Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 15

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 15
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 significant tungsten producers; the mine contains a Probable Mineral          
 Reserves grade of 0.42%, as well as estimated recovery of 85%. The mine also currently has      
 an estimated life of over 45 years based on the Phase II expansion. Our Panasqueira Mine        
 has tungsten with Proven Mineral Reserve grades of approximately 0.22%, currently mining        
 around 0.12% and a recovery rate of approximately 80%. The tungsten recovery rates at the       
 Panasqueira Mine remained stable from 2022 to the first quarter of 2025, averaging 80%.         |

| ● | Decades                                                                                            
 of tungsten mining and processing expertise. The Panasqueira Mine has been in near-continuous      
 production for 129 years, and we have operated it since January 2016 during which time we          
 have perfected and refined the tungsten processing process. The Company has operated gravity-based 
 processing for several decades, providing the opportunity to incrementally improve and optimize    
 recovery performance. As a result, the process achieves consistent tungsten recoveries and         
 also yields additional by-products, including tin and copper. Because tungsten is brittle,         
 the ability to precisely grind material is critical and our expertise in this regard has           
 led to high quality oxide and favorable pricing of our product.                                    |

| ● | Offtake                                                                                           
 contracts with customers with premium pricing. Since the White House signed executive             
 orders in March and April to increase domestic critical mineral production to support national    
 security, the Department of Defense and related defense programs have aimed to secure a more      
 stable source of tungsten for U.S. programs. We are well-positioned to benefit from these         
 policy changes as we have secured several floor-priced tungsten offtake agreements, including     
 a 15-year agreement with Global Tungsten & Powders Corp. (“GTP”),                                 
 which is part of the Plansee Group, and a second agreement with Metal-Tech Ltd. (“Metal-Tech”)    
 to process material for Tungsten Parts Wyoming, Inc. (“TPW”) solely for                           
 U.S. defense programs. We supply tungsten to metals processors and tungsten product manufacturers 
 for defense applications, as well as for the tooling, electronics and other industrial sectors,   
 with a diversified customer base focused across the U.S., E.U. and Japan.                         |
| ● | Secure                                                                                            
 and Vertically Integrated Supply Chain. All our operations are in NATO or allied                  
 nation countries,