Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 98

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 98
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 (“Kobayashi”) bought both mines and integrated operations
into the overall Sangdong Mine. The Sungyeong Mine owners, in order of succession, were Ogama Fusajiro, Kondo Shinjiro, Shibuya
Yoshihide and then Kobayashi. Apart from acquiring the Doyeop Mine and the Sungyeong Mine, Kobayashi also expanded the mining rights
area for the Sangdong Mine to include tungsten, bismuth and molybdenite. The smelting plant for Kobayashi was in Seoul.

The Sangdong Mine
was operated during the Second World War by Sorim Resources Co. and, during the period 1946 to 1949, under the jurisdiction of the United
States military government office. With the end of the Second World War in 1945, all property owned by Japanese nationals in Korea was
taken over by the United States Army Military Government in Korea (“USAMGIK”), including Kobayashi’s mines.
Along with 5–6 Japanese employees, Kobayashi’s president stayed for some time as an advisor to USAMGIK for tungsten mining
development, but soon returned to Japan in October 1945.

In 1946, the U.S.
Army restarted the tungsten mining operations for export to the United States. In 1947, Korea’s tungsten ore was exported for the
first time to the world market, branded with the name of the Republic of Korea. The tungsten concentrate was first exported through exchanges
between the Korean and U.S. governments.

On November 1, 1947,
the Sangdong Mine suffered a fire caused by an electrical leak at the processing site, which had just begun operation. The processing
plant was completely burned down, which seriously hindered production. Despite that, the Sangdong Mine produced 939 tonnes of tungsten
during that year. The operation of the processing site at the Sangdong Mine restarted in November 1948.

| II) | Korea Tungsten Mining    
 Company Ltd. (1949–1994) |

In 1948, the USAGMIK
control system ended and a governance system of company presidents started, with Kim Hyun Gyung being appointed as the first president
of the Korea Tungsten Mining Company.

In 1949, the Korean
Tungsten Mining Company, a government agency, assumed control and operated Sangdong Mine until 1951. In 1952, the Korean T