Core Points - Almonty Industries Inc. has initiated a large-scale drilling program at its Panasqueira Mine in Portugal to define the mine plan for expansion into Level 4, a new production level [1] - The drilling program aims to support an increase in annual output and potentially extend the mine's operational life [1]

Core Insights - Almonty Industries reported a net income of $33.2 million for Q3 2025, significantly up from a loss of $5.3 million in the same quarter of the previous year, primarily due to a $34.5 million gain from the revaluation of warrant liabilities [1][8][10] Financial Performance - Revenue for Q3 2025 increased by 28% to $8.7 million compared to $6.8 million in Q3 2024, driven by higher tungsten prices and stable output from the Panasqueira Mine in Portugal [5][6] - Income from mining operations rose to $1.3 million in Q3 2025 from $0.7 million in Q3 2024 [3] - General and administrative costs surged to $3.7 million in Q3 2025 from $1.3 million in Q3 2024, largely due to expenses related to the acquisition of a U.S. tungsten project [6][9] - Adjusted EBITDA for Q3 2025 was ($2.2) million, worsening from ($0.6) million in Q3 2024 [9][11] Operational Highlights - Construction at the Sangdong project is substantially complete, with ramp-up activities underway and final project commissioning expected in the near term [1][10][12] - The company successfully listed on the Nasdaq Capital Market in July 2025, raising $90 million through a public offering [6][10] - Almonty is advancing its European and U.S. assets while exploring strategic partnerships to enhance its role in the Western tungsten supply chain [12][13] Strategic Outlook - The company aims to optimize throughput at Sangdong to meet increasing demand from Western governments and defense customers for secure tungsten supply [10][11] - Almonty's Sangdong Mine is projected to become the largest tungsten mine in the Western world, addressing critical supply vulnerabilities highlighted by geopolitical tensions [10][13]

Core Viewpoint - Almonty Industries Inc. has announced the acquisition of the Gentung Browns Lake Tungsten Project in Montana for a total consideration of US$9,750,000, positioning itself for near-term tungsten production as early as the second half of 2026 [1][2][5] Acquisition Details - The acquisition involves a cash payment of US$750,000 and the issuance of US$9 million in common shares, with the share price determined on the signing day [3] - The transaction is subject to customary conditions, including stock exchange approval, and is expected to close around October 31, 2025 [4] Project Significance - The Gentung Browns Lake Tungsten Project is noted as one of the most advanced undeveloped tungsten assets in the U.S., with significant preparatory work already completed [2] - The project is located in a historic tungsten district that previously supplied the U.S. national strategic stockpile, providing existing infrastructure for production [2] Strategic Positioning - The acquisition allows Almonty to leverage its proprietary tungsten processing and mining technologies, expanding its footprint in the U.S. market [5] - As demand for tungsten grows in defense and manufacturing sectors, Almonty aims to strengthen its position as a leading non-Chinese supplier of tungsten concentrate [5][6]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 in pre-market trading after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Almonty Industries Conference Call Summary Company Overview - **Company Name**: Almonty Industries - **Ticker**: NasdaqCM:ALM - **Market Capitalization**: $1.5 billion - **Share Price**: $7 - **Headquarters**: Currently in Toronto, planning to move to the United States by the end of the year [5][6] Industry Context - **Industry**: Tungsten mining - **Key Operations**: - Sangdong operation in South Korea (largest tungsten project since the 1970s) - Panasqueira mine in Portugal (oldest tungsten mine still in operation) - Additional projects in Spain (Los Santos and Valtreixal) [6][7][10] Core Insights and Arguments - **Tungsten Demand**: - Tungsten is essential in various applications, including defense, technology, and automotive sectors [7][8][17] - 83% of the tungsten market is controlled by China, with significant implications for supply chains in the U.S. and Europe [8][10] - **Geopolitical Risks**: - China has imposed export restrictions on tungsten, impacting U.S. military applications from 2027 [9][10] - Almonty is positioned as a key supplier to mitigate supply chain risks for the U.S. and EU [10][11] - **Production Plans**: - Phase 1 of the Sangdong mine is expected to produce 640,000 tons of tungsten ore, generating 230,000 MTU [11][22] - Plans to double production to 1.2 million tons by adding another 560,000 tons of ore in the following year [22][15] - **Financial Stability**: - Almonty has secured a 15-year off-take agreement with a floor price, ensuring revenue stability [11][40] - Recent funding of $90 million raised for a tungsten oxide facility to enhance revenue generation [12][27] - **Market Positioning**: - Almonty aims to be the only U.S.-based tungsten producer by 2026, enhancing its market presence [14][36] - The company has established strategic partnerships, including with American Defense International, to strengthen its position in the defense sector [21][31] Additional Important Points - **Technological Advancements**: - Almonty has developed new technologies in Portugal that have been crucial for operations in South Korea [6][28] - **Economic Outlook**: - Tungsten prices have recently increased to over $600 per MTU, with expectations of a long-term price stabilization between $500 and $600 [18][19] - The company maintains conservative economic models at $350 to $400 per MTU to ensure operational viability [32] - **Molybdenum Asset**: - Almonty is exploring options for potentially spinning off its molybdenum asset, which has a strong off-take agreement with SEAH, a government-backed steel producer [34][29] - **Future Growth**: - The company is focused on expanding its production capabilities and enhancing its market share in the tungsten sector, with a projected mine life of 45 years [26][12] This summary encapsulates the key points discussed during the Almonty Industries conference call, highlighting the company's strategic positioning within the tungsten industry, its operational plans, and the broader market dynamics affecting its business.

