Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 101

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 101
---
 of
the 1960s, it was clear to KTMC that it was become increasingly difficult to maintain the production of extremely rich (plus 1.5% WO)
grades from the Main zone, forcing them to make a number of important changes to the company’s operations.

From 1974 to 1987,
up to 1,182 tonnes of APT was produced annually, totalling 10,624 tonnes, but between 1978 and 1987, less than 170 tonnes of tungsten
metal and steels were produced. The drop in tungsten prices in the mid-1980s caused the mine to reduce production and eventually shut
down in 1992. KTMC was finally dissolved in 1998.

Mr. Jae Youl Sim
(Se Woo Mining Co. Ltd. (“Se Woo”)) acquired 23 mining rights over the Sangdong deposit in June 2001.

| III) | Woulfe Mining Corporation                     
 (formerly Oriental Minerals Inc.) (2006–2015) |

On October 19, 2006,
Oriental Minerals Inc. (“Oriental”) entered into an agreement with Se Woo, a private company based in Seoul, Republic
of Korea, whereby Oriental could earn up to 100% interest in 23 mining rights with a total area of 5,924 ha (59.24 km).

Ownership of the
23 mining rights was transferred to Oriental, a 100%-owned Korean subsidiary of Oriental Hard Metals Korea Co., Ltd. upon closing of
the transaction contemplated in the Sangdong Purchase Agreement and acceptance by the TSX Venture Exchange on January 7, 2007.

On the February 25,
2010, Oriental changed its name to Woulfe Mining Corp. Subsequently, the project area was reduced to 12 mining rights with an aggregate
area of 3,173 ha. In November 2011, Woulfe gained a 100% interest in the property.

| 59 |

| IV) | Sangdong Mine Development 
 by AKTC (2015–2024)       |

Almonty acquired
a 100% ownership interest in Woulfe on September 11, 2015 by way of a plan of arrangement. Woulfe, through its wholly owned subsidiary,
AKTC, owns a 100% interest in the Sangdong Mine.

A critical milestone
in the redevelopment of the Sangdong Mine was securing adequate financing to support construction and operational activities. In