Mike Phillips

Tommy McJoynt

Matthew Carletti

Mitchell Rubin

Paul Newsome

- **Almonty Industries (AII)**, a key player in the tungsten market with a **$1.5 billion** market cap, is set to begin Phase 1 production at its **Sangdong Tungsten Mine in South Korea** by the **end of Q4 2025**, with initial output and data expected in the fourth quarter.  **[0001670061_2172451_1]** **[0001670061_2172451_2]** **[0001670061_2172451_3]** **[0001670061_2172451_4]** **[0001670061_2172451_7]**  This project features a **15-year off-take agreement** with a floor price of **$235 per MTU**.  **[0001670061_2172451_2]** **[0001670061_2172451_5]** 
- The company is strategically positioned to address **global tungsten supply chain risks**, particularly due to China's export restrictions and upcoming US Department of Defense restrictions on tungsten from certain nations.  **[0001670061_2172451_1]** **[0001670061_2172451_2]**  Almonty plans to re-domicile its headquarters to the **United States by January 1, 2026**, aiming to become the only US-based tungsten producer.  **[0001670061_2172451_1]** **[0001670061_2172451_3]** **[0001670061_2172451_7]** 
- Almonty projects strong financial performance, anticipating gross margins of **50% to 60%** and net income margins of **30% to 40%** based on a conservative tungsten price of $350 per MTU, significantly below the current market price of over **$600 per MTU**.  **[0001670061_2172451_3]** **[0001670061_2172451_6]** 
- Additionally, the company is developing a molybdenum asset in South Korea with an off-take agreement featuring a **$19 per pound floor price**.  **[0001670061_2172451_3]** **[0001670061_2172451_5]**

Almonty Industries Details Tungsten Production Plans, US Relocation, and Market Strategy

- American Integrity Insurance Group (AII) reported strong financial results for **Q2 2025** and **1H 2025**, with **Policies In-Force** reaching **399K** at **June 30, 2025**, a **50%** increase from June 30, 2024. **Adjusted Net Income** for Q2 2025 was **$31M**, up **113%** from Q2 2024.  **[2007587_0001193125-25-194960_d947670dex991.htm:4]** 
- The company is shifting its growth strategy from Citizens take-out opportunities, which are now largely diminished, to **voluntary, organic growth**.  **[2007587_0001193125-25-194960_d947670dex991.htm:10]** 
- Key organic growth initiatives include expanding into the **Tri-County** area, targeting **middle-aged roofs**, entering the **commercial residential insurance market** (with first writings expected in **Q1 2026**), and strategic regional expansion with **NC writings expected in Q4 2025**.  **[2007587_0001193125-25-194960_d947670dex991.htm:6]**   
- AII holds a strong market position, ranked **#3 among domestic carriers for policies-in-force** in Florida as of **June 30, 2025**, and maintains a sophisticated reinsurance program providing comprehensive coverage up to **$1.97 billion** for a single event.  **[2007587_0001193125-25-194960_d947670dex991.htm:4]** **[2007587_0001193125-25-194960_d947670dex991.htm:8]**