Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 168

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 168
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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.   |

| 119 |

| ● | Exploration Synergies: Advanced                                                         
 drilling campaigns will upgrade Inferred Mineral Resources, providing a clearer picture 
 of the deposit’s potential at depth.                                                    |

On February 24, 2024,
Almonty announced that it had commenced development of Level 4 at the Panasqueira Mine, with initial works focused on accessing deeper
ore zones through exploration galleries and new ramps. The Panasqueira mining concession named “Contract of Exploitation No. C-18”
is owned and operated by BTW. It covers an irregular, roughly “keyhole” shaped area trending NW-SE and is approximately 7.5
km in length and 1.5 km wide at the south-eastern end and 5