Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 106

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 106
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 1985 and 1989. The 1985 estimate, prepared by
the mine staff, contained a total of about 20 Mt at a grade of 0.5% WO. The 1989 estimate, prepared by Korea Resources Corp.,
contained about 18.8 Mt at an average grade of 0.5% WO.

The second estimate
includes about 1.4 Mt attributed to the Sangdong East deposit and therefore the difference between the two estimates does not represent
the tonnage mined in the interim. These were polygonal estimates and used a relative density of 2.9. Tungsten mineralization in Sangdong
East is lower-grade than in the main mine area. Drillhole data indicated that the Hangingwall (Upper) horizon typically ranges from approximately
1.5–11 m in thickness and contains 0.01–0.24% WO in grade. The partially mined Main horizon is approximately
1 m to 8.8 m in thickness and contains 0.01–0.65% WO. Low-molybdenum, blue-fluorescent scheelite is dominant.

<div align='center'>Table 6-3 – Historic Resource Estimates, Sangdong Mine</div>

| 61 |

West (W) Sangdong
was estimated to contain 2.3 Mt at an average grade of 0.5% WO but no details of the estimation process or the number of
holes employed in the estimate are known. It is unknown on how many drillholes this was based, but because of the wide spacing of the
drillholes (200m or more), the Mineral Resource could at best be considered Inferred under currently accepted resource evaluation methodologies.

Drill intercepts
in the Main horizon varied from 0.24-0.8% WO across 0.8–2.8m. Other intersections included 0.11–0.28% WO
across 2.3–6.8m in the Upper vein; and 0.1–3.0% WO across 0.6–2.0 m in the Lower vein. In drill hole 86-6
in the Hwajeolchi area, a roughly 15 m interval in the Hangingwall (Upper) horizon of interlayered limestone and calc-silicate rock (about
50% each) was intersected, with one 3.5 m interval containing 0