Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 140

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 140
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| 3. | A minimum mining width of 2.2 m was applied.                                              |
| 4. | The applied cut-off grade of 0.15% WO₃                                                    
 is based on an ammonium paratungstate (APT) price of US$450/MTU, a processing recovery of 
 85%, and a total operating cost of approximately US$45.8 per tonne of ore.                |

Other than discussed
herein, the Qualified Person is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing,
political, or other relevant factors that could materially affect the Mineral Resource estimates. There are no known mining, metallurgical,
infrastructure, or other factors that materially affect the Mineral Resource estimate, at this time.

| II) | Mineral Reserve Estimate |

The effective date
of the Mineral Reserve estimate is February 28, 2025.

To start the mine
operations, the blocked-out stopes have enabled a Mineral Reserve evaluation to be made. The quantity and grade of Mineral Reserves is
indicated in Table 1-2 below.

| ● | CIM Definitions were followed for Mineral 
 Reserve estimate.                         |

| 93 |

| ● | Rounding may result in apparent summation                                                    
 differences between tonnes, grades and metal content, but the differences are not considered 
 material.                                                                                    |

The key assumptions,
parameters, and methods used to estimate the mineral reserves include:

| 1. | The reserve estimation is based on a full 3D                               
 design of development and stopes, using a minimum mining thickness of 3 m. |
| 2. | The cut-off grades used for mine planning and                              
 reserve evaluation purposes were as follows:                               |

| - | HW zone stopes      | 0.16% WO3 |
| - | FW/Main zone stopes | 0.17% WO3 |
| - | Development         | 0.18% WO3 |

| 3. | Cut-off grades are supported by an APT price                                    
 of US$450/MTU WO3, a processing recovery of 85%, and operating costs reflecting 
 different orebodies and mining methods.                                         |

The updated mine
planning calculations have identified Probable Mineral Reserves of 8.6 Mt, which, with an assumed mill capacity of 640 ktpa, will sustain
a mining operation for approximately 14 years.

The Mineral