Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 128

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 128
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 steps and conclusions
were identical to those summarized in the TT (2013) section above.

| 6. | Adam Wheeler Site Visits |

The Qualified Person
visited the Sangdong site during August 24–26, 2015, October 17–28, 2016 as well as from April 1–4, 2025. These visits
included discussion with site geologists all aspects of sample collection, preparation and storage, as well as visiting the core storage
and sample preparation areas. The updated sample database was also reviewed in 2015 and 2016, and during the resource estimation process,
many aspects of the drill hole data were checked by communication with the Sangdong geologists.

In the Qualified
Peron’s opinion, the geological data used to inform the Sangdong Mine block model estimates were collected in line with industry
good practice as defined in the CIM Guidelines and were suitable for use in the estimation of Mineral Resources.

Mineral Processing
and Metallurgical Testing

| I) | Beneficiation of Scheelite                                                       
 Ore from the Sangdong Mine (South Korea (U.S. Department of the Interior), 1954) |

Extensive metallurgical
test work has been conducted on Sangdong scheelite ore over the course of several years to de-risk the processing flowsheet and confirm
economic recoverability. The test work included: (i) laboratory-based bulk sulphide flotation and multiple stage cleaning tests, (ii)
locked cycle tests conducted at KIGAM to establish recovery and concentrate grade projections, and (iii) pilot plant trials conducted
at Laboratório Nacional de Energia e Geologia (“LNEG”) in Portugal to confirm the viability of the full processing
regime. These programs tested different reagent grades and water sources under various test conditions. Test work results confirmed that
the Sangdong ore is amenable to producing high-grade tungsten concentrates using the selected flotation regime, and that recovery levels
and product specifications areconsistent with historical results. This test work underpins the process guarantees granted by Metso Outotec.
Additional historical and third-party test results are summarized under “Mineral Processing and Metallurgical Testing” in
this document.

| 80 |

Several processing
factors and potential deleterious elements were identified during the metallurgical test programs on the Sangdong scheelite ore. Scheelite
liberation is constrained in coarser fractions, requiring fine grinding (to 80% <65 μm) to ensure efficient flotation recovery.
The presence of