#1TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F INVESTOR PRESENTATION Building The World's Largest Tungsten Mine ALMONTY LMONTY EA 알몬티 March 2024 INVESTOR PRESENTATION PREPARED BY ALMONTY INDUSTRIES INC. PRESIDENT & CEO: LEWIS BLACK ADDRESS 100 KING STREET WEST SUITE 5700 TORONTO, ON CANADA M5X 1C7 CONTACT US +1 647 438-9766 [email protected] 0#2DISCLAIMER FOR FORWARD-LOOKING STATEMENTS A ALMONTY fin When used in this investor presentation, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management's beliefs, estimates, and opinions on the date that statements are made and reflect Almonty's current expectations. The forward-looking statements and information in this investor presentation include information relating to the intentions of management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to vary. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the receipt of all required approvals, unanticipated costs and expenses, general market and industry conditions and operational risks, including large project risk and contractual factors, any specific risks relating to fluctuations in the price of ammonium para tungstate ("APT") from which the sale price of Almonty's tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules of the TSX. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, the receipt of all required final approvals, no unanticipated delays in the project financing, no material unanticipated costs and expenses, no material adverse change in general market and industry conditions and no unanticipated material operational risks, including large project risk and contractual factors, no material adverse change in the market price of APT, the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS INVESTOR PRESENTATION REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS INVESTOR PRESENTATION AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO DO SO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.#3A ALMONTY I ALMONTY AT A GLANCE II SANGDONG III PANASQUEIRA IV CORPORATE V TO KOREA NGSTEN AGENDA OVERSEA NEW YOR LONDON TOKYO APPENDIX 宫 the Free World#4A ALMONTY WELCOME KOREA Head Office SEOUL MINING I TO KORE NGSTEN ALMONTY AT OVERSEA A GLANCE LTD NEW YORK LONDON TOKYO The Largest Producer in the Free World.#5CORPORATE SNAPSHOT ISSUED CAPITAL 244.2m Common Shares CASH C$ 10.9m as at September 30, 2023 PROJECT FINANCE US$ 75.1m KfW project finance loan secured MARKET CAP C$ 150.5m At C$ 0.61 on March 12th, 2024 LONG-TERM DEBT C$65.2m Includes loans to shareholders TOTAL ORE RESERVES 55 1,5 1 80mt 0,5 @avg. grade of 0.36% BOARD OF DIRECTORS & OFFICERS ➤ Lewis Black Director, President and Chief Executive Officer ➤ Daniel D'Amato Director, Europe ➤ Mark Trachuk Director, Canada ➤ Dr. Thomas Gutschlag Director, Germany ➤ David Hanick Director, Canada ➤ Andrew Fraser Director, Australia ➤ Mark Gelmon, CPA, CA CFO, Canada TSX SHARE PRICE TSX:All in C$ A ALMONTY fin C$ 0.61 0 2017 2018 2019 2020 2021 2022 2023 2024 MAJOR SHAREHOLDERS Other Shareholders Registered Office 100 King Street West Suite 5700 Toronto, ON Canada M5X 1C7 Office +1 (647) 438-9766 Fax: +1 (416) 628-2516 Email: [email protected] 19.5% 15.0% 12.8% 46.3% Lewis Black (CEO) Almonty Partners LLC The Plansee Grout PLANSEE Deutsche Rohstoff#6ALMONTY'S GLOBAL PRESENCE Diversified and Experienced Operator in Conflict-free Regions 3 1 4 PRODUCING ASSET UNDER CONSTRUCTION DEVELOPMENT PROJECTS A ALMONTY fin + Downstream 2 In S. Korea, see slide 17 & 35 PANASQUEIRA - PORTUGAL ACQUIRED: 2016 STAGE: PRODUCTION P&P: 3,056kt @ 0.21% WO3* M&I: 11,855kt@ 0.23% WO3 Inferred: 10,631kt @ 0.24% WO3 2 3 SANGDONG - SOUTH KOREA ACQUIRED: 2015 STAGE: CONSTRUCTION P&P: 7,896kt @ 0.45% WO3 M&I: 8,334kt @ 0.49% WO3 Inferred: 52,765kt @ 0.44% WO3 VALTREIXAL - SPAIN ACQUIRED: 2013-2016 STAGE: PRE-FEASIBILITY P&P: 2,577kt @ 0.35% WO3 Eq. M&l: 2,833kt @ 0.36% WO3 Eq. Inferred: 16,755kt @ 0.18% WO3-Eq. 4 LOS SANTOS TAILINGS - SPAIN ACQUIRED: 2011 STAGE: CARE & MAINTENANCE P&P: 3,767kt @ 0.13% WO₂ M&I: 3,767kt @ 0.13% WO3 WO3 = Tungsten(VI) oxide, also known as tungsten trioxide is a chemical compound of oxygen and the transition metal tungsten, with formula WO3 Note: Reserves & resources are based on the latest available N143-101 information 5#7ECONOMIC I IMPORTANCE 0 9 TUNGSTEN PRICE IN HIGHLY PROFITABLE ZONE TUNGSTEN PRICE IN US$ PER MTU $350 Highly Profitable Price Zone $300 $250 $200 2020 2021 -60% rise in 1½ years 2022 2023 THE MOST IMPORTANT AMONG ALL RAW MATERIALS* Gold Vanadium Lithium Copper Silver Titanium Nickel Aluminum Molybdenum Cobalt Manganese Chromium Iron Ore Magnesium PGM Palladium PGM Rhodium Tungsten 2024 END MARKE RKETS 30% 13% 10% $309 ↑ t A ALMONTY fin TIGHT MARKET WITH GEOPOLITICAL TENSION ➤ South Korea, the largest per capita tungsten consumer worldwide, imports 94.7% of its tungsten supply from China Increasing dependence on China and Russia is increasing tension in the market given the non-transparent nature of the countries and the lack of assurance of fair production practices ➤ EU, US, Australia, Canada & South Korea declared tungsten as a critical raw material as a result of high supply risk and high economic importance ➤ Roskill recently designated Tungsten a technology material, a function of its high importance in new technologies such as semi-conductors, batteries and 5G ➤ USA REEShore Act (2022) bans Chinese tungsten in military equipment by 2026, while the European Commission extends anti-dumping duties on Chinese tungsten carbide imports for 5 more years in 2023. 