Panasqueira Tungsten-Tin Mine Presentation

MTUs 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%

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