Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 103

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 103
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8.

Mr. Jae Youl Sim
(Se Woo Mining Co. Ltd. (“Se Woo”)) acquired 23 mining rights over the Sangdong deposit in June 2001.

| III) | Woulfe Mining Corporation                     
 (formerly Oriental Minerals Inc.) (2006–2015) |

On October 19, 2006,
Oriental Minerals Inc. (“Oriental”) entered into an agreement with Se Woo, a private company based in Seoul, Republic
of Korea, whereby Oriental could earn up to 100% interest in 23 mining rights with a total area of 5,924 ha (59.24 km).

Ownership of the
23 mining rights was transferred to Oriental, a 100%-owned Korean subsidiary of Oriental Hard Metals Korea Co., Ltd. upon closing of
the transaction contemplated in the Sangdong Purchase Agreement and acceptance by the TSX Venture Exchange on January 7, 2007.

On the February 25,
2010, Oriental changed its name to Woulfe Mining Corp. Subsequently, the project area was reduced to 12 mining rights with an aggregate
area of 3,173 ha. In November 2011, Woulfe gained a 100% interest in the property.

| 59 |

| IV) | Sangdong Mine Development 
 by AKTC (2015–2024)       |

Almonty acquired
a 100% ownership interest in Woulfe on September 11, 2015 by way of a plan of arrangement. Woulfe, through its wholly owned subsidiary,
AKTC, owns a 100% interest in the Sangdong Mine.

A critical milestone
in the redevelopment of the Sangdong Mine was securing adequate financing to support construction and operational activities. In 2020,
Almonty achieved this by finalizing a US$75.1 million project finance loan with KfW IPEX-Bank, a German financial institution.

Following the approval
of project financing in early 2020, Almonty Industries initiated a multi-year, meticulously planned construction and development program
at the Sangdong Mine. The program reflects a combination of engineering precision, environmental, social and governance (“ESG”)
aligned project management and a commitment to building the largest non-Chinese source of tungsten globally. Below is a detailed breakdown
of the key phases and milestones in the development of the Sangdong Mine.

| 1. | 2020 – Pre-construction 
 and Engineering         |

| ● | January