Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 115

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 115
---
 was further investigated with a drift approximately 1 km long. About 100,000 tonnes of ore were mined here
in 1990. No additional work has been completed in this area to date.

<div align='center'>Table 10-1 – KTMC Drillhole Summary</div>

Between 1979 and
1989, 18 holes (16,502 aggregate metres) were drilled in the West Tungsten mineralized zone, now referred to as Sangdong West, approximately
2 km northwest of the Sangdong Mine area. This zone has not been further explored. Between 1980 and 1987, 22 vertical holes (12,390 aggregate
metres) were drilled underground from the Sangdong Mine workings to investigate the extent of molybdenum mineralization in the quartzite
unit that underlies the main skarn zone. No additional work has been completed in this area to date.

During an unknown
period, about 780 holes with an aggregate length of 30,000 m were drilled underground to explore the mineralized zones. These historical
holes were used in the 2010 scoping study.

| II) | Interpretation of         
 Relevant Drilling Results |

The drilling completed
between 2006 and 2016 confirmed the presence, of the three principal skarn horizons at the Sangdong Mine: the Hangingwall (Upper), Main,
and Footwall (Lower) zones. The 2016 Phase 7 underground drilling program, consisting of 20 drillholes totaling over 1,004 metres, was
carried out from drill chambers in Level 2 of the underground workings and targeted the Hangingwall zone.

| 70 |

Mineralization in
the Main and Hangingwall zones occurs to be skarn hosted in the upper Myobong Formation. The drilling confirmed the continuity in the
targeted zones and contained scheelite as the primary tungsten-bearing mineral. Results were validated through extensive quality assurance/quality
control, including field duplicates, blank samples, certified reference materials, and laboratory duplicates. These data supported the
current Mineral Resource estimate and are considered suitable by the Qualified Person for use in resource modeling.

This data set does
not have associated QA/QC information for the assay results, nor is the collar or downhole survey information adequately documented.
Comparison of grade values in pre-Woulfe drillholes with nearby Woulfe drillholes showed significant differences that were considered
(by AMC in 2014) as unlikely to be a result of natural