Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 170

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 170
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 rates from the future processing of its tailings
inventory. Modifications to the processing plant to facilitate tailings reprocessing are expected to be implemented early 2026.

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Valtreixal
Mine

The Valtreixal Mine
is a potential open pit operation, and is located in the northwest part of the Zamora province, in the Castilla de Leon region of Spain,
as shown in the figure below. The Valtreixal Mine is located approximately 250 km from the Los Santos Mine and 185 km from Salamanca,
Spain.

The Valtreixal Mine
has been explored with underground development since the late 1800s, and limited tin exploitation occurred sporadically in the late 1900s.
Between 2006 and 2012, SIEMCALSA conducted extensive underground and surface exploration, trenching, and mineralogical studies at the
Valtreixal Mine. From 2013 to 2015, Daytal expanded upon this work through additional drilling, metallurgical testing, and environmental
and planning studies. These efforts have been continued to date by Valtreixal Resources Spain S.L. (“Valtreixal Resources”),
a wholly owned subsidiary of Almonty. The principal potential products are tungsten and tin.

Almonty owns a 100%
indirect ownership interest in the Valtreixal Mine through its subsidiaries. Almonty’s interest in the Valtreixal Mine is held
by Valtreixal Resources, which owns a 100% direct interest in the Valtreixal Mine. Valtreixal Resources is a wholly-owned direct subsidiary
of 9046739 Canada Inc., itself a wholly-owned direct subsidiary of Almonty.

On June 10,
2020, the Municipality of Pedralba de la Pradería in Spain approved a new land classification for the Valtreixal Mine
designating the property as suitable for extraction activities. The official publication of this reclassification appeared in the Boletín Oficial de Castilla y León (BOCYL) on September 4, 2020. This new land classification will allow the Company to complete
the mining permitting process and to move forward with the completion of an open pit mine plan for the property. It is expected this
permitting process to be finished in 2026.

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Sangdong
Molybdenum Project

The Sangdong