Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 125

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 125
---
 Korea. They were taken as personal baggage to Mississauga, Ontario and shipped by courier
to SGS Mineral Services (“SGS Canada”) in Lakefield, Ontario. Samples were assayed for tungsten (reported as %WO)
and molybdenum.

SGS Canada normally
inserted one blank per batch of 100 (maximum) samples, one duplicate per 20 samples and one reference standard every 20 samples.

After drying, if
necessary, the samples were crushed to 75% passing 9 mesh (2 mm), and riffle split to produce a reject portion and a smaller portion
which was pulverized to 85% passing 200 mesh (74 μm). A 0.2g charge of each pulverized sample was roasted for 20 minutes and mixed
with 5 g of potassium pyrosulphate. The mixture was then fused, ground and pressed into a disk. Samples were analyzed by the wavelength
dispersion X-ray fluorescence (WD-XRF) method having detection limits of 0.05% for each of W and Mo. The XRF method was chosen because
normal ICP methods have an upper detection limit of 1% W, and it was suspected that at least two of the Sangdong samples contained appreciably
more than this amount of tungsten.

Analytical results
for the independent WGM samples, together with location and sample descriptions, are presented in Table 12-1 below.

<div align='center'>Table 12-1 – Analytical Results from Independent WGM Sampling</div>

| 78 |

Significant amounts
of blue-white-fluorescing scheelite were observed in two dump samples from the upper and main adit levels (72119 and 72120) and lesser
amounts from a third (72121), confirmed upon analysis. All samples were of compact, fine-grained dark green (amphibole-rich) skarn. The
coarse character of the scheelite in sample 72120 is noteworthy.

The outcrop sampled
near the upper adit portal consists of diopside-garnet skarn with subhorizontal quartz veins. There was a minor amount of local scheelite.

The most surprising
result of 0.07% WO was from an 8 m wide, steeply dipping (about -65°) structural zone, with multiple quartz veins, in
Myobong Shale on the forestry road. Mineralized quartz veins cutting across skarn-type mineral