10% 8.5% 8% 6% 10% UIU DEFENSE 5% OTHER AUTOMOTIVE MINING INDUSTRIAL ENERGY CONSTRUCTION AEROSPACE CONSUMER NANO TUNGSTEN OXIDE The material to supply the battery anode & cathode manufacturing industry The raw material to produce tungsten hexafluoride (WF6) gas used in the production of all semiconductors -> maximizing Almonty's value through higher margins *Source: Study on the review of the list of critical raw materials, European Commission 2023#8MAIN REASONS FOR GROWING TUNGSTEN DEMAND A ALMONTY fin ELECTRIC VEHICLE BOOM COULD BOOST TUNGSTEN ➤ Tungsten is an increasingly important component in the production of EV batteries due to its ability to enhance their high energy density ➤ Development in the battery field is ongoing as performance, safety and cost-effectiveness are current key drivers Increased focus on niobium tungsten oxide in batteries to reduce charge time and increase power density could result in a growing demand 30% 13% AUTOMOTIVE MINING INDUSTRIAL ENERGY CONSTRUCTION 10% 10% 8.5% 8% AEROSPACE 6% 10% 5% ww DEFENSE OTHER INDUSTRIAL USES IN SEMICONDUCTOR AND ROBOTICS ➤ Tungsten Hexafluoride (WF6) gas used in the production of all semiconductors; a market with an expected growth of more than 12% p.a. ➤ Essential material to produce robotic arms and other heavy machinery; a market with an expected growth of more than 10% p.a. High melting point and good conductivity make it an ideal material for EDM processes, which require high levels of precision and control CONSUMER MILITARY TENSION SUPPORT TUNGSTEN DEMAND ➤ As military tensions continue to rise, the demand for advanced defense technologies is likely to increase, driving the demand for tungsten ➤ Use of tungsten in tank armor, including armor of the M1 Abrams tank, armor-piercing bullets, 155mm caliber shells, etc. ➤ Tungsten armor is less regulated than depleted uranium and considered "exportable" by the US → Tanks sold to allies have tungsten armor Race for future technologies such as hypersonic projectiles, that use exceptional heat-resistant tungsten, will boost the use of tungsten ➤ Recent examples: Poland ordered 116x M1A1 Abrams tank with tungsten armor (deliverable end 2024) + further 250 Abrams tank (deliverable 2025/2026) Romania and other countries also expressed their interest in Abrams tank ➤ France increased the military budget by 40% for this decade; Australia announced the biggest military budget in decades and Japan has recently unveiled an ambitious military build-up, renowned as the most significant since World War II, commonly referred to as "rearmament" ➤ China increased its military budget by 7% and is working to become the leader in hypersonic projectiles In 2024, Germany will allocate over 2% of its GDP to defense spending for the first time since 1990, marking a significant milestone post-Cold War 7#9CURRENT TRENDS & NEWS POTENTIAL NEW DOMESTIC DEMAND FOR TUNGSTEN IN SOUTH KOREA? A ALMONTY MULTINATIONAL GROUP ENTERS TUNGSTEN MARKET Daegu City signed an investment agreement with IMC End Mill on February 7, 2024, to construct a tungsten powder manufacturing facility IMC End Mill, an affiliate of the Berkshire Hathaway-owned IMC Group, will lead the establishment of the facility in Gachang-myeon, Daegu, with a significant investment of 130 billion won (approximately US$97.5 million) IMC Group President, Ilan Gehry, underscores the commitment to economic prosperity, job creation, and industry advancement. The initiative aims to distribute high- quality tungsten materials across diverse industries, contributing to the revitalization of the local economy GAME CHANGER FOR BATTERIES? "According to the researchers at N1 Technologies, as the next-generation battery, they had added tungsten and carbon multi-layered nanotubes while working on anodes. This will recharging the Nano Bolt lithium tungsten battery faster, and stores more energy." (BISInfotech, EV MECHANIA) Rest of World 1,7% Rwanda 1,3% Bolivia 1,7% Russia 2,7% Vietnam 5,7% Austria 1,1% Spain 0,8% Portugal 0,6% SCARCE METAL HIGH DEPENDANCY ON CHINA Total tungsten production* 84,100t China 84,4% Three major Korean companies have propelled Korea to become the world's second-largest EV battery manufacture The Sangdong Tungsten Mine emerges as a stable and cost-effective alternative, empowering these companies to diversify supply chains and reduce reliance on China Tungsten, indispensable in EV battery and semiconductor production, plays a pivotal role at the heart of EV battery technology, contributing to enhanced energy density As a crucial battery component, tungsten not only improves energy density but also advances battery technology, underscoring its key role in both anode and cathode manufacturing Korea - location of the Sangdong mine - imports 94.7% of all tungsten and is the largest per capita consumer worldwide Declared "critical raw material" as a result of high supply risk and high economic importance by most of the countries, e.g. Australia, US, Canada, EU & South Korea *Source: U.S.Geological Survey, Mineral Commodity Summaries January 2023, est. production in 2022 fin#10MOLYBDENUM'S VITAL SIGNIFICANCE IN STEEL PRODUCTION A ALMONTY fin TIGHT MARKET WITH GEOPOLITICAL TENSION Molybdenum, mainly a low-grade by-product, results from the insufficiency of high-grade projects Globally, there are very few stand-alone molybdenum mines, with only two in the USA and seven operating as by-product mines. Worldwide held molybdenum reserves account for less than 5% of the annual demand and are equivalent to less than 1 month of production US in-ground Reserves of Moly are estimated to be around 5.4mt and in the rest of the world around 20mt Only little substitution for molybdenum in its major application in steels and cast irons MOLYBDENUM PRICE IN US$ PER LBS MOLYBDENUM PRODUCTION SPLIT (2022e) Others 9% South America 29% Total Molybdenum production* ~630m lbs** China 43% North America 19% CRITICAL ROLE OF MOLYBDENUM IN STEEL PRODUCTION 40 35 30 25 20 15 10 5 0 Nov 2018 Mrz 2019 Jul 2019 Nov 2019 Mrz 2020 Jul 2020 Nov 2020 Mrz 2021 Jul 2021 Nov 2021 Mrz 2022 Jul 2022 Nov 2022 Mrz 2023 Jul 2023 NICKEL ALLOY 3% MO-METALS TOOL STEEL FOUNDRIES CHEMICALS STAINLESS STEEL ENGINEERING STEEL 5% 8% 8% 13% 25% 38% *Source: U.S. Geological Survey, Mineral Commodity Summaries January 2023, est. production in 2022 **630m lbs equals ca. 250 metric tons#1110 REASONS TO INVEST INTO ALMONTY Unique position in the tungsten market due to first-class projects & proven track record I PROVEN TRACK RECORD VI Sold operations for 21x earnings during a previous supply squeeze