Panasqueira Tungsten-Tin Mine Presentation

SHOVEL 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

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