Company: ALM
Filing Date: 2025-10-31
Form Type: F-10/A
Source: 0001493152-25-020439
Chunk: 24

Company: Almonty Industries Inc.
Filing Date: 2025-10-31
Form: F-10/A
Chunk 24
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2.19 million represented cash restricted for use for the development of the Sangdong Mine) and a working capital position of $74.41 million.

Recent Developments

On September 23, 2025, the
Company announced that it has commenced a drilling program at the Sangdong Molybdenum Project to obtain data to confirm whether mineral
reserves of molybdenum can be established ahead of possible future production. The total costs of the drilling program are estimated
to be approximately US$2.9 million. Following the drilling campaign, the Company may update its previously filed technical report for
the Sangdong Molybdenum Project, dated August 12, 2022 and effective May 31, 2022, entitled “Report
NI 43-101 Technical Report on the Mineral Resources of the Sangdong Molybdenum Stockwork Project, South Korea”, and authored by
Adam Wheeler, B.Sc, M.Sc, C. Eng., an independent qualified person pursuant to NI 43-101. The timing of the release of the updated technical
report depends to a great extent on the result from the current drilling campaign at the Sangdong Molybdenum Project. The Company currently
expects to have sufficient data available during fiscal year 2026 to update the technical report. There is no certainty that the Sangdong
Molybdenum Project will advance to production.

On October 28, 2025, the Company announced that it has entered into a binding share purchase transaction involving U.S. Tungsten Inc., a U.S.-based privately-owned minerals explorer, to acquire the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead County, Montana in the United States (the “ Gentung Browns Lake Tungsten Project”) for aggregate consideration of US$9.75 million, payable in US$750,000 of cash and US$9 million of Common Shares issued at a price per Common Share determined on the day of signing and converted into U.S. dollars at the noon rate published by the Bank of Canada on the business day immediately preceding the date of the agreement (the “ Consideration Shares”). The cash portion of the consideration will be paid by the Company with cash on hand. The Consideration Shares are subject to restrictions under applicable securities laws in addition to a one-year contractual lock-up from the date of closing. The closing of the transaction is subject to customary conditions for a transaction of this nature, including the