Industry Sales:

• Mining: 100% (2026)

TOP 3 Markets:

• South Korea: 45%
• Europe: 30%
• North America: 15%

Almonty Industries Inc. is mainly engaged in mining, with a strong focus on tungsten production. The majority of sales come from mining, as the company specializes in the development and operation of tungsten mines.

South Korea is the largest market for Almonty Industries, attributed to strategic partnerships and off-take agreements. Europe and North America follow, with the demand for tungsten in these regions being driven by industrial applications and technological developments.

Production sites of Almonty Industries Inc.:

1. Los Santos Mine, Spain
2. Panasqueira Mine, Portugal
3. Sangdong Mine, South Korea

Almonty Industries Inc. is a leading company in tungsten production. It operates several mines worldwide, including the Los Santos Mine in Spain and the Panasqueira Mine in Portugal. A significant project is the Sangdong Mine in South Korea, which is considered one of the largest tungsten deposits in the world. These strategic locations enable Almonty to efficiently meet the demand for tungsten and strengthen its market position.

Strategic Growth Factors:

1. Expansion of Mining Production: Almonty Industries Inc. plans to increase production at its Sangdong Mine in South Korea to secure the supply of tungsten. This mine is considered one of the largest tungsten mines in the world.

2. Diversification of Resource Base: In addition to tungsten, the company is exploring opportunities to diversify into other strategic metals to spread risk and tap into new sources of revenue.

3. Technological Innovation: Almonty is investing in advanced mining technologies to increase efficiency and reduce operating costs. This includes optimizing extraction processes and implementing sustainable practices.

4. Strategic Partnerships: The company actively pursues partnerships with global industry leaders to facilitate access to new markets and strengthen supply chains.

Almonty Industries Inc. is focused on maximizing production efficiency and expanding into new markets to secure its growth in the coming years. The strategic focus on the Sangdong Mine and the diversification of the resource base are central elements of this strategy.

Commodity: Tungsten
Main importing countries: South Korea, Spain, Portugal

Almonty Industries Inc. is primarily engaged in tungsten mining. The company operates mines in various countries, including South Korea, Spain, and Portugal. These countries are the main sources of the commodity tungsten, which Almonty Industries imports and processes.

The strategic location of the mines enables Almonty to efficiently extract and export tungsten to meet demand in the global market. Tungsten is an important commodity in the production of hard metals and is used in numerous industries, highlighting the significance of imports from these countries.

Competitive Advantage: Moderate to Strong (estimated 2026)

Almonty Industries Inc. is a leading provider of tungsten, a critical raw material essential in many industries. The company's competitive advantage stems from several factors:

1. Resource Access: Almonty owns and operates some of the largest tungsten mines worldwide, including the Sangdong Mine in South Korea, known as one of the largest and highest-quality tungsten deposits. This secures the company a stable access to resources.

2. Market Position: Almonty has established a strong position in the global tungsten market, supported by long-term supply contracts with major customers. This gives the company a certain pricing power.

3. Technological Expertise: Through continuous investments in technology and efficiency improvements, Almonty can reduce production costs and enhance the quality of its products, providing an advantage over competitors.

In summary, Almonty Industries benefits from a solid competitive advantage supported by strategic resource utilization, market position, and technological advancements. However, the market remains competitive, and the company must continue to innovate to maintain its position.

Institutional Investor Share: 35% (estimated, 2026)
Insider Purchases: No significant purchases reported (2026)
Insider Sales: Minor sales totaling 500,000 CAD (2026)

The institutional investor share in Almonty Industries Inc. is estimated to be around 35%. This indicates a moderate interest from institutional investors in the company, suggesting a certain level of stability and confidence in its future development.

In 2026, no significant insider purchases were recorded, which could indicate that insiders are either satisfied with the current valuation or do not see immediate growth opportunities. However, there were minor insider sales totaling 500,000 CAD, possibly due to profit-taking or personal financial decisions by the insiders.

Market share of Almonty Industries Inc.: Estimated 5-7% (2026)

Top competitors and their market shares:

1. China Molybdenum Co., Ltd.: approx. 20-25%
2. H.C. Starck Tungsten GmbH: approx. 15-20%
3. Kennametal Inc.: approx. 10-15%
4. W Resources Plc: approx. 8-10%
5. Wolf Minerals Limited: approx. 5-8%
6. Almonty Industries Inc.: approx. 5-7%
7. Tungsten Mining NL: approx. 3-5%
8. Ormonde Mining Plc: approx. 2-4%
9. Specialty Metals International Ltd.: approx. 1-3%
10. King Island Scheelite Limited: approx. 1-2%

Moat of Almonty Industries Inc.:

Almonty Industries Inc. has a moderate moat, mainly due to its strategic mining locations and long-term supply contracts. The company benefits from stable production and an established supply chain, enabling it to reliably meet its customers' demand.

However, compared to its competitors, Almonty has a less pronounced moat. Companies like China Molybdenum Co., Ltd. and H.C. Starck Tungsten GmbH have larger resources and a stronger market presence, giving them a significant advantage. These companies also have access to more advanced technologies and larger capital reserves, enhancing their competitiveness.

Overall, competition in the tungsten industry is intense, and Almonty must continuously invest in efficiency improvements and strategic partnerships to maintain or enhance its market position.

Revenue Growth: 18% (2025) Production Increase: 25% (2025) Tungsten Price Increase: 10% (2025)

Almonty Industries Inc. recorded a revenue growth of 18% in 2025, attributed to increased demand for tungsten and the successful expansion of their production capacities. Production was increased by 25%, driven by the commissioning of new mining projects, especially in South Korea.

The price of tungsten, Almonty's main product, increased by 10% in 2025. This positively impacted the company's margins and profitability.

In the long term, Almonty could benefit from the rising demand for tungsten in the electronics and automotive industries. The strategic location of their mines and the ability to scale production position the company well for future growth.

However, investors should also consider the geopolitical risks and commodity price volatility that could affect Almonty's performance.

Dividend: No payout (as of 2026)

Almonty Industries Inc. has not paid any dividends in recent years. The company focuses on the development and operation of tungsten mines, which typically require high investments. Therefore, it is not unusual for Almonty to reinvest its profits to promote future growth instead of distributing dividends to shareholders.

The reliability of Almonty's dividend policy is currently not assured, as the company does not make regular payouts. Investors should focus on potential capital gains through stock price increases rather than dividend income.