Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 18

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 18
---
 MTUs of tungsten trioxide (“WO3”) concentrate annually.                                   |

| ● | Expanding production at the                                                                       
 Sangdong Mine (“Phase II”). We have the opportunity to significantly                              
 increase the throughput capacity at the Sangdong Mine—from 640,000 tonnes to approximately        
 1.2 million tonnes per annum. This expansion is fully permitted under existing Phase I approvals, 
 and during the development of Phase I, some components have been built which may support          
 a higher throughput or expansion. It is expected that, subject to positive operating results      
 from Phase I and prevailing market conditions, Phase II could be advanced as early as 2026.       
 The Phase II expansion is expected to unlock scale economies and support margin enhancement.      |

| ● | Securing offtake contracts                                                                         
 with new customers. The Company is continuously in the process of seeking additional               
 potential offtake partners and evaluating new opportunities to expand our commercial partnerships. 
 As we increase our production, we expect to sign new offtake contracts with customers with         
 favorable economics. These offtake contracts are anticipated to primarily supply tungsten          
 to customers for defense and military applications.                                                |

| ● | Develop Tungsten Oxide Facility.                                                              
 Almonty is assessing a potential vertical integration opportunity through the development     
 of a nano tungsten oxide downstream processing plant in South Korea, near the Sangdong Mine   
 (the “Tungsten Oxide Facility”), with operations targeted to begin in                         
 2028, to provide high-purity tungsten oxide for defense, semiconductors, and EV applications. |

| ● | Additional molybdenum opportunity.                                                          
 In addition to tungsten, Almonty also has a molybdenum project with significant             
 Inferred Mineral Resources on a separate property adjacent to the tungsten orebody at       
 the Sangdong Mine. Additionally, Almonty has already secured an offtake agreement for 100%  
 of material with SeAH, which is a major processor of molybdenum products in South Korea and 
 is constructing a $110 million manufacturing facility in Texas.                             |

| ● | Panasqueira Mine Expansion                                                                    
 (Portugal). Almonty is planning an extension of the Panasqueira Mine, with the potential      
 to extend the life of the mine and significantly increase production capacity. Key objectives 
 of this extension include increased ore throughput and improved average head grade, while     
 continuing to serve customers who rely on the mine’s concentrate