Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 126

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 126
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 | an inspection of the core sheds                                                      
 and some recent drill core intersections from the Sangdong Mine; and                 |
| ● | 100 random cross-checks of the mineralized                                           
 assay results in the database with original assay results from the reporting period. |

Tetra-Tech made the
following observations: site geologists are appropriately trained and are conscious of the specific sampling requirements of disseminated
mineralization with high-grade lenses; and cross-checking the database with the original assay results did not uncover any errors.

| 5. | AMC (2014) |

Between August 5–15,
2014, AMC full-time employee and qualified person Dr. A. P. Fowler visited the Sangdong Mine; the data verification 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