Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 108

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 108
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 On an A-Z Mining review of the completed
AMC model, A-Z Mining and Woulfe decided not to retain the AMC resource model due to the technical methodology employed.

The Feasibility Study
relied on the TT 2015 updated resource block model, which included the 2013 Phase 4 drilling programme (7,200 m of additional definition
drilling to significantly increase confidence in the resources).

The Indicated Mineral
Resource in the TT phase 4 updated model is shown in Table 6-7 below reported at 0.15% WO cut-off grade above 600 mrl. The
resource is only reported above -3 level (600 mrl).

The TT reported resources
were limited to the -3 level (594 mRL).

<div align='center'>Table 6-7 – Tetra Tech Sangdong Resources, June 2015</div>

The phase 4 Mineral
Resource Estimate update included changes from previous estimates, specifically the 2012 TT Feasibility Estimate:

| ● | The hangingwall ground conditions                                                          
 were better understood up-dip, so a greater proportion of the hangingwall was reclassified 
 in Inferred, rather than just the bottom 3 levels above the current waterline.             |

| 65 |

| ● | The Halo mineralization surrounding                                                          
 the Footwall Zone had reduced in importance with better definition of the Footwall 2 and     
 Footwall 3 zones from the phase 4 drilling and this is reflected in the resource categories. |
| ● | The Indicated Main and Footwall                                                              
 zones’ Mineral Resources were largely unchanged from the previous estimate as the Phase      
 4 infill programme had not changed the results significantly.                                |

The Mineral Reserves
(derived from the Mineral Resource block model Measured and Indicated Mineral Resources) were identified as being economically extractable,
incorporating mining loses and the addition of mining dilution, by A-Z Consultants. Measured and Indicated Mineral Resources were outlined
from the -2 to Taebaek levels as almost all resources below -2 Level Mineral Resources were Inferred. The Measured and Indicated Mineral
Resources were further separated into the F2/F3 and Main Zones. The resources in a 50 m surface pillar allowance were subsequently removed.

Using an average
processing plant recovery of 81%, a concentrate quality of 65% WO and revenue per tonne of concentrate of US$15,000, a cut-off
grade of 0