Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 104

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 104
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 DX).                                                                                      |

| ● | Q3 2024: |

| ○ | Surface infrastructure near completion;      
 final installation of mechanical components. |
| ○ | Integration of electrical and automation     
 systems begins.                              |

| ● | Q1 2025: |

| ○ | Final drawdown received in January                                                                 
 2025, confirming full funding allocation.                                                          |
| ○ | Substantial progress of underground                                                                
 mine development and advancement of processing plant construction to support production readiness. |

| V) | Historical Resource 
 Estimates           |

| 1. | KTMC Historical Estimates |

Two historic tungsten
Mineral Resource estimates (see Table 6-3 below) were prepared for the Sangdong Mine, in 1985 and 1989. The 1985 estimate, prepared by
the mine staff, contained a total of about 20 Mt at a grade of 0.5% WO. The 1989 estimate, prepared by Korea Resources Corp.,
contained about 18.8 Mt at an average grade of 0.5% WO.

The second estimate
includes about 1.4 Mt attributed to the Sangdong East deposit and therefore the difference between the two estimates does not represent
the tonnage mined in the interim. These were polygonal estimates and used a relative density of 2.9. Tungsten mineralization in Sangdong
East is lower-grade than in the main mine area. Drillhole data indicated that the Hangingwall (Upper) horizon typically ranges from approximately
1.5–11 m in thickness and contains 0.01–0.24% WO in grade. The partially mined Main horizon is approximately
1 m to 8.8 m in thickness and contains 0.01–0.65% WO. Low-molybdenum, blue-fluorescent scheelite is dominant.

<div align='center'>Table 6-3 – Historic Resource Estimates, Sangdong Mine</div>

| 61 |

West (W) Sangdong
was estimated to contain 2.3 Mt at an average grade of 0.5% WO but no details of the estimation process or the number of
holes employed in the estimate are known. It is unknown on how many drillholes this was based, but because of the wide spacing of the
drillholes (200m or more), the Mineral Resource could at best be considered Inferred under currently accepted resource evaluation methodologies.

Drill intercept