Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 102

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 102
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 the 3.5 m to 5 m thick Main horizon: 3.918 Mt. During the same period of time, about 2.041 Mt were mined
from the Hangingwall (Upper) horizon in widely spaced stopes as deep as the -8 level. Data suggest that little, if any, production came
from the horizon prior to that period.

From 1981 to 1988,
about 88,000 tonnes of ore came from the Footwall (Lower) II horizon, mostly in the upper three levels, and 167,000 tonnes of ore from
the Footwall (Lower) III horizon, also mostly in the three upper levels of the mine.

Although no statistics
are available for production from the various individual horizons, it is evident from the 1989 longitudinal sections that there appear
to be only pillars remaining at most levels in the core of the mine area, to at least the -15 level. Most of the remaining resources
at that time were in peripheral, and probably lower grade, parts of the deposit and in the Main East orebody.

Statistics for the
period from 1987 to the mine’s closure in 1992 are unavailable; however, there are indications that mine production was limited
and concentrate production was derived from toll treatment. Various quantities of APT, tungsten metal and tungsten steel were also produced.

In 1959, a synthetic
scheelite plant began operation, improving the grade and recovery of concentrates. In 1961, a bismuth refining plant was opened, producing
99.9% bismuth metal. The following year, a plant to produce tungsten metal was commissioned and, in 1972, an APT plant was built.

Towards the end of
the 1960s, it was clear to KTMC that it was become increasingly difficult to maintain the production of extremely rich (plus 1.5% WO)
grades from the Main zone, forcing them to make a number of important changes to the company’s operations.

From 1974 to 1987,
up to 1,182 tonnes of APT was produced annually, totalling 10,624 tonnes, but between 1978 and 1987, less than 170 tonnes of tungsten
metal and steels were produced. The drop in tungsten prices in the mid-1980s caused the mine to reduce production and eventually shut
down in 1992. KTMC was finally dissolved in 199