in 2007 128-year history of profitable tungsten mining A ALMONTY fin 2 NEAR-TERM GROWTH STORIES Low-risk extension at Panasqueira as well as Phase II + Tungsten Oxide Plant at Sangdong will each add significant value to the company II PROFITABLE COMPANY VII CURRENT PREMIUM ON PORTUGUESE MATERIAL Almonty holds a distinctive position in the tungsten market, supported by its established track record of consistently positive economic performance >15% premium on Portuguese shipments due to tightening supply from transparent source III SECURED FINANCING & 15-YEAR OFFTAKE US$75.1M loan from Germany's state bank - at LIBOR/SOFR +2.3% and guaranteed by Austrian development bank OeKB IV FULL SUPPORT BY SHAREHOLDERS & DEBT LENDERS Robust backing from both shareholders and debt lenders; the majority of short-term debt has already been successfully restructured in Q4/23 VIII ACHIEVING ALL PROGRESS MILESTONES All progress milestones have been achieved, and KfW, Germany's state bank, has approved every drawdown IX STRATEGIC ROLE AS TUNGSTEN SUPPLIER 90% of global tungsten supply from China and Russia → Almonty provides tungsten from conflict-free democracies V DIVERSIFIED GLOBAL PRODUCER, CONFLICT-FREE MATERIAL Multiple permitted and operating, or soon-to-be-operating projects in three transparent & conflict-free democratic countries X ONE OF THE LARGEST PRODUCER IN A GROWING MARKET Almonty's production target in 2027 is 43% of the supply outside of China and 7% of the global supply. All in a growing market environment 10#12STRIDING FORWARD IN ONGOING IMPROVEMENTS – UPDATES IN Q4/23 & Q1/24 - 1 ADVANCING NEW EXTENSION: STARTING INITIAL WORKS IN Q1/24 Almonty worked on specifying the L4-extension plans and initial work on access ramps expected to start as early as Q1/2024 2 PANASQUEIRA VISITED BY THE US DEPARTMENT OF COMMERCE/DLA The delegation of the US Department of Commerce visited the Panasqueira mine in Portugal; General discussions regarding the planned L4 extension S $ 3 6 5 MAJORITY OF EQUIPMENT HAS ARRIVED AT SANGDONG Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is completed A ALMONTY fin 4 PROLONGED LOAN MATURITY IN CONJUNCTION WITH LENDERS has successfully renegotiated loan terms with all major debt lenders, securing enhanced financial flexibility EVALUATING POTENTIAL STRATEGIES FOR IT'S MOLYBDENUM DEPOSIT Almonty is currently evaluating different strategies to enhance the company value with its high-grade Molybdenum project FURTHER DRAWDOWN OF THE KfW LOAN FACILITY RECEIVED Almonty has been granted a request to draw an additional stake of the available loan in Q4/2023, with full support from KfW for Sangdong 11#13A ALMONTY WELCOME KOREA II Head Office O KOREA GS STEN SANGDONG SEOUL MININGS CU.LTD OVERSEA NEW YORK LONDON TOKYO The Largest Producer in the Free World.#14SHOVEL READY PROJECT IN A SUPPORTIVE TIER 1 JURISDICTION Low pre-production capex, great economics & long mine life US$ 228m Start-Up Capex $110/mtu Cash costs per ton* C$ 72.0m Annual EBITDA @1.2m tons & $300/mtu 90+ years Potential Mine Life Target for initial 20 years mining Main Zone Foot Wall 3 Level Vertical shaft A ALMONTY fin Lime stone Hanging Wall Sangdong Level Target 20 to 40 years High grade molybdenum stockwork Granite Intrusive 15 level Fully permitted, construction well advanced, ca. US$53m drawn under the KfW Loan Facility ➤ Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is completed Past producing asset, existing infrastructure 450kt ore @0.44% WO3 mined during 1st production year ➤ Significant upside potential from underlying molybdenum deposit ➤ Unprecedented floor price guarantee with a US$235/MTU floor price underlines the strategic importance of asset → NO UPSIDE CAP All progress milestones have been achieved, and KfW has approved every drawdown SANGDONG RESERVES & RESOURCE TABLE** Reserves M&I Resource Tonnage (Mt) Tungsten WO₂ grade Contained WO3 (t) 7.9 0.47% 37,111 8.3 0.49% 40,670 Inferred Resource 52.8 0.44% 230,222 *Verified by Hatch, independent engineer for KfW **Based on FS published in 2018 13#15PROJECT FINANCING & OFFTAKE AGREEMENT Reputable partners confirm high quality project A ALMONTY fin 15-YEAR OFFTAKE AGREEMENT GUARANTEES ~US$580M REVENUE 70% OF CAPEX FINANCED THROUGH SENIOR PROJECT FINANCE LOAN GOVERNMENT GUARANTEE PLANSEE The Plansee Group ►GTP Global tungsten product major ➤ Unprecedented floor price guarantee with a US$235/MTU floor price underlines the strategic importance of asset → NO UPSIDE CAP Plansee provided a US$20m cost overrun facility and US$9.8m guarantee for the DRSA if required SIZE INTEREST GRACE KFW IPEX-Bank REPAYMENT US$ 75.1m 3-M LIBOR/SOFR + 2.3% 2-Year Grace Period 6.25y Installments German 100% state-owned development bank Very extensive environmental and commercial project due diligence confirms project quality US$ 53m drawn under the KfW Loan Facility CeKB Long-standing partner of Austrian partners for their international export financing needs KFW project finance guaranteed by OEKB via Export Credit Agency (ECA) cover 14#16fin SANGDONG MASSIVE OREBODY WITH OUTSTANDING ECONOMICS A ALMONTY SIGNIFICANT RESERVE UPSIDE Largest tungsten deposit in the world by Inferred Resource based on historical drilling by Korea Tungsten % HIGHEST GRADE One of the highest grades in the world. Over 3X that of China's and the global average LOWEST COST Estimated lowest quartile production costs (US$110/MTU); roughly half the average of Chinese SOE's HIGHEST RECOVERY World-class recovery of 85% and concentrate of 65% S EIFFEL TOWER 330m WTC ONE 546m MINE PORTAL FOOTWALL 1-5 SANGDONG ORE BODY UPPER & LOWER HANGING WALL N Seoul Sangdong Mine South Korea 15#17SANGDONG PROJECT - OUTLOOK Key milestones ahead - nearing completion DEVELOPMENT FUND PLANT CONSTRUCTION MINING & MINE DEVELOPMENT 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 g PLANT CONSTRUCTION MINE DEVELOPMENT & EARTHWORK/DRIFT DRAWDOWN & GRACE PERIOD COMPLETION & COMMISSIONING A ALMONTY fin 2025 Q1 Q2 Q3 Q4 START MINING ACTIVITIES REPAYMENT 12-MONTH RAMP-UP 16#18DOWNSTREAM AT A GLANCE Key Factors & Financial Summary PROJECT SUMMARY Phase I (financed & in construction) Phase II Expected start of production 2024 2026/2027 WO3 production ~2,300 mtu ~4,750 mtu Recovery 85% 85% Phase II + Tungsten Oxide (TO) plant 2026/2027 Tungsten Oxide gets produced from Sangdong concentrate Recovery 97% Revenue p.a. (@APT $350/mtu) ~ US$ 64m ~ US$ 130m ~ US$ 291m* Operating Expenses (OPEX) p.a. - US$ 27m ~ US$ 53m ~ US$ 204m* Post-Tax Cash Flow p.a. ~ US$ 24.1m ~ US$ 54.7m ~ US$ 63.7m Initial Capex ~ US$ 75m ~ US$ 65m ~ US$ 136.5m STRATEGIC IMPORTANCE South Korea is now within the Top 10 defense manufacturers & is continuing to extend its production Process WaterTank 02 TK-050 Fallings Feed Tank 02-TK-020 Filter Feed Pumps 03-01-020/011 Transher Conver 02-CO-030 Vacuum Disc Mer IS FH07520 A ALMONTY fin Fitrate Receivers 02-AB-010/020 Binder Dosing Pumps 02-PL-020/C21 HIGH DEMAND FROM GLOBALLY IMPORTANT MANUFACTURERS BASED IN SOUTH KOREA (17) LG ே SAMSUNG Semiconductors & Batteries Batteries SK Tungsten Gas Bindce Tak 02 TH 020 Overflow Faste Mixe 02-M-010 Paste Hoppers 02-4(P-050/0120 Pasar Bockfill Pump 012-130 ΚΙΛ HYUNDAI KIA MOTORS Automotive *Contains intercompany Revenue/Opex of ~ US$ 72m, due to sales of WO3 conc. From Sangdong to Tungsten Oxide Plant 17#19SANGDONG'S SILENT HERO: THE MOLYBDENUM STORY UNFOLDED ALMONTY KOREA MOLY ➤ Almonty Korea Moly (AKM) Project with its large molybdenite-quartz vein stockwork is located on Sangdong's existing fully permitted, mining lease, about 190km southeast of Seoul Significant maiden molybdenum resource defined 150m adjacent to tungsten orebody at Sangdong Mine in South Korea ➤ Provides potential for material increase in shareholder value given synergies that exist with Sangdong - Investigating integration into the Sangdong Tungsten Mine ➤ Previous drilling has indicated that the deposit is open in several directions and that a higher grade zone may be delineated. Both factors will be assessed with further drilling in the future Jangsan Quartzite hosts a discernible Quartz-molybdenite vein stockwork, showcasing visible mineralization 442 A ALMONTY fin Vertical shaft Target for initial 20 years mining Lime stone Main Zone Hanging Wall Sangdong Level Foot Wall 3 Level Target 20 to 40 years High grade molybdenum stockwork Granite Intrusive DEPOSIT SUMMARY Inferred Resource 15 level Mineralization sits only 150m below the tungsten orebody Maiden Independent Inferred Molybdenum Mineral Resource Estimate of 21.48Mt @ 0.26% MoS2 at the 0.19% MoS2 reporting cut-off Total MoS2 contained 55.8kt 21.48Mt 0.26% Tonnage MOS, Grades 18#20STRATEGIC ASSET: UNLOCKING THE VALUE OF OUR MOLYBDENUM RESERVES A ALMONTY CURRENT STRENGTH STRATEGIC MOLY PROJECT: 6 REASONS TO BOOST OVERALL COMPANY WORTH POTENIAL STRATEGIES ALMONTY IS CURRENTLY EVALUATING 4 STRATEGIES TO ENHANCE THE COMPANY VALUE* 1 FULLY PERMITTED Orebody located in the same permitted area as Sangdong, ensures efficient development and regulatory compliance 2 ADJACENT TO SANGDONG 3 The orebody is characterized by both easy future access and cost-efficient exploration due to its location SIGNIFICANT UPSIDE Open orebody in all directions; more drilling is needed to understand the full scale which will be acquired during the early mine phase of Sangdong 4 HIGH GRADE Among the highest grades observed, yet the source of the material remains unidentified 5 STAND-ALONE MINE 6 Almonty's high-grade molybdenum project stands alone, contrasting with lower grades in other mines POTENTIAL SYNERGIES Proximity to Sangdong Tungsten creates powerful synergies that could significantly elevate the project's impact ALMONTY Spin-out of the Moly Deposit into a separate entity Potential of a strategic cornerstone investor Organic growth with the cash flow from Sangdong Joint-Venture *Visualization of different scenarios. No indication is being made of what will happen with the project fin 19#21GEOLOGICAL OVERVIEW: UNDERSTANDING SANGDONG'S MOLYBDENUM DEPOSITS A ALMONTY fin DEPOSIT TYPE Tungsten Mineralization: Tabular skarn horizons within Myobong Slate, sourced from hydrothermal fluids beneath Sangdong Granite. Molybdenum Insights: Molybdenum presence in Jangsan quartzite, forming Sangdong Molybdenum Stockwork. MINERALIZATION INSIGHTS Tungsten Skarns: Key tungsten mineralization in tabular, bedding conformable skarns. ➤ Molybdenum Layers: Predominantly molybdenum mineralization in quartz veins underlying the tungsten skarn footwall OREBODY CHARACTERISTICS Structure: Cut by steep reverse and normal faults, with significant offsets. Mineral Composition: Scheelite, minor wolframite, molybdenite, bismuthinite, and more. ➤ Hydrothermal Nature: Hydrothermal origin with two stages of mineral deposition. EXPLORATION OVERVIEW ➤ Past Exploration: Limited to mineral resource definition drilling, identifying significant mineralization. ➤ Potential Extensions: Suggestions of unexplored zones, emphasizing the need for further drilling. 20#22A ALMONTY WELCOME KOREA III Head Office KOREA PANASQUEIRA SEOUL MINING PANASQUERAD LTD OVERSEA NEW YORK LONDON TOKYO The Largest Producer in the Free World#23- PANASQUEIRA – WO3 PRODUCTION FOR MORE THAN A CENTURY Proven track record in a first-class jurisdiction KEY FACTS Located in Covilhã, Castelo Branco district, Portugal Historical production since the early 1900s and Current Status is in Production L4 extension with huge upside potential and low risk Scoping study completed, ready-to-be-built after completion of financing Work on access ramps expected to start as early as Q1/2024 ➤ Existing surface infrastructure sufficient for extension, only underground infrastructure to be built ➤ Higher throughput and access to higher grade material will almost double the WO3 production ➤ L4 could extend production by more than 20 years Forecasted yearly production of ~124,000 MTU WO3 after the extension Panasqueira Deep is rich in Tin. The possibility of recovering several metals contained in the slime dams, especially tungsten, tin and copper is currently being investigated ANNUAL WO, PRODUCTION & REVENUE* (in