Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 105

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 105
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s
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 0.32% WO.

A large molybdenite-quartz
vein stockwork deposit located above a granitic intrusion was identified and drilled between 1980 and 1987 (22 vertical holes; 12,390
m core drilling). Up to 1987, all Mineral Resource or Mineral Reserve estimates predate both NI 43-101 and Woulfe’s involvement
in the Sangdong Mine, and should not be considered to be material.

| 2. | Woulfe Historical Estimates |

Tetra
Tech (Wardrop) (2012)

The 2012 global Mineral
Resource estimate (see Table 6-4 below) estimated by Tetra Tech (“TT”) focused on the data acquired from the 2006–2008
drilling programmes, completed by Woulfe, as well as the compilation of historical data for the upper quarter of the known dip length
of the mine, i.e., the section from surface to just below the water level.

The historical drilling
data used in the TT(Wardrop)/Woulfe April 2010 scoping study was not used for the 2012 estimate, meaning that any down-dip extension
of the mineralized zones was not represented as a Mineral Resource. The classification conformed to the CIM Definition Standards. The
Mineral Resource was split into two sections by elevation, representing the down-dip potential of the deposit below current waterline.

| 62 |

<div align='center'>Table 6-4 – Sangdong, 2012 Global Resource Estimate</div>

The previous estimate
in the Wardrop 2010 scoping study was made on a very different basis to the 2012 estimate, the former relying on the holes drilled