Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 109

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 109
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.275% WO was determined.

Mining recoveries
of 100% in primary (rock walls, floor and back) stopes and 95% in secondary stopes (backfill on both sides of stope) were assigned, based
on industry norms and experience in mining in these types of conditions.

Dilution for the
stopes included waste inside the stope outlines in the stopes, and backfill sloughing from primary stopes in the secondary stopes. Backfill
dilution was included at 5% at a 0% WO grade. Development ore was not separated from stoping ore in the reserves.

The Proven and Probable
Mineral Reserves in the combined F2 and F3 Zones were estimated to be 3.9 Mt with a grade of 0.610% WO. The Proven and Probable
Mineral Reserves in the Main Zone were 2.0 Mt at a grade of 0.492% WO.

| 3. | AKTC Historical Estimates |

The A-Z Feasibility
Study was updated during 2015, with a NI 43-101 technical report produced by the Qualified Person in December 2015. At a 0.15% WO
cut-off grade, Indicated Mineral Resources of 5.18 Mt were reported, along with Inferred Mineral Resources of 52.8 Mt. Mineral Reserves
were determined of 4.7 Mt, at a grade of 0.42% WO.

The Qualified Person
produced an updated NI 43-101 technical report for the end of July 2016. At a 0.15% WO cutoff grade, Indicated Mineral Resources
of 8.0 Mt were reported, at a grade of 0.51% WO, along with Inferred Mineral Resources of 50.7 Mt, at a grade of 0.43% WO.
Mineral Reserves were determined of 7.9 Mt, at a grade of 0.45% WO.

The Qualified Person
produced a Mineral Resources-only NI 43-101 technical report, related to the Molybdenum Stockwork, for the end of May 2022. At a 0.19%
MoS cut-off grade, Inferred Mineral Resources of 21.5 Mt were reported, at a grade of 0.26% MoS.

Geological
Setting, Mineral