US$m) 3 Tonnage WO3 Grades Reserves Revenues US$m -20 Revenue Capex Production H2/2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 40 140 20 o 0 70 MTU in kt A ALMONTY fin DEPOSIT SUMMARY 3.0Mt 11.9Mt 10.6Mt 0.21% 0.23% 0.24% M&I Resource Total Reserves & Resource of 22.5Mt Inferred Resource -70 *Revenue includes by-products tin & copper 22#24PANASQUEIRA - GETTING TO THE NEXT LEVEL Economic Model and Future Outlook THE VISION THE MISSION PANASQUEIRA - GETTING TO THE NEXT LEVEL Although current production levels remain steady, seizing the opportunity to access L4 is crucial for safeguarding against potential future declines. By strategically unlocking L4, we aim to not only sustain but enhance the overall project's value, ensuring its long-term success and profitability. The actual resource map of L4 shows the veining system extending extensively in L4 PANASQUEIRA - GETTING TO THE NEXT LEVEL Project involves deepening existing mining infrastructure by 120 meters and strengthening crucial elements: drainage, ventilation, and surface environmental facilities. Low risk profile due to usage of the existing surface equipment & following orebody to depth L4 will allow access to new deeper richer virgin vein zones and to transfer most of the production from the upper levels lower grade zones to the new richer deeper zones Current upper-level mining grade stands at approximately 0.13% WO3 Prioritize highest-grade stopes to achieve a 0.15% WO3 or higher head grade L4 grades around 0.20% WO₂ expected to significantly boost production and economics ➤ Achieving L4 extension within 3 years from start without disrupting ongoing mine production RISK 11 10 223 L 02 D10 0 11 b 15 A ALMONTY fin 09 *Cumulated: Upper levels & L4 LOW RISK EXTENSION Low risk profile due to usage of the existing surface equipment & following orebody to depth PREMIUM PRICE RECEIVED >15% premium on Portuguese shipments due to tightening supply from transparent source 2027F 2024F After extension* ROM/y Avg. Grade 580,000 0.13% 800,000 +38% 0.19% +46% THE ECONOMIC EVOLUTION Rec Metal (MTU WO3) Revenue (USDm) OPEX (USDm/Ratio) 56,000 124,000 +105% 16.3 36.3 +80% 13.5/82.8% 19.5/53.7% -35% EBITDA Margin 20% 35% +75% Exp. CAPEX (USDM) 35.4 NPV(7.5) (USDm) Payback 47.2 ~2 years 23#25PANASQUEIRA - CLEANEST OUTPUT MATERIAL Panasqueira Tungsten Mine Overview Historical Legacy (1886-Present) 136 years of Uninterrupted Exploitation 107,000+ tons of WO₂ Produced 2nd largest Global Tungsten Producer Excellent Output Quality Highest grade recovery with nearly 74% Very consistent material High-Quality Concentrates, Low Contamination → Free of arsenic, phosphors, thorium & uranium A ALMONTY fin Unique Proposition ➤ Operational Continuity until 2052 (Extendable) Low-risk extension that follows the orebody Significant Role in Global Tungsten Supply Wolframite concentrate 73.5% WO3 Wolframite mineralization in a quartz vein 2 24#26PANASQUEIRA - VISIT BY THE US DEPARTMENT OF COMMERCE/DLA Impressions of the visit by the US Department of Commerce on September 29, 2023 A ALMONTY fin Delegation of the US Department of Commerce visited the Panasqueira mine in Portugal General discussions regarding the planned L4 extension Open dialog about Panasqueira's strategic role in improving tungsten supply for the United States DLA (US Gov) depletion of tungsten after 20 years as the largest US supplier Surging demand from defense and oil & gas foresees 2024 price spike A DE TRODS GUARDA AA 25#27PANASQUEIRA - MINING FACILITIES Existing Infrastructure & Equipment will be used for the L4-Extension Panasqueira mine has extensive mining, processing and environmental infrastructures Plays an important role in the regional economy, as the local community depends almost entirely on the mine for employment Capacity of surface equipment is sufficient for the L4-Extension, therefore, only underground equipment has to be built, e.g. crusher & shafts Messe 2015/03/01 Waste Water treatment facilities Underground crushing chamber BARROCA GRANDE nur mentora das Muse ca Faranqueath A ALMONTY fin In-house completed & designed new fine tailings pond (on the right) - Capacity for a further 27 years LEGEND: Mining Concession -Vale Ermida Vale Muro Panasqueira Level 0 (680m) Level 1 (620m) Level 2 (560m) Drainage Level (530m) Level 3 (470m) 0 500 1000 m Extensive underground infrastructure and surface installations 26#28PANASQUEIRA TUNGSTEN-TIN MINE ETAMA A ALMONTY fin 27#29ALMONTY GROUP RESOURCE SUMMARY A ALMONTY fin Classification TOTAL RESERVES Deposit Sangdong Panasqueira Tonnage (kt) Grade (%) Contained metal (t) 7,896 kt 0.47% 37,111 t 1,951 kt 0.20% 3,928 t (proven & probable) Los Santos 3,767 kt 0.19% 7,157 t Valtreixal 2,549 kt 0.34% Total 16,163 kt 0.36% 8,667 t 56,863t Sangdong 8,334 kt 0.49% 40,670 t M&I RESOURCES Panasqueira 10,027 kt 0.23% 13,127 t (inclusive of reserves) Los Santos 3,767 kt 0.19% 7,157 t Valtreixal 2,828 kt 0.34% 9,615 t Total 24,956 kt 0.34% 70,569 t Sangdong 52,765 kt 0.44% 230,222t INFERRED MINERAL Panasqueira 10,322 kt 0.24% 24,330t RESOURCES Los Santos Valtreixal 15,419 kt 0.17% 26,212 t Total 78,506 kt 0.36% 280,764 t 28#30A ALMONTY WELCOME KOREA IV Head Office KOREA MOSTEN CORPORATE SEOUL MINING CU LTD OVERSEA NEW YORK LONDON TOKYO The Largest Producer in the Free World#31MTUs in kt ALMONTY GROUP - PRODUCTION & FINANCIAL GROWTH PROFILE US$m Pro-Forma Forecast - Almonty Combined* 2024F 400 300 Revenue (Left) EBITDA (Right) % EBITDA Margin 200 100 2025F 2026F Los Santos A ALMONTY fin Panasqueira Sangdong Base Case Sangdong Extension Sangdong Oxide Plant 2027F 2028F 2029F 2030F 51% 44% 53% 53% 30% 53% 53% Annual Combined WO3 (or WO3 e.q.) Production 1.200 800 400 2024F 2025F 2026F I 2027F 2028F 2029F 2030F 30+ YEARS * Using the Sangdong extension case with 1.2Mt p.a. throughput capacity; & Tungsten Oxide Plant; Internal calculation; Unconsolidated Almonty Mine Facilities; Assumption that Panasqueira L4 will start 2027 & Los Santos Tailings will be processed starting 2024 30 100% 75%#32SANGDONG ESG Equator principles and beyond. A