Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 97

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 97
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 of
South Korea (37°08’N latitude and 128°50’E longitude), as shown in Figures 4-1 and 4-2 below. The main adit of the
Sangdong Mine is at the head of a short, south-flowing tributary of the Oktong-ch’on river. Sangdong is a small rural village with
a population of approximately 600 situated 2 km to the south of the Sangdong Mine.

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<div align='center'>Figure 4 -1– Sangdong Project Location Map

Figure 4 -2– Sangdong Mine Area</div>

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Sangdong is easily
reached by paved roads from all directions and is a 3.5-hour drive from Seoul. The Sangdong Mine is well served by the Yeondong Expressway
50 from Seoul, the Jungang Expressway 55 from Wonju, Highway 38 from Jechon to Yeongwol then Highway 31 to Sangdong. A bus journey from
Dong Seoul Bus Terminal typically takes 4 hours to Taebaek. Taebaek (population of over 50,000) is located approximately 25 km to the
east of Sangdong by paved road and is an established coal mining town with most modern facilities, including good accommodation facilities
and some mining equipment support.

The national rail
network system services the region. The train journey takes 4.5 hours to Taebaek from Seoul Station. The closest railhead is situated
at Yemi, 5 km north of Sangdong.

Access throughout
the Sangdong Mine area is generally very good, with sealed roads forming a network throughout the district, together with numerous unsealed
farm tracks up the river valleys.

Almonty owns a 100%
indirect ownership interest in the Sangdong Mine through its subsidiaries. Almonty’s interest in the Sangdong Mine is held by AKTC,
which owns a 100% direct interest in the Sangdong Mine. AKTC is a wholly-owned direct subsidiary of Woulfe, itself a wholly-owned direct
subsidiary of Almonty.

The Sangdong Mine
comprises 12 mining rights with an aggregate area of 3,173 ha, held in the name of AKTC. The mining rights areas are shown in Figure
4-3 below and details of the licenses are indicated in Table 4-1 below.

<div align='center'>Figure 4-3 – Sang