Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 171

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 171
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 molybdenum
project (the “Sangdong Molybdenum Project”) is located in Yeongwol County, Gangwon Province, South Korea, approximately
175 km east-southeast of Seoul. The project lies within the same licensed mining concession as the Sangdong Mine and is situated beneath
the central tungsten skarn zones. It is focused on molybdenum-bearing quartz veins hosted in the Jangsan Quartzite formation.

Almonty holds a 100%
indirect ownership interest in the Sangdong Molybdenum Project through its subsidiary AKTC, which holds the mining rights. AKTC is a
wholly owned subsidiary of Woulfe Mining Corp., which is wholly owned by Almonty.

On January 29, 2025,
Almonty announced that it had entered into an exclusive offtake agreement with SeAH M&S, the largest processor of molybdenum products
in South Korea and one of the largest molybdenum oxide smelters globally. Under the agreement, SeAH has committed to purchase 100% of
the molybdenum concentrate produced from the Sangdong Molybdenum Project over the life of the mine. The agreement includes a floor price
of US$19.00 per pound of contained molybdenum and is structured as a long-term supply arrangement. The project is fully permitted for
both mining and environmental activities. SeAH is also constructing a US$110 million manufacturing facility in Temple, Texas.

Despite the proximity of the
Sangdong Molybdenum Project to the Sangdong Mine, for the purposes of NI 43-101, they are considered by the Company to be on two different
properties. This conclusion is based on the fact that the two projects are comprised of entirely distinct mineral deposits, each of which
will be developed independently without shared common infrastructure. Specifically, the Sangdong Molybdenum Project is expected to be
a standalone mining operation, featuring its own dedicated underground mine infrastructure, including a separate mining shaft or portal,
and its own processing facilities. These operational distinctions underscore that the Sangdong Molybdenum Project will function as a
different mine, wholly independent from the Sangdong Project, and the Company does not, on the date hereof, anticipate significant synergies
between the projects. Production at the Sangdong Molybdenum Project is anticipated in the coming years, with a production capacity that
is