Exhibit 99.2 Almonty Announces Results of Special Meeting of Shareholders TORONTO – September 29, 2025 – Almonty Industries Inc. ("Almonty" or the "Company") (NASDAQ: ALM) (TSX: AII) (ASX: AII) (OTCQX: ALMTF) (Frankfurt: ALI1), a leading global producer of tungsten concentrate, announces the results of its special meeting of shareholders (the "Meeting") held today. As disclosed in the Company's management information circular dated August 28, 2025 (the "Circular"), the purpose of the Meeting was for shareho ...

Group 1: Market Overview - As of September 23, 2025, two stocks in the materials sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is highlighted as a key momentum indicator, with values above 70 indicating overbought conditions [2] Group 2: Almonty Industries Inc - Almonty Industries reported a year-over-year decrease in second-quarter revenue, but the CEO noted solid momentum from strategic initiatives [7] - The company's stock increased approximately 24% over the past month, reaching a 52-week high of $5.50 [7] - The RSI value for Almonty Industries is 74.9, with shares closing at $5.30 after a 4.5% gain [7] Group 3: First Majestic Silver Corp - First Majestic reported positive exploration results at Los Gatos, with the CEO emphasizing the exploration upside following the acquisition of Gatos Silver [7] - The stock of First Majestic gained around 36% over the past month, achieving a 52-week high of $12.16 [7] - The RSI value for First Majestic Silver is 81.5, with shares closing at $12.14 after a 14.3% increase [7] - The company has a momentum score of 92.51 and a value score of 16.73 [7]

Group 1: Market Overview - As of September 23, 2025, two stocks in the materials sector are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is highlighted as a key momentum indicator, with values above 70 indicating overbought conditions [2] Group 2: Almonty Industries Inc - Almonty Industries reported a year-over-year decrease in second-quarter revenue, but the CEO noted solid momentum from strategic initiatives [7] - The company's stock increased approximately 24% over the past month, reaching a 52-week high of $5.50 [7] - The RSI value for Almonty Industries is 74.9, with shares closing at $5.30 after a 4.5% gain on Monday [7] Group 3: First Majestic Silver Corp - First Majestic reported positive exploration results at Los Gatos, with the CEO emphasizing the exploration upside following the acquisition of Gatos Silver [7] - The stock of First Majestic gained around 36% over the past month, achieving a 52-week high of $12.16 [7] - The RSI value for First Majestic Silver is 81.5, with shares closing at $12.14 after a 14.3% gain on Monday [7] - The company has an Edge Stock Rating of 92.51 for momentum, with a value score of 16.73 [7]

Core Insights - Almirall and Absci Corporation are expanding their AI Drug Discovery collaboration to include a second target for dermatological indications, building on the success of their initial collaboration [1][2][4] - The collaboration leverages Absci's Integrated Drug Creation™ platform and Almirall's dermatology expertise to accelerate the development of innovative therapeutics for chronic skin diseases [2][3] - Absci is eligible for up to approximately $650 million in payments across both programs, in addition to royalties on potential product sales [3] Company Overview - Almirall is a global biopharmaceutical company focused on medical dermatology, founded in 1944 and headquartered in Barcelona, with total revenue of €990 million in 2024 and over 2000 employees globally [5][6] - Absci is a clinical-stage biopharmaceutical company that utilizes generative AI for drug discovery, aiming to create better biologics faster [8][9] Collaboration Details - The initial collaboration, announced in November 2023, successfully delivered AI-designed functional antibody leads against a difficult-to-drug target [2][4] - Absci's generative AI platform is combined with wet lab capabilities to design and validate therapeutic candidates, while Almirall leads the preclinical and clinical development [3][4] - The collaboration aims to accelerate innovation in dermatology by utilizing generative AI for new therapeutic approaches [4]