Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 169

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 169
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 a 100%
indirect ownership interest in the Los Santos Mine through its subsidiaries. Almonty’s interest in the Los Santos Mine is held
by Daytal, which owns a 100% direct interest in the Los Santos Mine. Daytal is a wholly-owned direct subsidiary of 7887523 Canada Inc.,
itself a wholly-owned direct subsidiary of Almonty.

In February 2020,
as a result of additional testing work, Almonty decided to place the Los Santos Mine into care and maintenance. The Company is planning
to re-open operations in the near future once it has finalized plans to modify the plant’s infrastructure, through an approximately
€1,000,000 capital expenditure, which is expected to result in improved recovery rates from the future processing of its tailings
inventory. Modifications to the processing plant to facilitate tailings reprocessing are expected to be implemented early 2026.

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Valtreixal
Mine

The Valtreixal Mine
is a potential open pit operation, and is located in the northwest part of the Zamora province, in the Castilla de Leon region of Spain,
as shown in the figure below. The Valtreixal Mine is located approximately 250 km from the Los Santos Mine and 185 km from Salamanca,
Spain.

The Valtreixal Mine
has been explored with underground development since the late 1800s, and limited tin exploitation occurred sporadically in the late 1900s.
Between 2006 and 2012, SIEMCALSA conducted extensive underground and surface exploration, trenching, and mineralogical studies at the
Valtreixal Mine. From 2013 to 2015, Daytal expanded upon this work through additional drilling, metallurgical testing, and environmental
and planning studies. These efforts have been continued to date by Valtreixal Resources Spain S.L. (“Valtreixal Resources”),
a wholly owned subsidiary of Almonty. The principal potential products are tungsten and tin.

Almonty owns a 100%
indirect ownership interest in the Valtreixal Mine through its subsidiaries. Almonty’s interest in the Valtreixal Mine is held
by Valtreixal Resources, which owns a 100% direct interest in the Valtreixal Mine. Valtreixal Resources is a wholly-owned direct subsidiary
of 9046739 Canada Inc., itself a wholly-owned direct subsidiary of