Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 166

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 166
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 -1 Level.

The Sangdong Level
development will continue through a new gallery, to link to the ventilation shaft in the west sector of the mine. Preparation will also
start for the stopes that will be accessed from Sangdong Level. One of these stope ramps will also connect up with the new portal on
the -1 level. This will link the -1 Level with the Sangdong Level and will provide ventilation for the entire exploitable areas accessible
from -1 Level.

Initial mining will
focus on F2/F3/Main ore from the -1 Level and Sangdong levels.

Additional planned
development includes completion of backfill distribution infrastructure, installation of a water pumping system, and construction of
new air ventilation raise-bore holes and fans. Development access drives will be extended across the Main, F3, F2, and Halo horizons
for future stoping. In selected areas, test stopes may be initiated to evaluate operational performance and backfill sequencing under
full-scale conditions. Some access galleries will also be pre-fitted with services such as electrical distribution lines and dewatering
pumps.

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<div align='center'>Figure 16-29 – Principal Mine Development and Infrastructure</div>

Other Mineral
Projects

The Sangdong Mine
is the only mineral project on a property that is material to the Company for the purposes of NI 43-101. While the Company is also engaged
in the operation and development of other mineral properties, including the Panasqueira Mine, Los Santos Mine, the Valtreixal Project,
and the Sangdong Molybdenum Project (collectively, the “Other Mineral Projects”, and with the Sangdong Mine, the “Mineral Projects”), none of these are considered material for the purposes of NI 43-101.

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Panasqueira
Mine

The Panasqueira Mine
is located in Covilhã, Castelo Branco, Portugal, on the southern edge of the Serra da Estrela, a Portuguese mountain range, approximately
300 km northeast of Lisbon, the capital of Portugal, and 200 km southeast of the port city of Porto, Portugal, as shown in the figure
below.

The first prospecting
license at Panasqueira was granted in 1886 and the first reference to wolframite was two years later. A mining company was founded in
1896 to mine tungsten at Panasqueira, and the underground Panasque