Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 105

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 105
---
 equipment. |
| ○ | Basic and detailed engineering finalized                                             
 for site-wide process layout and backfill plant.                                     |

| ● | July–September 2022: |

| ○ | Drawings and schematics reviewed              
 and approved.                                 |
| ○ | Underground development work begins,          
 focusing on ramp access and portal clearance. |

| 4. | 2023 – Structural                          
 Construction, Power and Underground Access |

| ● | April 2023: Fourth project finance                                
 drawdown received; cumulative investment surpasses US$32 million. |

| 60 |

| ● | Q2–Q3 2023: |

| ○ | Powerline upgrade completed and                  
 tied into the national grid.                     |
| ○ | Delivery of ball mill, flotation                 
 cells and other critical path equipment to site. |
| ○ | Installation of foundations for                  
 crushing and grinding building begins.           |

| ● | July–November 2023: |

| ○ | Drawdowns 5 and 6 support above-ground     
 construction and final procurement.        |
| ○ | Delivery of flotation systems and          
 pastefill support structures.              |
| ○ | Guest accommodations and logistics         
 base finalized to host rotating personnel. |

| 5. | 2024–2025 –                     
 Transition Toward Commissioning |

| ● | Q1–Q2 2024: |

| ○ | Early earthworks for processing                                                           
 plant commence; steel and mechanical installation begin.                                  |
| ○ | Ore development begins underground,                                                       
 initially targeting stope areas validated by prior drilling campaigns.                    |
| ○ | Safety protocols integrated in partnership                                                
 with KT Telecom, introducing artificial intelligence-based safety monitoring (Mine Safety 
 DX).                                                                                      |

| ● | Q3 2024: |

| ○ | Surface infrastructure near completion;      
 final installation of mechanical components. |
| ○ | Integration of electrical and automation     
 systems begins.                              |

| ● | Q1 2025: |

| ○ | Final drawdown received in January                                                                 
 2025, confirming full funding allocation.                                                          |
| ○ | Substantial progress of underground                                                                
 mine development and advancement of processing plant construction to support production readiness. |

| V) | Historical Resource 
 Estimates           |

| 1. | KTMC Historical Estimates |

Two historic tungsten
Mineral Resource estimates (see Table 6-3 below) were prepared for the Sangdong Mine, in