ALMONTY 1 2 3 Assessment of environmental and social risks of major projects based on 10 principles, including regular monitoring by independent third parties and intensive dialogues with the local population and their organizations Almonty has agreed to develop the Sangdong mine in accordance with the Equator Principles. These are standards defined by the International Finance Corporation (subsidiary of the World Bank Group). www.equator-principles.com Extensive plans exist to minimize the mine's impact on air quality, flora and fauna, groundwater, surface water and biodiversity. Baseline study on these issues has already been conducted 4 Almonty, local authorities and non-governmental organizations expect that the positive effects of the Sangdong mining operation will by far outweigh any negative impacts 5 A ALMONTY Since the development in 2006 no complaints or conflicts with local groups with respect to the project have been reported. On the contrary, Sangdong Municipality and all stakeholders have welcomed the project and support it unreservedly fin *for further information please visit: https://almonty.com/wp-content/uploads/2019/06/Non-technical-ESIA.pdf 31#33ALMONTY KOREA TUNGSTEN CORP (주)알몬 WWW.ALMONTY.COM INVESTOR PRESENTATION PREPARED BY ALMONTY INDUSTRIES INC: PRESIDENT & CEO: LEWIS BLACK ADDRESS 100 KING STREET WEST SUITE 5700 TORONTO, ON CANADA M5X 1C7 CONTACT US +1 647 438-9766 [email protected] 32#34A ALMONTY WELCOME TO KOREA V KOREA TUNGSTEN MINING APPENDIX LTD Head Office SEOUL OVERSEA NEW YORK LONDON TOKYO The Largest Producer in the Free World.#35APPENDIX 1 - BOARD OF DIRECTORS AND OFFICERS Director Experience Lewis Black ➤ Currently a Partner of Almonty Partners LLC, a privately-held company specializing in tungsten mining investments and has over 16 years of experience in the tungsten mining industry ➤ Formerly Chairman and CEO of Primary Metals Inc. (PMI), a former TSX-V listed tungsten mining company (Executive Director, President and CEO) ➤ Formerly served as head of sales and marketing for SC Mining Tungsten, Thailand ➤ Former VP of the International Tungsten Industry Association (ITIA) • • Currently a Partner of Almonty Partners LLC and has extensive experience in the finance industry specializing in portfolio management and private equity Formerly MD of Bear Stearns A ALMONTY fin Daniel D'Amato (Executive Director) • Mark Trachuk (Non-Executive Director) Dr. Thomas Gutschlag (Non-Executive Director) David Hanick (Non-Executive Director) Andrew Frazer (Non-Executive Director) Mark Gelmon CPA, CA (CFO) In 2005, with business partner Lewis Black, Mr. D'Amato co-founded Almonty ➤ Formerly a director of Primary Metals Inc., a TSX Venture Exchange-listed tungsten mining company, of which Almonty was the majority owner ➤ Formerly the General Counsel and Corporate Secretary of Entertainment One Ltd. which is a global entertainment studio. Entertainment One was listed on the Premium List of the London Stock Exchange (LSE:ETO) and was a member of the FTSE 250 prior to being acquired by Hasbro Inc. in December 2019 ► Formerly a Senior Partner in the Business Law Group at Osler, Hoskin & Harcourt LLP in Toronto where he practiced corporate and securities law with an emphasis on mergers, acquisitions and strategic alliances ➤ Mr. Trachuk holds a B.A. in Economics from Carleton University, an LL.B. from the University of Ottawa and an LL.M. from the London School of Economics. He also holds the ICD.D designation from the Institute of Corporate Directors. Mr. Trachuk is called to the bar in Ontario and British Columbia and is a solicitor in England and Wales ➤ CEO of Deutsche Rohstoff AG (DRAG), a public company listed on the Frankfurt Stock Exchange ➤ Qualified economist with a degree in economics from the University of Heidelberg and a doctorate from the University of Mannheim ➤ CLO and a member of the Investment Committee at Starlight Investments Formerly a corporate partner and co-head of the Mining and Natural Resources Group in the Toronto office of Osler, Hoskin & Harcourt LLP ➤ Over 30 years of capital markets experience and is the founder and managing director of Lazarus Corporate Finance Pty Ltd ➤ Formerly held senior roles at Morgan Stanley, Patersons Securities, Hartleys, Azure Capital, focused on equity capital market transactions with clients both locally and internationally ➤ Graduated from the University of Western Australia with a Bachelor of Commerce - Honours, Bachelor of Jurisprudence and a Bachelor of Laws. Andrew also has obtained his CFA Charter, along with a Diploma from the Securities Institute of the Australian Stock Exchange ➤ Mr. Gelmon obtained his Bachelor of Arts degree at the University of British Columbia and subsequently attained his Chartered Accountant designation in 1995 and is a member of the Chartered Professional Accountants of B.C. ➤ Mr. Gelmon has provided his expertise to several TSX Venture Exchange listed companies in the capacity of director, chief financial officer and consultant ➤ His background as a CPA, CA, provides the Company with the necessary skills required for financial management, reporting operating results to the Board of Directors, liaison with financial institutions, and compliance with today's complex regulatory reporting requirements 34#36APPENDIX 2 – DOWNSTREAM EXTENSION Almonty's plans to participate in the battery anode & cathode manufacturing industry SOUTH KOREA & KEY DEMAND DIRECTIONS ALMONTY'S CURRENT PRODUCTION CHAIN A ALMONTY fin SUPPLY TO PLANSEE/GDP GTP PLANSEE The Plansee Group 5 Reasons for the importance of Tungsten Oxide 1. South Korea is the largest per capita consumer of tungsten worldwide, however, imports 94.7% of tungsten used, 92.8% of Tungsten oxide from China 2. South Korea consumes -40% of Tungsten Hexafluoride (WF6), which is used in semiconductor production. South Korean semiconductor market accounts for 20% of the supply, where exports rose in 2021 by 28.4% 3. Semiconductors & electronics from the automotive, industrial and consumer electronics industries powered by constant digitalization of all industries and daily life 4. The expanding electric vehicle (EV) market is driving advancements in battery technologies, including the development of Niobium Tungsten Oxide (NWO) batteries and upgrades to existing ones. The use of nano tungsten oxide Powder, known for its high intrinsic density, rich framework diversity, and exceptional heat resistance, contributes to increased safety features. 