Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 155

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 155
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able, with mining supporting 40,000 inhabitants (thereby
acquiring the title Sangdong-eup).

Sangdong has elementary
and high schools, supermarkets, shops, a service station, a post office, a police station, a fire station, a bank agency, a snow clearing
centre, a community centre, churches, restaurants, and road and transport links. AKTC intends to house 95 full-time employees in the
town and the surrounding region. Certain other staff will live in a camp on site.

A community consultation
programme was undertaken and included discussions with landholders, government departments, and other stakeholders. There is overwhelming
favourable support for the Sangdong Mine from the community.

| 105 |

| 11. | Economic Environment |

The economic flow-on
benefits to Sangdong and the towns and cities of the county include increases in the following service industries:

| ● | fuel supply and transport;               |
| ● | supply and transport services for        
 mining supplies, reagents and machinery; |
| ● | light vehicle servicing;                 |
| ● | bus and air services;                    |
| ● | training and personnel management        
 services;                                |
| ● | plant maintenance and fabrication        
 services; and                            |
| ● | hospitality, accommodation, and          
 domestic supplies.                       |

The Sangdong Mine
is expected to directly employ up to a maximum of 300 people during the construction phase, reducing to approximately 200 people during
operations.

The number of current
AKTC employees is shown in Table 20-2. Of these, eight are working in Seoul and 43 in the Sangdong area.

<div align='center'>Table 20-2 – Number of Current AKTC Employees</div>

The flow-on benefits
in terms of employment vary between three to four people for each permanent employee, so the direct employment benefits are in the order
of another 600–800 people.

During the initial
phase, the Sangdong Mine concentrate product will be transported by road to one of the neighbouring harbours for export to the U.S. and
potentially a few years later, to the tungsten oxide plant located 22 km from the mine.

The local county
and Sangdong regions have predominantly elderly populations, which in general are declining. The re-opening of the Sangdong Mine will
provide a number of employment opportunities for both unskilled and skilled trades, with resulting economic benefits locally, regionally
and nationally.

| 12. | Sangdong