Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 99

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 99
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 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 (“Kobayashi”) bought both mines and integrated operations
into the overall Sangdong Mine. The Sungyeong Mine owners, in order of succession, were Ogama Fusajiro, Kondo Shinjiro, Shibuya
Yoshihide and then Kobayashi. Apart from acquiring the Doyeop Mine and the Sungyeong Mine, Kobayashi also expanded the mining rights
area for the Sangdong Mine to include tungsten, bismuth and molybdenite. The smelting plant for Kobayashi was in Seoul.

The Sangdong Mine
was operated during the Second World War by Sorim Resources Co. and, during the period 1946 to 1949, under the jurisdiction of the