5. South Korea is now within the Top 10 defense manufacturers & is continuing to extend its production SANGDONG ALMONTY'S PLANNED DOWNSTREAM CHAIN PROCESSING FACILITY ADDITIONAL PRODUCTION ➤ LOI signed with KfW IPEX-Bank on January 12, 2022 ➤ 4,000t p.a. vertical nano tungsten oxide plant 65% WO3 CONCENTRATE W Tungsten $ TUNGSTEN OXIDE PLANT MILLING TO NANO SIZE PRIMARY CONSUMERS LG SAMSUNG ➤ Supply for the battery anode & cathode manufacturing industry ➤ Equipment/Plant provided by Metso Outotec (Finland), Inductotherme Europe (UK), Pfeiffer (Austria) Discussions over potential debt financing of up to US$50m for the downstream es 35#37APPENDIX 3 - CURRENT TRENDS & NEWS RESOURCE NATIONALISM LIKELY TO INCREASE A ALMONTY fin SHIFTING TRENDS & RISKS The Mining & Metals sector is experiencing a surge in nationalism, potentially driving increased sales and production within individual nations, as indicated by the latest sentiment survey by White & Case Resource Increase The sector's top risks have shifted to heightened geopolitical tensions and the imposition of inflationary cost pressures, necessitating vigilant monitoring and adaptive strategies for industry stakeholders Nationalism Expectations Stay Decrease POTENTIAL NEW DOMESTIC DEMAND FOR TUNGSTEN IN SOUTH KOREA? IMPORTANCE OF TUNGSTEN IN SOUTH KOREA Daegu City announced that on February 7, 2024, it signed an investment agreement with IMC End Mill, an affiliate of the IMC (International Metalworking Companies) Group, to build a tungsten powder manufacturing facility IMC Group, a 100% Berkshire Hathaway-owned entity and the world's second-largest cutting tool production group, headquartered in Israel, boasts a robust international presence with over 130 subsidiaries spanning 60 countries. IMC End Mill, a subsidiary of IMC Group, will spearhead the establishment of a cutting-edge tungsten powder manufacturing facility in Gachang-myeon, Dalseong-gun, Daegu. This facility is geared towards enhancing the production of semiconductor special gases, with a substantial investment of 130 billion won (approximately US$97.5 million). IMC Group President, Ilan Gehry, underscores the commitment to economic prosperity, job creation, and industry advancement. The initiative aims to distribute high-quality tungsten materials across diverse industries, contributing to the revitalization of the local economy. 36#38APPENDIX 4 – CURRENT TRENDS & NEWS - TUNGSTEN'S INCREASING ROLE IN THE BATTERY & EV MARKET A ALMONTY fin The EV battery market is expected to grow from $17 billion in 2019 to $95 billion by 2028. Here are the world's biggest battery manufacturers in 2022. E "According to the researchers at N1 Technologies, as the next-generation battery, they had added tungsten and carbon multi-layered nanotubes while working on anodes. This will recharging the NanoBolt lithium tungsten battery faster, and stores more energy." (BISInfotech, EV MECHANIA) Three major Korean companies have propelled Korea to become the world's second- largest EV battery manufacture The Sangdong Tungsten Mine emerges as a stable and cost-effective alternative, empowering these companies to diversify supply chains and reduce reliance on China Tungsten, indispensable in EV battery and semiconductor production, plays a pivotal role at the heart of EV battery technology, contributing to enhanced energy density As a crucial battery component, tungsten not only improves energy density but also advances battery technology, underscoring its key role in both anode and cathode manufacturing The Top 10 EV BATTERY MANUFACTURERS in 2022 Source: SNE Research via Bloomberg CATE CATL provides batteries for companies like Tesla, BMW, and Volkswagen. It expanded its market share from 32% in 2021 to 34% in 2022. YO BYD overtook Panasonic as it nearly doubled its market share over the last year. The Warren Buffett-backed company is also the world's third-largest automaker. 10% Panasonic 34% 12% BYD CATL E 14% C B 5% 8% Other 4% CALB 7% 2% SAMSUNG SI 3% SALOON SK an QUOXVAN LG Energy Solution 1% LG agreed to reimburse GM $1.9 billion to cover the 143,000 Chevy Bolt recalled due to fire risks caused by faulty batteries. China Japan Korea Other ELEMENTS ELEMENTS.VISUALCAPITALIST.COM 37#39APPENDIX 5 - TUNGSTEN USES I/II - INDUSTRIES & HIGH-TECH WORLD SEMICONDUCTORS AUTOMOTIVE MARKET kery TESLA INSERTS FOR AIRCRAFT BALLISTIC EQUIPMENT 74 4f145d46s² 5G NETWORK INFRASTRUCTURE DEFENSE 5G A ALMONTY fin 65G SAW TEETH FOR BLADES OF A CIRCULAR SAW 400G PLATE FOR STONE HAMMER DRILL CASING FOR LUXURY WATCH 35G FILM PROJECTOR LAMP 750G W TUNGSTEN 183.84 PINS FOR DOORLOCK 12G HEATING WIRES FOR CAR WINDOW 5G VIBRATION ALARM UNIT IN SMARTPHONES 0.4G * Source: Living Metals Nr. 17 - 2019, The Plansee Group 2019 CRUSHERS & MILLS 25-80KG IRRADIATION EQUIPMENT ~ 500 KG 38#40APPENDIX 6 – TUNGSTEN USES II/II – MILITARY APPLICATIONS OF TUNGSTEN A ALMONTY fin TUNGSTEN IN MILITARY USE High Melting Point: Tungsten's melting point of 3,442°C is the highest of any element, making it ideal for creating materials that can withstand high temperatures without deformation Hardness: Tungsten carbide's Mohs hardness of 9, second only to diamond, makes it a vital material in military armor, armor-piercing rounds, and rocket accessories due to its durability and toughness High Density: Tungsten's density of 19.3 g/cm³ is almost as high as gold, making it a valuable substitute in applications such as jewelry. Its high density also makes it a crucial component in the aerospace and defense industries High Resistance to Corrosion: Tungsten is an exceptionally stable metal with a remarkable resistance to oxidation and corrosion, even