Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 167

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 167
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ira Mine has been operating more or less continuously since that
time, except for a brief period at the end of the Second World War and a second closure in the mid-1990s.

Almonty acquired
the Panasqueira Mine in 2016 and owns a 100% indirect ownership interest in the Panasqueira Mine through its subsidiaries. Almonty’s
interest in the Panasqueira Mine is held by BTW, which owns 100% of the various rights and interests comprising the Panasqueira Mine
and operates the mine. BTW is a wholly-owned direct subsidiary of Beralt Ventures Inc. (“BVI”), itself a wholly-owned
direct subsidiary of Almonty.

The Company currently
generates revenue from the Panasqueira Mine through the sale of tungsten, tin and copper concentrate pursuant to a variety of off-take,
distribution and supply agreements. In 2024, production at the Panasqueira Mine increased by 9.1% compared to production achieved during
the financial year 2023. Mined grades in the first quarter of 2025 for tungsten, copper and tin remained substantially similar to
the mined grades during 2024 and the tungsten recovery rates remained stable from 2022 to the first quarter of 2025, averaging 80%.

The first pumping
of tailings to the new tailings dam began during fiscal 2021 when the remaining capacity of the old tailings dam was fully consumed.
The new tailings dam is designed for the second phase expansion for an additional four years by placing a surrounding 10-meter height
retaining wall. A further phase three is now planned to increase capacity by a further 10 years. Thus, a total of 20 years additional
capacity is anticipated after the completion of all three phases.

Almonty is also planning
an extension of the Panasqueira Mine, the “L4 Extension”, with the potential to extend the life of the mine and increase
production capacity. The L4 Extension is focused on accessing deeper ore zones below the current mining levels, primarily starting from
Level 3.

Key objectives of
the L4 Extension include:

| ● | Increased Ore Throughput:                                                     
 Plans to raise the processing capacity from 600,000 tonnes to 800,000 tonnes. |
| ● | Improved Grade: An anticipated                                                
 increase in average head grade to 0.19%, enhancing overall economic output.   |

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