Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 155

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 155
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 the mine in neighbouring active stopes and mixed with backfill. The
pre-production amount of waste will be approximately 100,000 t, that will be stored in the secondary valley. This zone has a reduced
thickness of topsoil and will require the transportation of topsoil from other zones in the final restoration of this area.

68 waste rock samples
were collected to determine the potential for acid rock drainage. The samples were sourced from core samples across the ore body and
are representative of all profiles of all geological units encountered in the deposit.

Acid-base and net
acid generation testing indicated that 61 samples were classified as non-acid forming and 7 of the samples were potentially acid-forming.

The results of the
waste rock assessment indicate the proportion of material which will be potentially acid-forming is relatively small at approximately
10% of the total waste volume.

Historically, there
has been no acid rock drainage from the existing well-vegetated waste rock storage facility on site, or from the existing tailings dams.
This trend is expected to continue. However, during operations continuing assessment of all waste rock will be conducted to confirm if
any potentially acid-forming material is present and, if required, this material will be encapsulated to reduce the likelihood of acid
rock drainage.

| 8. | Project Permitting                             
 Requirements and Status of Permit Applications |

A number of permits
have been granted. These include approvals for:

| ● 
 ● 
 ● | Exclusive use of a mountain area.                                                               
 The period of the mountain area temporary use permit and the lease period of the Yeongwol       
 County land have been continuously extended and currently expire at the end of December 2025.   
 AKTC plans to apply for an extension of the mountain area temporary use permit and the lease    
 period of the Yeongwol County land by about three years around the fourth quarter of 2025.      
 Temporary use of a mountain area.                                                               
 The term of AKTC’s mining plan is related to the temporary use period of a mountain             
 area. AKTC has continuously extended the term of the permit for the temporary use of a mountain 
 area, which currently expires December 31, 2025. AKTC will keep extending the term of the       
 permit for the temporary use of a mountain area as required.                                    
 Approval for construction of an                                                                 
 installation for a mining facility, to build the Sangdong adit, on July 9, 2011, by the Eastern 
 Mining