Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 153

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 153
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| 7. | Waste Rock |

Waste rock material
will be stacked in two waste rock stockpiles at the site. Over a 12-year period, 950,000 t of waste rock will be produced, the majority
of which will be accumulated in the early phase of mining. There may be the opportunity to backfill waste in the historic underground
workings and it is expected that a relevant portion may be used as a building material. The remaining waste rock will be stored on site
in two waste rock storage facilities: one next to the Sangdong Portal and at the other in a small valley, approximately 300 m to the
south.

Some waste material
from internal dilution control with UV lamp can be stored inside the mine in neighbouring active stopes and mixed with backfill. The
pre-production amount of waste will be approximately 100,000 t, that will be stored in the secondary valley. This zone has a reduced
thickness of topsoil and will require the transportation of topsoil from other zones in the final restoration of this area.

68 waste rock samples
were collected to determine the potential for acid rock drainage. The samples were sourced from core samples across the ore body and
are representative of all profiles of all geological units encountered in the deposit.

Acid-base and net
acid generation testing indicated that 61 samples were classified as non-acid forming and 7 of the samples were potentially acid-forming.

The results of the
waste rock assessment indicate the proportion of material which will be potentially acid-forming is relatively small at approximately
10% of the total waste volume.

Historically, there
has been no acid rock drainage from the existing well-vegetated waste rock storage facility on site, or from the existing tailings dams.
This trend is expected to continue. However, during operations continuing assessment of all waste rock will be conducted to confirm if
any potentially acid-forming material is present and, if required, this material will be encapsulated to reduce the likelihood of acid
rock drainage.

| 8. | Project Permitting                             
 Requirements and Status of Permit Applications |

A number of permits
have been granted. These include approvals for:

| ● 
 ● 
 ● | Exclusive use of a mountain area.                                                               
 The period of the mountain area temporary use permit and the lease period of the Yeongwol       
 County land have been continuously extended and currently expire at the end of December 2025.   
 AKTC plans to apply for an extension of the