Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 117

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 117
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ing work to resolve the situation and consolidate the survey of the site in general.

Holes drilled on
bearings of both 135° and 315° intersected strata and mineralization obliquely, the intersected thickness of mineralization being
about a 30% greater than the true thickness.

| 2. | 2009–2014 Drilling 
 Programmes         |

Once access was gained
to the underground workings, Woulfe began a programme of infill and resource definition drilling. The drilling was largely completed
from the underground workings supplemented by additional surface holes where underground access was not possible.

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Underground drilling
was either NQ core from a Sandvik Onram 1000 wireline rig, or BQ core from 3 Kempe pneumatic screwdrive open hole core rigs. Orientations
vary based on access and the need to intersect all three ore horizons. Conical drilling patterns are common as a result of fanning out
in all directions from the underground drilling platforms. Collar locations were surveyed using a Leica 1203 (total station with sub-decimetre
accuracy). Downhole surveys were conducted approximately at the end of hole, as the majority of holes are less than 30 m in length. A
Camteq™ multiple shot camera was used, with a stated accuracy of ± 0.5° on azimuth and ± 0.2° on dip. The
downhole camera was routinely calibrated to ensure maximum performance, using a purpose designed jig.

| 3. | 2016 Drilling Programme |

AKTC have completed
a Phase 7 underground drilling campaign in 2016. This was focused in improving the resource categorization of the HW Zone (allowing some
conversion of Inferred to Indicated Mineral Resources) and consisted of 20 holes, drilling just over a 1,000 m in total.

| IV) | Drilling Summary |

All of the recorded
drillholes at Sangdong are summarized in Table 10-2.

<div align='center'>Table 10-2 – Summary of Sangdong Drilling

[Date: 2016, Source: A. Wheeler]</div>

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| V) | Drilling Results |

Table 10-3 below
summarizes the mineralized intersections from the drilling programmes completed between 2012 and 2014.

<div align='center'>Table 10-3 – Summary of Mineralized Intersections from Dr