Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 167

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 167
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 and fans. Development access drives will be extended across the Main, F3, F2, and Halo horizons
for future stoping. In selected areas, test stopes may be initiated to evaluate operational performance and backfill sequencing under
full-scale conditions. Some access galleries will also be pre-fitted with services such as electrical distribution lines and dewatering
pumps.

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<div align='center'>Figure 16-29 – Principal Mine Development and Infrastructure</div>

Other Mineral
Projects

The Sangdong Mine
is the only mineral project on a property that is material to the Company for the purposes of NI 43-101. While the Company is also engaged
in the operation and development of other mineral properties, including the Panasqueira Mine, Los Santos Mine, the Valtreixal Project,
and the Sangdong Molybdenum Project (collectively, the “Other Mineral Projects”, and with the Sangdong Mine, the “Mineral Projects”), none of these are considered material for the purposes of NI 43-101.

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Panasqueira
Mine

The Panasqueira Mine
is located in Covilhã, Castelo Branco, Portugal, on the southern edge of the Serra da Estrela, a Portuguese mountain range, approximately
300 km northeast of Lisbon, the capital of Portugal, and 200 km southeast of the port city of Porto, Portugal, as shown in the figure
below.

The first prospecting
license at Panasqueira was granted in 1886 and the first reference to wolframite was two years later. A mining company was founded in
1896 to mine tungsten at Panasqueira, and the underground Panasqueira 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