Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 170

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 170
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 Almonty.

On June 10,
2020, the Municipality of Pedralba de la Pradería in Spain approved a new land classification for the Valtreixal Mine
designating the property as suitable for extraction activities. The official publication of this reclassification appeared in the Boletín Oficial de Castilla y León (BOCYL) on September 4, 2020. This new land classification will allow the Company to complete
the mining permitting process and to move forward with the completion of an open pit mine plan for the property. It is expected this
permitting process to be finished in 2026.

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Sangdong
Molybdenum Project

The Sangdong molybdenum
project (the “Sangdong Molybdenum Project”) is located in Yeongwol County, Gangwon Province, South Korea, approximately
175 km east-southeast of Seoul. The project lies within the same licensed mining concession as the Sangdong Mine and is situated beneath
the central tungsten skarn zones. It is focused on molybdenum-bearing quartz veins hosted in the Jangsan Quartzite formation.

Almonty holds a 100%
indirect ownership interest in the Sangdong Molybdenum Project through its subsidiary AKTC, which holds the mining rights. AKTC is a
wholly owned subsidiary of Woulfe Mining Corp., which is wholly owned by Almonty.

On January 29, 2025,
Almonty announced that it had entered into an exclusive offtake agreement with SeAH M&S, the largest processor of molybdenum products
in South Korea and one of the largest molybdenum oxide smelters globally. Under the agreement, SeAH has committed to purchase 100% of
the molybdenum concentrate produced from the Sangdong Molybdenum Project over the life of the mine. The agreement includes a floor price
of US$19.00 per pound of contained molybdenum and is structured as a long-term supply arrangement. The project is fully permitted for
both mining and environmental activities. SeAH is also constructing a US$110 million manufacturing facility in Temple, Texas.

<div align='center'>MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Each prospective investor should read the following in conjunction with the “Prospectus Summary—