Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 168

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 168
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 | 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 5.0km at the northwestern end where the mine workings and mill facilities are
located. The total area of the Panasqueira concession, Contract of Exploitation No. C-18, is 1913.5983 ha, as shown in the figure below.

The exploitation
concession grants Almonty the right to exploit the geological resources in the area. The initial period of the concession is 60 years
as from the date of signing the contract being December 16, 1992. The term may be extended for two successive periods of up to 30 years
per extension.

Los
Santos Mine

The Los Santos Mine
is located approximately 50 km from Salamanca in western Spain, as shown in the figure below, and produces tungsten concentrate. The
Los Santos Mine covers an area of 38 mining grids. The Los Santos Mine has been identified with significant underground mine potential
and its underground mine potential was exploited in the deepening of the Los Santos Sur pit and Los Santos Sur South-West pit.

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Almonty has an exploitation
concession over the Los Santos Mine which grants it the right to use the resource or resources marked within the perimeter of the Los
Santos Mine. Almonty’s concession term is for 30 years with an option to extend for another two periods of the same duration, with
a maximum total length of over 45 years based on the Phase II expansion.

The Los Santos Mine
has been in production since 2008. The mine was opened in June 2008 and commissioned in July 2010 by its former owner. Almonty acquired
the Los Santos Mine in September 2011 through its wholly owned subsidiary Daytal.

Almonty owns