Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 95

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 95
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 and can be accessed under the
Company’s profile at .

All capitalized terms
and measurement abbreviations used but not otherwise defined in the summary of the Sangdong Mine below have the meanings given to them
in the Technical Report. All references to tables and figures under the heading “Sangdong Mine” are to tables and
figures in the Technical Report.

Project Description,
Location and Access

The Sangdong Mine
is located at Sangdong in the south-eastern Korean Peninsula, approximately 170 km east-southeast of Seoul, the capital city of South
Korea, 25 km south-west of Taebaek and 55 km south-east of Wonju, in Yeongwol County, Kangwon-Do Province on the eastern side 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