in harsh and extreme environments. Its remarkable chemical stability makes it an ideal material for use in various industrial applications Non-Toxicity: Tungsten and its products are considered safe and non-toxic to humans, as well as environmentally friendly. Its exceptional properties make it an excellent substitute for materials like lead and uranium, which are commonly used in the production of equipment like bullets Many Types of Weapon Use Tungsten: Abram M1 "exportable" Tank armor Phalanx anti-missile Anti-tank rounds Gatling gun GNU-44 Viper Strike missile M993 rifle rounds Future technology: Hypersonic Weapons Source: What are the Military Applications of Tungsten? | Refractory Metals and Alloys 39#41fin APPENDIX 7 - MASSIVE GROWTH POTENTIAL IN BATTERY & SEMICONDUCTORS A ALMONTY TODAY SCARCE METAL HIGH DEPENDANCY ON CHINA Sangdong could solve dependency Korea - location of the Sangdong mine - imports 94.7% of all tungsten and is the largest per capita consumer worldwide Declared "critical raw material" as a result of high supply risk and high economic importance by most of the countries, e.g. Australia, US, Canada, EU & South Korea ➤ USA REEShore Act (2022) usage of tungsten sourced from China is prohibited in any of its military equipment by 2026; in 2023, the European Commission extended anti-dumping duties on Chinese tungsten carbide imports for 5 more years TOMORROW DOWNSTREAM EXTENSION IN KOREA Battery & semiconductor industry offers massive additional growth potential for tungsten market NANO TUNGSTEN OXIDE The material to supply the battery anode & cathode manufacturing industry The raw material to produce Tungsten Hexafluoride (WF6) gas used in the production of all semiconductors -> maximizing Almonty's value through higher margins 40% of global tungsten hexafluoride was consumed in Korea. Increased focus on niobium tungsten oxide in batteries to reduce charge time and increase power density. This could result in a material increase from ~1.5kg of tungsten per EV to ~2.5 kg a step change in demand Rest of World 1,7% Austria 1,1% Spain 0,8% Rwanda 1,3% Bolivia 1,7% Portugal 0,6% Russia 2,7% Vietnam 5,7% Total tungsten production* 84,100t China 84,4% ALMONTY'S PRESENCE AS KOREA'S ONLY TUNGSTEN MINER OFFERS A UNIQUE DOWNSTREAM EXTENSION Strong government support In-country experienced technical team Reducing dependence on Chinese imports is a No.1 priority for the Korean government Leary TESLA *Source: U.S. Geological Survey, Mineral Commodity Summaries January 2023, est. production in 2022 40#42APPENDIX 8 – GROWING MARKET WITH RISK OF TIGHTENING - IN KT TUNGSTEN SUPPLY GAP* 130 120 110 100 90 80 70 60 ■Supply Demand A ALMONTY Anticipated demand is forecasted to rise at a Compound Annual Growth Rate (CAGR) averaging 3.45%. Certain projections indicate a more robust growth rate of 7-8% per annum. However, despite the expected alignment between supply and demand growth, significant production risks pose the greatest threat and could potentially lead to a supply gap in the future. 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 INCREASING IMPORTANCE OF NON-CHINESE TUNGSTEN Strong growth is anticipated to persist in the cemented carbides sector, as well as in super alloys and other alloys Additionally, there is a rising demand for progressive technologies and tungsten utilization in the defense sector, all of which are projected to drive growth in the coming years On the supply side, it is important to note that the global tungsten market is becoming increasingly constrained and is expected to experience a more pronounced deficit in the coming years. Certain indications of this deficit are already evident in the market Chinese tungsten supply is forecast to decline, Chinese tungsten reserves are dwindling and grades are declining though exploration continues Tungsten from sources outside of China become more valuable due to different measures taken by the EU & USA *Source: Merchant Research & Consulting: 2024 World Market Review and Forecast to 2033 41 fin#43fin APPENDIX 9 – DEFINED AS CONFLICT MATERIAL - LACK OF TRANSPARENCY - A ALMONTY CONFLICT MATERIAL "3TG" Tin (Sn) Tantalum (Ta) Tungsten (W) Gold (Au) BACKGROUND AND CURRENT SITUATION The SEC has implemented regulations to address the issue of conflict minerals SEC's conflict minerals rule obliges companies to conduct due diligence on their supply chains and disclose whether their products contain 3TG minerals sourced from conflict- affected regions NON-TRANSPARENT SUPPLY & STRONGLY CHINA DOMINATED While the US & Europe have a few tungsten smelters & refineries, the majority are based in China and Russia ➤ As a result, many major US companies have a high dependency on chinese refineries and smelters ➤ Lack of transparency is a major issue, as the source of tungsten is not always clear Reports suggest major US companies be may sourcing "conflict minerals” through non-transparent supply chains ➤ Major US companies, such as Apple, Tesla, Nvidia and Boeing have a very high dependency on tungsten supplied by smelters & refineries from non-transparent countries such as China, Russia & Vietnam POTENTIAL SOLUTION ➤ Construction of a new world-class tungsten mine at Sangdong in South Korea, operated by a Canadian company ➤ The mine will have a vertically integrated downstream facility on site, which will provide a transparent and fairly produced source of tungsten materials While tungsten companies in Australia & Canada have stopped exploration & development in the past, the near-term production mine in South Korea could potentially produce for around 100 years and account for almost 10% of the worldwide tungsten production 42 22#44APPENDIX 10 – CONSTRUCTION IN ORE - Mineralization very close to the surface allows for immediate start of production A ALMONTY fin 43#45ALMONTY KOREA TUNGSTEN CORP (주)알 몬 WWW.ALMONTY.COM INVESTOR PRESENTATION PREPARED BY ALMONTY INDUSTRIES INC: PRESIDENT & CEO: LEWIS BLACK ADDRESS 100 KING STREET WEST SUITE 5700 TORONTO, ON CANADA M5X 1C7 CONTACT US +1 647 438-9766 [email protected]