Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 99

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 99
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ungsten Mining
Company changed its name to Korea Tungsten Mining Co. Ltd. (“KTMC”) and resumed mining, producing tungsten and scheelite,
bismuth and molybdenum concentrates. There were various disruptions with the Korean War from 1950–1951, including being occupied
for some of that time by North Korea. In 1951, 639 tonnes of tungsten concentrate were produced, with a monthly production rate
of approximately 10,000 tonnes of ore, at a grade of 1.2–1.7% WO.

In 1953, mechanized
equipment was installed, including slushers, loaders and mining cars. In 1954, mechanization of mine transportation started with tram
operations, as well as three underground compressors. In 1957, the mining operations were downsized, going from 1,567 to 400 people at
the mine site. A chemical treatment plant was started in 1959 and other significant milestones were achieved over the next 17 years.

The Sangdong Mine
operated until 1994, with annual rates of production of up to 750,200 tonnes of ore. By the time of closure, the mine had been developed
on 20 levels, between the elevations of 242 and 755 metres above sea level, with a cumulative length of 20 km of workings in addition
to six inclines totalling 3.8 km, a ventilation incline and a 450-metre vertical shaft. The mine had tracked haulage ways.

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Historical mining
employed underground room and pillar methods and concentrated on four main tungsten horizons: the Upper (H1), Main (M1), Lower II (F2)
and Lower III (F3) listed in stratigraphic order. Mining occurred mostly on the M1 horizon, with lesser operations on H1 and only very
minor workings on F2 and F3.

Production figures
over the life of the mine are not available for every year, having either been lost or having never been fully documented. During the
period 1952 to 1987, annual production of tungsten concentrate varied between 994 tonnes (1955) and 3,268 tonnes (1961) and total production
was 74,911 tonnes. There are indications that in the period between 1987 and 1992, mine production was limited and concentrate production
was derived from toll treatment. Various