Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 107

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 107
---
.32% WO.

A large molybdenite-quartz
vein stockwork deposit located above a granitic intrusion was identified and drilled between 1980 and 1987 (22 vertical holes; 12,390
m core drilling). Up to 1987, all Mineral Resource or Mineral Reserve estimates predate both NI 43-101 and Woulfe’s involvement
in the Sangdong Mine, and should not be considered to be material.

| 2. | Woulfe Historical Estimates |

Tetra
Tech (Wardrop) (2012)

The 2012 global Mineral
Resource estimate (see Table 6-4 below) estimated by Tetra Tech (“TT”) focused on the data acquired from the 2006–2008
drilling programmes, completed by Woulfe, as well as the compilation of historical data for the upper quarter of the known dip length
of the mine, i.e., the section from surface to just below the water level.

The historical drilling
data used in the TT(Wardrop)/Woulfe April 2010 scoping study was not used for the 2012 estimate, meaning that any down-dip extension
of the mineralized zones was not represented as a Mineral Resource. The classification conformed to the CIM Definition Standards. The
Mineral Resource was split into two sections by elevation, representing the down-dip potential of the deposit below current waterline.

| 62 |

<div align='center'>Table 6-4 – Sangdong, 2012 Global Resource Estimate</div>

The previous estimate
in the Wardrop 2010 scoping study was made on a very different basis to the 2012 estimate, the former relying on the holes drilled underground
by KTMC and on a coarse geological interpretation of the mineralized zones; the 2010 Mineral Resource was classified as Inferred.

The 2012 estimate
relied entirely on the more recent drilling programmes with associated sample quality control; however, it only covered approximately
the upper quarter of the known dip length of the mineralized zones, and therefore the comparison of the two estimates would be unreliable.

In order to estimate
the down-dip resource potential at the Sangdong Mine (see Table 6-4 above), TT (Wardrop) completed a separate estimation of the down-dip
resource using all available samples, including those samples which could not be included in the up-dip “Indicated” Mineral
Resource.