Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 169

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 169
---
.0km at the northwestern end where the mine workings and mill facilities are
located. The total area of the Panasqueira concession, Contract of Exploitation No. C-18, is 1913.5983 ha, as shown in the figure below.

The exploitation
concession grants Almonty the right to exploit the geological resources in the area. The initial period of the concession is 60 years
as from the date of signing the contract being December 16, 1992. The term may be extended for two successive periods of up to 30 years
per extension.

Los
Santos Mine

The Los Santos Mine
is located approximately 50 km from Salamanca in western Spain, as shown in the figure below, and produces tungsten concentrate. The
Los Santos Mine covers an area of 38 mining grids. The Los Santos Mine has been identified with significant underground mine potential
and its underground mine potential was exploited in the deepening of the Los Santos Sur pit and Los Santos Sur South-West pit.

| 120 |

Almonty has an exploitation
concession over the Los Santos Mine which grants it the right to use the resource or resources marked within the perimeter of the Los
Santos Mine. Almonty’s concession term is for 30 years with an option to extend for another two periods of the same duration, with
a maximum total length of over 45 years based on the Phase II expansion.

The Los Santos Mine
has been in production since 2008. The mine was opened in June 2008 and commissioned in July 2010 by its former owner. Almonty acquired
the Los Santos Mine in September 2011 through its wholly owned subsidiary Daytal.

Almonty owns a 100%
indirect ownership interest in the Los Santos Mine through its subsidiaries. Almonty’s interest in the Los Santos Mine is held
by Daytal, which owns a 100% direct interest in the Los Santos Mine. Daytal is a wholly-owned direct subsidiary of 7887523 Canada Inc.,
itself a wholly-owned direct subsidiary of Almonty.

In February 2020,
as a result of additional testing work, Almonty decided to place the Los Santos Mine into care and maintenance. The Company is planning
to re-open operations in the near future once it has finalized plans to modify the plant’s infrastructure, through an approximately
€1,000,000 capital expenditure, which is expected to result in improved recovery