Almonty closes $129.37-million (U.S.) offering

Executive Summary

• Almonty Industries Inc. has closed an upsized underwritten offering of common shares in the United States, including the full exercise of the underwriters' over-allotment option.
• The company raised aggregate gross proceeds of $129,375,000 (U.S.) from the sale of 20.7 million common shares.
• Net proceeds will be used to finance exploration and development at the Gentung Browns Lake tungsten project, expansion at the Panasqueira mine, exploration at the Sangdong molybdenum project, and for general corporate purposes.

Key Details

• Transaction Structure: Upsized underwritten offering of common shares in the United States, including full exercise of over-allotment option.
• Gross Proceeds: $129,375,000 (U.S.).
• Shares Sold: Aggregate of 20.7 million common shares.
• Offering Price: $6.25 (U.S.) per common share.
• Underwriters: Led by BofA Securities as lead bookrunning manager; included Cantor Fitzgerald & Co., D.A. Davidson & Co., and A.G.P./Alliance Global Partners as bookrunning managers.
• Use of Proceeds:
  • Finance exploration and development work at the Gentung Browns Lake tungsten project.
  • Finance expansion work at the Panasqueira mine.
  • Finance exploration work at the Sangdong molybdenum project.
  • Working capital and general corporate purposes.
• Regulatory Context: Proceeds allocated per prospectus supplement to Almonty's short form base shelf prospectus dated Oct. 31, 2025, and corresponding supplement to effective registration statement on Form F-10.
• Future Capital Plans: CEO Lewis Black stated the company is fully capitalized and has no present intention of completing further capital raises under the base prospectus; intention is to withdraw the base prospectus.

Notable Quotes

• "With the proceeds raised from this offering, the company is fully capitalized to conduct the exploration and expansion of projects outlined in the supplement and accordingly has no present intention of completing any further capital raises under the company's base prospectus. Our intention is to now move to withdraw the base prospectus. As a leader in the Western tungsten space, it is reassuring that from our largest institutional investors to our smallest friends of the family investors, support has never been higher." — Lewis Black, Chief Executive Officer