Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 107

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 107
---
 (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 this table for
comparison purposes.

The following observations
were made from the comparison table:

| ● | Approximately half of the Indicated                                                               
 tonnes in the previous estimate were converted to Measured Mineral Resources due to the increased 
 drilling and improved understanding of the geology gained through underground mapping.            |
| ● | Measured plus Indicated tonnes increased                                                          
 by 12% overall, while the Inferred tonnes increased by 5% overall between the two estimates.      |
| ● | The change in density is not significant.                                                         |
| ● | Measured plus Indicated grades decreased                                                          
 by 46%, while Inferred grades decreased by between 68% between the two estimates.                 |
| ● | The net result in the Measured plus                                                               
 Indicated categories was a decrease in the contained tungsten metal of 29%.                       |
| ● | The net result in the Inferred category                                                           
 represents a decrease in the contained tungsten metal of 59%.                                     |

AMC considered that the decrease
in grades was mainly due to the previous method (TT) of creating the mineralization volumes from the underground development surveys,
and then estimating grade into those volumes from the coded intersections in the database. The coding in the database is not based on
a 3D interpretation but is interpreted on a drill hole-by-drill hole basis.

| 64 |

<div align='center'>Table 6-6 – Comparison of 2012 and 2014 Mineral Resource Estimates</div>

A-Z Mining
Professionals Ltd./TT (Wardrop) Feasibility Study (June 2015)

In 2014, AMC was commissioned
by Woulfe to develop a resource block model completely independent of the TT geology block models.