Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 123

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 123
---
2006)      |

The Sangdong Mine
underground workings were either inaccessible or, if open, of unknown condition. This restricted Watts, Griffis and McQuat’s (“WGM’s”)
independent sampling to low-grade outcrops and waste dump material. Given the long-documented record of tungsten production at the mine,
the sampling done during WGM’s site visit on November 20, 2006 was clearly not intended to be definitive, rather simply to independently
confirm that economically significant grades of tungsten, in particular, were present.

All samples were
put into bags and closed with uniquely numbered, locking plastic ties; they remained under lock and key or in WGM’s possession
during their representative’s time in South 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