Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 173

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 173
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 was historically one of the largest tungsten mines in the world and
one of the few long-life, high-grade tungsten deposits outside of China, was acquired by Almonty in September 2015. Almonty also owns
a 100% interest in the Valtreixal Mine in northwestern Spain, having exercised its option to acquire the remaining ownership in the Valtreixal
Mine on December 21, 2016.

On June 4, 2015,
Almonty acquired an 8% interest in Woulfe and, through the acquisition of convertible debentures in Woulfe, gained control over Woulfe
with the ability to nominate a majority of the board members. On July 7, 2015, Almonty and Woulfe entered into an arrangement agreement
in respect of the acquisition by Almonty of all of the issued and outstanding shares of Woulfe that it did not already own by way of
a plan of arrangement under the Business Corporations Act (British Columbia) (the “Woulfe Plan of Arrangement”).
On August 21, 2015, Woulfe shareholders approved the Woulfe Plan of Arrangement. On September 10, 2015, Almonty completed the Woulfe
Plan of Arrangement and acquired all of the shares of Woulfe that it did not already own, leading to Almonty having a 100% ownership
interest in Woulfe. The principal asset of Woulfe is the Sangdong Mine.

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On January 6, 2016,
Almonty acquired 100% of the issued and outstanding shares of BVI from Sojitz Tungsten Resources Inc. for €1.00. In connection therewith,
Almonty acquired and purchased €12,260 in aggregate principal amount of debt owed by BTW, a wholly-owned subsidiary of BVI, to Sojitz
Corporation of Japan in exchange for a cash payment of €1,000 on closing and a promissory note issued by Almonty in the principal
amount of €500, bearing interest at 4% per annum, which matured December 29, 2017 and was fully paid by the Company. BVI, through
its wholly owned subsidiaries, is the 100% owner of the Panasqueira Mine.

On December 21, 2016,
Almonty exercised its option to acquire the