Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 179

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 179
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 expected to support the project through
the period leading up to the execution and availability of the anticipated debt facility.

| 2. | Development and Construction   
 of the Tungsten Oxide Facility |

The Company intends
to use up to US$l million (or up to approximately 84%) of
the net proceeds of the Offering toward the development of the Tungsten Oxide Facility, a nano tungsten oxide downstream processing plant
in South Korea, near the Sangdong Mine. As described below, this amount is expected to represent approximately l%
of the total estimated project cost (including contingency amounts) and is expected to fund (i) the remaining early-stage development
activities and (ii) the initial construction and development, with the remainder anticipated costs of construction and development to
be funded through a dedicated project financing facility and other financing arrangements. To that end, the Company has notably entered
into a firm, non-binding letter of intent with KfW, dated January 12, 2022, for the provision of up to US$50 million in project financing
and is expecting to secure the remaining capital requirements through additional financing arrangements, which may include further debt,
equity, or strategic partnerships, subject to prevailing market conditions and ongoing evaluation.

| 127 |

Project Status

To date, the Company
has completed a Pre-Basic Engineering Study in March 2025 with UTG Universaltechnik GmbH, forming the basis for current design and cost
planning (the “Engineering Study”). The Tungsten Oxide Facility is to be located in Yeongwol County on a greenfield
site, secured under a memorandum of understanding with the local government, as announced on July 11, 2024. The plant will process scheelite
and wolframite concentrates into high-purity WO₃, with an initial nameplate production capacity of 4,000 tonnes per year and the
option to scale up to 6,000 tonnes per year.

As of the date hereof,
the Tungsten Oxide Facility remains in the pre-construction stage and is not yet material to the Company’s current operations.
No significant capital expenditure has been incurred to date. The Company intends to use a portion of the Offering proceeds (i) to finalize
early-stage development activities, including advanced engineering work, economic analysis, and other preparatory steps toward potential
future construction and production (approximately US$l million) and
(ii) to begin the construction and development of the Tungsten Oxide Facility