Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 122

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 122
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 Tungsten External Laboratory Duplicate Summary</div>

The correlation coefficient
shows excellent agreement between the two laboratories. The RPD results also show excellent agreement between the two laboratories with
99% of samples below the 20% RPD threshold. The scatterplot shows one outlier.

The outliers are
not considered material for the Mineral Resource estimate.

The BV results demonstrate
the precision and accuracy of the SGS Australia assay results and that they support the use of the SGS Australia results in Mineral Resource
Estimation.

| 2. | Accuracy |

Accuracy is the measure
of how close the assay is to the actual sample grade. Poor accuracy can be caused by various sampling or analytical problems, including
issues with analytical equipment or procedures such as machine calibrations. These situations can occur at any time. Accuracy of the
analytical process must be quantified on a batch by batch basis to enable samples to be re-assayed over time periods by inserting assay
CRM standards into each batch of samples and monitoring the results.

A CRM is a standard
sample that has been manufactured by a certified company and is itself certified. The manufacturing process creates a homogenized sample
that has undergone an extensive and rigorous certification process. This process generates an expected value and acceptable limits for
all elements in the sample.

Laboratories use
CRMs to ensure that their analytical processes are accurate between calibrations of the machines. Where drift is observed, it is normal
procedure for a machine to be recalibrated. It is possible for internal laboratory CRM assay results to be altered and it is now industry
standard for laboratory clients to submit their own CRM samples, in order to be able to monitor the accuracy of the laboratory.

Four CRMs for tungsten
and one for molybdenum are in use by Woulfe. These, along with a blank and a re-split coarse duplicate are inserted routinely at every
20 sample interval. The CRMs were produced by CDN Resource Laboratories, Canada. A summary of the CRMs is given in Table
11-7 below. Note that CRM values are reported here as W% or Mo ppm, not WO or MoS%. If a CRM falls outside the
1SD range, re-analyses of 10 samples before and 10 samples after the failed CRM sample are requested from SGS Australia.

| 76 |

<div align='center'>Table 11-7 – CRM Summary</div>

The CRM results for
the reporting period January 30, 2012 to