty. Simply Wall St forecasts annual revenue growth of 50.5%, with the company expected to become profitable within the next three years. D.A. Davidson specifically forecasts revenue to grow from CAD 120 million to CAD 420 million by 2028, reflecting a strong positive outlook on the company's future financial performance.