Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 104

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 104
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 2020: Binding commitment                                     
 for project financing secured for US$75.1 million.                   |
| ● | February 2020: Revised 15-year offtake                               
 agreement signed, increasing minimum revenue floor to C$750 million. |
| ● | May 2020:                                                            |

| ○ | Metso Corporation (“Metso”)                                                                 
 completes delivery of the basic engineering package for the crushing and grinding circuit.  |
| ○ | Collaboration with the Gangwon Provincial                                                   
 Government and Yeongwol County formalized through a memorandum of understanding, confirming 
 local support, infrastructure provisioning and regulatory facilitation.                     |

| ● | July–September 2020: |

| ○ | Backfill plant design and location                               
 finalized at 730 m elevation for gravity-based tailings pumping. |
| ○ | Long-lead items such as flotation                                
 cells and mill components specified for procurement.             |

| 2. | 2021 – Formal         
 Start of Construction |

| ● | Q1 2021: Concrete batch plant completed                          
 on site to support all civil works and underground construction. |
| ● | Q2 2021:                                                         |

| ○ | Renovation of the Sangdong town                                              
 administration office into a local headquarters and community contact point. |
| ○ | Major cost optimization achieved                                             
 by bundling site levelling, road building and drainage diversion.            |

| ● | May 2021: Groundbreaking ceremony                                                                
 held at the Sangdong Mine, marking the official start of surface construction.                   |
| ● | Q3–Q4 2021: Preparatory works                                                                    
 and mobilization continue; underground engineering and design for portals and haulage confirmed. |

| 3. | 2022 – Ramp-up                           
 of Equipment Procurement and Civil Works |

| ● | January–June 2022: |

| ○ | Completion of several conditions                                             
 precedent for the project finance agreement.                                 |
| ○ | Memorandum of understanding signed                                           
 with Korean Mine Rehabilitation and Resource Corp. (“KOMIR”) and Hannae      
 For T, Ltd for rare-metal recycling and value-add processing in South Korea. |

| ● | Q3 2022: |

| ○ | First and second disbursements received                                              
 to fund civil works and equipment orders.                                            |
| ○ | Procurement of semi-autogenous grinding                                              
 mill, ball mill, protection screens, reclaim feeders and other processing