Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 97

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 97
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 Korea has an
established Mining Industry Act which defines the mining rights guaranteed by the government of South Korea.

Except for relatively
small areas in the south in the main river valley and a few small areas of vegetable farms, the Sangdong Mine is on government land.
On government (i.e., non-private) land, an environmental security bond must be lodged. On private land, access must be negotiated with
the individual landowner(s). In the case of mining, there is no formal mediated process for land disturbance, and the purchase or lease
of the surface rights would have to be negotiated with the landowner(s).

There are no royalties,
overrides, back-in rights, payments or other similar agreements or encumbrances to which the Sangdong Mine is subject.

| 57 |

South Korea applies
a 10% value-added tax (“VAT”) on domestic sales of goods and services, including the sale of concentrates and imports.
However, exports of concentrates are zero-rated for VAT purposes, meaning no VAT is charged and input VAT may be recoverable. The standard
corporate income tax rate is 21%, with an additional local surtax of 10% on the national tax, resulting in a combined effective rate
of approximately 23.1%. In addition, a 0.5% local resource and facility tax is levied on the value of mined minerals and paid to the
local government. There is no VAT surtax on sales.

There are no significant
factors or risks that might affect access or title to, or the right or ability to perform work on, the Sangdong Mine known at this time.

History

| I) | Earliest Operations 
 (1916–1949)         |

Tungsten mineralization
was discovered on the property comprising the Sangdong Mine in 1916 and mining took place at two locations: the Doyeop Mine and
the Sungyeong Mine for several years, but then ceased. Tungsten grades at the Doyeop Mine averaged 3.3% WO and ranged from
0.8% to 5.86% WO. Tungsten grades at the Sungyeong Mine averaged 7.55% WO and ranged from 2.50% to 17.12%
WO.Operations at both locations recommenced in 1933 and the main Sangdong deposit was discovered during the period 1939 to
1940. In 1941, the company Kobayashi Mining Corporation