Almonty Industries Inc. Announces Closing of Upsized US$129,375,000 Underwritten Offering of Common Shares in the United States Including Full Exercise of Over-Allotment Option
No present intention of completing further offerings under base shelf prospectus
TORONTO, December 10, 2025--( BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, announced today the closing of its previously announced upsized underwritten offering of common shares (the "Common Shares"), including the full exercise of the underwriters’ over-allotment option (the "Over-Allotment Option"), for aggregate gross proceeds of US$129,375,000 (the "Offering").
The syndicate of underwriters was led by BofA Securities as Lead Bookrunning Manager and also included Cantor Fitzgerald & Co., D.A. Davidson & Co. and A.G.P./Alliance Global Partners as Bookrunning Managers. Including the exercise of the Over-Allotment Option, Almonty sold an aggregate of 20,700,000 Common Shares at a public offering price of US$6.25 per Common Share, for total gross proceeds of US$129,375,000.
Almonty intends to use the net proceeds from the Offering to fund exploration and development work at the Gentung Browns Lake Tungsten Project, expansion work at the Panasqueira Mine, exploration work at the Sangdong Molybdenum Project and for working capital and general corporate purposes, as set out in the prospectus supplement (the "Supplement") to Almonty’s short form base shelf prospectus dated October 31, 2025 (the "Base Prospectus") and the corresponding supplement to Almonty’s effective registration statement on Form F-10 in the United States.
Lewis Black, Chief Executive Officer of the Company, said "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."
No regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of Common Shares in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
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