Mr. Lewis Black reports

ALMONTY EXPANDS SANGDONG TUNGSTEN OFFTAKE AGREEMENT WITH GLOBAL TUNGSTEN & POWDERS TO US$490 MILLION IN CONTRACTED ANNUAL REVENUE AT CURRENT APT PRICING

Almonty Industries Inc. has entered into an amendment to its long-term offtake agreement with Global Tungsten & Powders LLC (GTP), a member of Austria's Plansee Group, covering tungsten concentrate produced from phase I of the company's Sangdong mine in South Korea. The amendment extends the term of the agreement by six years, increases total contracted volumes by 40 per cent and improves the pricing payable to Almonty on all contracted volumes by approximately 6.3 per cent.

Amendment highlights

• Term extended from 15 to 21 years from the date of first delivery, extending contracted deliveries into the late 2040s and deepening a supply partnership that began in 2018.
• Total contracted quantity increased by 40 per cent from 3.15 million to 4.41 million metric tonne units (MTU) of tungsten concentrate, with minimum contracted volumes of 210,000 MTU per year following ramp-up.
• Improved pricing that increases the revenue Almonty anticipates to realize on each MTU delivered for the entirety of the agreement by 6.3 per cent, growing expected annual contract revenue at current pricing by at least $30-million (U.S.) per annum and for the annual total revenue to now increase to $490-million (U.S.) over the 21-year contract at current pricing.

The agreement covers approximately 90 per cent of phase I tungsten concentrate production from the Sangdong mine. The amendment follows the commencement of processing plant throughput operations at Sangdong, announced on July 1, 2026, as the mine ramps toward full phase I capacity. The agreement relates solely to phase I production at Sangdong. It does not cover the company's planned phase II expansion, which is anticipated to roughly double the mine's annual processing capacity, or production from Almonty's other operations. As a result, the amended agreement is expected to represent only a portion of Almonty's total production and revenue potential over time.

GTP, headquartered in Towanda, Penn., is one of the largest Western producers of tungsten powders and a key supplier into United States defence and industrial supply chains. With tungsten prices at historic highs following successive export restrictions imposed by China, the amendment secures an expanded, U.S.-delivered supply of conflict-free tungsten concentrate for more than two decades.

Management commentary

Lewis Black, chairman, president and chief executive officer of Almonty, commented: "GTP and the Plansee Group have stood behind the Sangdong mine since 2018, and this amendment reflects both the strength of that partnership and what the Sangdong mine's conflict-free tungsten is worth in today's market. Extending the term to 21 years reflects the longevity of this project, increasing contracted volumes by 40 per cent and increasing expected annual revenue by approximately 6.3 per cent gives Almonty a depth of contracted revenue visibility that no producers in our industry can match.

"Just as important, the improved pricing flows directly through volumes we are already contracted to deliver with at least $30-million (U.S.) of additional approximate revenue per year at current APT prices expected, or roughly $630-million (U.S.) over the life of the amended agreement, precisely as Sangdong ramps toward full production in a tungsten market at historic highs."

About Almonty Industries Inc.

Almonty is a leading supplier of conflict-free tungsten -- a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions and electronics manufacturing. Almonty's flagship Sangdong mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply a significant portion of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defence procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain and the United States, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defence readiness.

We seek Safe Harbor.