Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 180

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 180
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 (approximately US$l
million).

Description
of the Tungsten Oxide Facility

The Tungsten Oxide
Facility will be a vertically integrated nano tungsten oxide downstream processing plant which will process the tungsten oxide from the
Sangdong Mine to supply the South Korean battery anode and cathode manufacturing industry, reducing the costs of such processing by avoiding
the need to export the tungsten oxide outside of South Korea for processing and reimporting it for sale to local customers.

The Company expects
to source feedstock for the Tungsten Oxide Facility from other tungsten producers as well as its existing and future mining operations.
This includes the planned Phase II expansion of the Sangdong Mine, which is currently expected to serve as the primary initial source.
The Company may also evaluate the use of concentrate from the Panasqueira Mine, whether from current output or potential future expansion,
as well as material from other Company-owned assets in Spain, subject to further technical and economic assessment. As of the date hereof,
no final sourcing decisions have been made beyond the expected production from Phase II.

Engineering,
Procurement, and Construction

The Company anticipates
that engineering, procurement, and construction (“EPC”) activities for the Tungsten Oxide Facility will be carried
out in successive, interdependent phases.

The initial phase
is expected to comprise detailed engineering, which includes process, electrical, civil, and automation design for all core systems identified
in the Engineering Study, such as the digestion and purification systems, extraction and crystallization units, and the WO
calcination process. In parallel, the Company plans to conduct formal tender processes for long-lead and critical-path equipment to ensure
timely delivery from qualified suppliers, with a strong focus on European-origin equipment and systems. As part of the procurement phase,
the Company intends to negotiate framework agreements for major process units, instrumentation, and construction materials. Once delivered,
these items will be installed consistent with a project schedule designed to allow systematic handover between engineering, mechanical
completion, and commissioning. Mechanical completion will then transition to a staged system verification, where operational readiness
checks will be performed the Tungsten Oxide Facility. Once these checks are complete, the Company plans to undertake a comprehensive
commissioning program to verify throughput rates, production quality, and environmental management systems, including emissions control
and wastewater treatment processes.

Throughout the EPC
process, the Company will coordinate with local authorities to satisfy applicable permit requirements and ensure alignment with any region