Almonty Industries Inc. completed an upsized underwritten public offering of 20,700,000 common shares at US$6.25 per share, generating gross proceeds of US$129,375,000 (C$179,018,750). The offering, exclusive to U.S. investors, included the full exercise of the underwriters' 30-day over-allotment option for 2,700,000 additional shares beyond the initial 18,000,000 shares offered.

The transaction was conducted under a U.S. registration statement on Form F-10 and a Canadian short form base shelf prospectus dated October 31, 2025. BofA Securities served as Lead Bookrunning Manager, with Cantor Fitzgerald & Co., D.A. Davidson & Co., and A.G.P./Alliance Global Partners acting as Bookrunning Managers. After deducting underwriters' fees and expenses, net proceeds were approximately US$105.6 million (C$146,118,720), or US$121.6 million (C$168,257,920) with the option exercised.

Almonty will allocate up to US$24.6 million (C$34,039,020) each for exploration and development at the Gentung Browns Lake Tungsten Project in the United States, expansion at the Panasqueira Mine in Portugal, and exploration at the Sangdong Molybdenum Project in South Korea. The remaining US$31.7 million (C$43,863,290) is designated for working capital, corporate expenses, business development, and potential acquisitions.

Norton Rose Fulbright Canada LLP and Norton Rose Fulbright US LLP represented Almonty, while Blake, Cassels & Graydon LLP and Milbank LLP acted for the underwriters. CEO Lewis Black stated the company is fully capitalized and intends to withdraw its base shelf prospectus.