Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 102

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 102
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 2020,
Almonty achieved this by finalizing a US$75.1 million project finance loan with KfW IPEX-Bank, a German financial institution.

Following the approval
of project financing in early 2020, Almonty Industries initiated a multi-year, meticulously planned construction and development program
at the Sangdong Mine. The program reflects a combination of engineering precision, environmental, social and governance (“ESG”)
aligned project management and a commitment to building the largest non-Chinese source of tungsten globally. Below is a detailed breakdown
of the key phases and milestones in the development of the Sangdong Mine.

| 1. | 2020 – Pre-construction 
 and Engineering         |

| ● | January 2020: Binding commitment                                     
 for project financing secured for US$75.1 million.                   |
| ● | February 2020: Revised 15-year offtake                               
 agreement signed, increasing minimum revenue floor to C$750 million. |
| ● | May 2020:                                                            |

| ○ | Metso Corporation (“Metso”)                                                                 
 completes delivery of the basic engineering package for the crushing and grinding circuit.  |
| ○ | Collaboration with the Gangwon Provincial                                                   
 Government and Yeongwol County formalized through a memorandum of understanding, confirming 
 local support, infrastructure provisioning and regulatory facilitation.                     |

| ● | July–September 2020: |

| ○ | Backfill plant design and location                               
 finalized at 730 m elevation for gravity-based tailings pumping. |
| ○ | Long-lead items such as flotation                                
 cells and mill components specified for procurement.             |

| 2. | 2021 – Formal         
 Start of Construction |

| ● | Q1 2021: Concrete batch plant completed                          
 on site to support all civil works and underground construction. |
| ● | Q2 2021:                                                         |

| ○ | Renovation of the Sangdong town                                              
 administration office into a local headquarters and community contact point. |
| ○ | Major cost optimization achieved                                             
 by bundling site levelling, road building and drainage diversion.            |

| ● | May 2021: Groundbreaking ceremony                                                                
 held at the Sangdong Mine, marking the official start of surface construction.                   |
| ● | Q3–Q4 2021: Preparatory works                                                                    
 and mobilization continue; underground engineering and design for portals and haulage confirmed. |

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