Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 101

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 101
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 started with tram
operations, as well as three underground compressors. In 1957, the mining operations were downsized, going from 1,567 to 400 people at
the mine site. A chemical treatment plant was started in 1959 and other significant milestones were achieved over the next 17 years.

The Sangdong Mine
operated until 1994, with annual rates of production of up to 750,200 tonnes of ore. By the time of closure, the mine had been developed
on 20 levels, between the elevations of 242 and 755 metres above sea level, with a cumulative length of 20 km of workings in addition
to six inclines totalling 3.8 km, a ventilation incline and a 450-metre vertical shaft. The mine had tracked haulage ways.

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Historical mining
employed underground room and pillar methods and concentrated on four main tungsten horizons: the Upper (H1), Main (M1), Lower II (F2)
and Lower III (F3) listed in stratigraphic order. Mining occurred mostly on the M1 horizon, with lesser operations on H1 and only very
minor workings on F2 and F3.

Production figures
over the life of the mine are not available for every year, having either been lost or having never been fully documented. During the
period 1952 to 1987, annual production of tungsten concentrate varied between 994 tonnes (1955) and 3,268 tonnes (1961) and total production
was 74,911 tonnes. There are indications that in the period between 1987 and 1992, mine production was limited and concentrate production
was derived from toll treatment. Various quantities of APT, tungsten metal and tungsten steel were also produced.

Between 1961 and
1987, 2,930 tonnes of bismuth were recovered. Also, 2,725 tonnes of paramolybdate or molybdenum oxide were produced during the period
1967 to 1987. Gold and silver were also recovered, with maximum annual production rates of 37 kg of gold (1987) and 531 kg of silver
(1974), apparently from the bismuth concentrate.

Based on tabulated
data on longitudinal sections from the beginning of 1981 to the end of 1988, it is evident that the great proportion of the ore-grade
mineralization was produced from