Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 16

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 16
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 securing supply agreements for customers in the U.S., Korea, Japan, and         
 the EU. It is anticipated that future vertically integrated production of nano tungsten oxide     
 at the Tungsten Oxide Facility will reduce processing times and transportation costs.             |
| ● | Structured                                                                                        
 Development Path. The Sangdong Mine provides a clear growth path for the Company,                 
 including through a floor-priced offtake agreement with a U.S. defense contractor, and a          
 US$75.1 million government-backed project financing facility provided KfW IPEX-Bank. The          
 project is further supported by a feasibility study prepared in accordance with NI 43-101,        
 validated environmental assessments, and equipment performance guarantees from Metso, the         
 Company’s primary plant supplier.                                                                 |

| 8 |

Our Growth Strategy We are building a leading vertically-integrated supply chain for tungsten — serving the strategic needs of Western defense industries, as well as semiconductors, energy and other industrial applications. Our strategy is centered on growth through production scale, vertical integration, and jurisdictional alignment with U.S. and allied governments. With increasing public and private sector demand for reliable sources of critical minerals, we are executing a phased, capital-efficient roadmap to scale high-purity production, downstream processing, and market penetration. Major aspects of our growth strategy include:

| ● | Complete Redomiciling to U.S.                                                             
 Almonty intends to relocate its corporate domicile to Delaware to benefit from the        
 U.S.’s robust regulatory framework for critical minerals like tungsten and molybdenum     
 and align Almonty’s corporate structure with the location of a significant portion        
 of our shareholder base. In February 2025, we announced that the holders of Common Shares 
 voted to approve Almonty’s proposed continuance from                                      
 Canada to the State of Delaware, USA.                                                     |

| ● | Commencing Production at the                                                                      
 Sangdong Mine (“Phase I”). The Sangdong Mine is fully permitted, and                              
 we expect to complete construction in the second half of 2025, leveraging existing infrastructure 
 with long-lead time equipment already delivered. We expect to commence production in the          
 second half of 2025 and have already secured offtake contracts for a significant proportion       
 of the expected production capacity from Phase I. At full scale, Phase I is expected to produce   
 230,000 MTUs of tungsten trioxide (“WO3”) concentrate annually.                                   |

| ● | Expanding production at the