Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 174

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 174
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 remaining 49% of the Valtreixal Mine it did not already own for payment of €1.5 million
($2.2 million). Almonty now owns a 100% interest in the Valtreixal Mine.

During February 2020,
the Company made the decision to place the Los Santos Mine into care and maintenance so as to allow the Company to focus its efforts
on finalizing the proposed project financing for the Sangdong Mine and to assess and complete a restructuring initiative that will involve
an approximate €1 million capital expenditure expected to lead to a significant increase in the recovery rate of WO
from the processing of the Company’s tailings inventory.

During June 2020,
the Company received, from the Municipality of Pedralba de la Paraderia in Spain, a new land classification for its Valtreixal Property
whereby the property is now deemed to be suitable for extraction activity. The Company’s Valtreixal Property is located approximately
250 kilometres from the Company’s wholly-owned Los Santos Mine in Spain.

This new land classification
will now 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.

See “Summary Consolidated Financial Information” in this prospectus for summary consolidated financial information for the three month periods
ended March 31, 2025 and 2024 and the fiscal years ended December 31, 2024 and 2023.

Operating
Results – Three Months Ended March 31, 2025

The following financial
information is for the three months ended March 31, 2025 and 2024:

|                                                       |     |   | Three months ended |      |     |   | Three months ended |   |
|                                                       |     |   |          31-Mar-25 |      |     |   |          31-Mar-24 |   |
|                                                       |     |   |              $’000 |      |     |   |              $’000 |   |
| Gross Revenue                                         |     |   |              7,908 |      |     |   |              7,824 |   |
| Mine production costs                                 |     |   |              6,588 |      |     |   |              6,665 |   |
| Care and maintenance                                  |     |   |                280 |      |     |   |                263 |   |
| Depreciation and