Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 179

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 179
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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$l million) and
(ii) to begin the construction and development of the Tungsten Oxide Facility (approximately US$l
million).

Description
of the Tungsten Oxide Facility

The Tungsten Oxide
Facility will be a vertically integrated nano tungsten oxide downstream processing plant which will process the tungsten oxide from the
Sangdong Mine to supply the South Korean battery anode and cathode manufacturing industry, reducing the costs of such processing by avoiding
the need to export the tungsten oxide outside of South Korea for processing and reimporting it for sale to local customers.

The Company expects
to source feedstock for the Tungsten Oxide Facility from other tungsten producers as well as its existing and future mining operations.
This includes the planned Phase II expansion of the Sangdong Mine, which is currently expected to serve as the primary initial source.
The Company may also evaluate the use of concentrate from the Panasqueira Mine, whether from current output or potential future expansion,
as well as material from other Company-owned assets in Spain, subject to further technical and economic assessment. As of the date hereof,
no final sourcing decisions have been made beyond the expected production from Phase II.

Engineering,
Procurement, and Construction

The Company anticipates
that engineering, procurement, and construction (“EPC”) activities for the Tungsten Oxide Facility will be carried
out in successive, interdependent phases.

The initial phase
is expected to comprise detailed engineering, which includes process, electrical, civil, and automation design for all core systems identified