Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 108

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 108
---
 Due to the unreliability of the historic data described above the Mineral Resource was classified as “Inferred”
but was included in order to reconcile the 2010 and 2012 estimates.

AMC Consultants
Pty Ltd (2014)

Mineral Resources
were estimated using a block modelling approach, with three-dimensional (“3D”) ordinary kriging and Datamine’s™
dynamic anisotropy application being employed.

Table 6-5 below shows
the Mineral Resource estimate and metal content for the Sangdong Mine as of September 15, 2014. The cut-off grade of 0.4% WO
was provided by WMC and was based on an assumed mining method, production rate, metallurgical recovery and metal prices. AMC Consultants
Pty Ltd (“AMC”) reviewed these assumptions and considered that they met the requirement of reasonable prospects of
eventual economic extraction. It appears that AMC used some results from the pre-2006 drilling in the Mineral Resource estimation.

| 63 |

<div align='center'>Table 6-5 – AMC 2014 Mineral Resource Estimate</div>

Changes that occurred
between the 2012 and the 2014 Mineral Resource estimates included:

| ● | 11,348 m additional Mineral Resource                                                        
 definition drilling.                                                                        |
| ● | Change in the estimation method                                                             
 from modelling the volume and geometry of mineralization using the underground development  
 surveys (TT), to using the actual drill hole intersections (AMC).                           |
| ● | Change in the estimation method                                                             
 from assigning grades to each mineralization zone using the mineralization coding in the    
 database (TT), to using the spatially referenced drill hole intersections in 3D to estimate 
 grade for each mineralization zone (AMC).                                                   |
| ● | Change in the estimation method                                                             
 from a single mineralization grade threshold of 0.15% WO3 (TT), to splitting the            
 mineralization into three grade thresholds and estimating each independently (AMC).         |
| ● | Using the interpreted faults to                                                             
 constrain the Mineral Resource estimate.                                                    |
| ● | Significant additional underground                                                          
 mapping carried out and incorporation of these data in the Mineral Resource estimate.       |
| ● | Change in the definition of the                                                             
 Mineral Resource categories.                                                                |

Table 6-6 below compares
the TT 2012 estimate with the AMC 2014 estimate. Both estimates are reported at 0.15% WO cut-off grade in