Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 120

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 120
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 the SGS Australia results in Mineral Resource Estimation.

Independent re-assaying
of selected pulps from the primary sample by a second laboratory provided a measure of both precision and accuracy. Woulfe sent 133 samples
previously assayed by SGS Australia in Perth, Australia to Bureau Veritas Laboratory (“BV”) in Perth, Australia, as
an external laboratory check. These external laboratory duplicates are considered to demonstrate good precision if the absolute RPD is
< 20%, 90% of the time.

| 75 |

Tungsten duplicate
summary statistics, for the January 2012–September 2014 reporting period, are presented in Table 11-6 below.

<div align='center'>Table 11-6 – Tungsten External Laboratory Duplicate Summary</div>

The correlation coefficient
shows excellent agreement between the two laboratories. The RPD results also show excellent agreement between the two laboratories with
99% of samples below the 20% RPD threshold. The scatterplot shows one outlier.

The outliers are
not considered material for the Mineral Resource estimate.

The BV results demonstrate
the precision and accuracy of the SGS Australia assay results and that they support the use of the SGS Australia results in Mineral Resource
Estimation.

| 2. | Accuracy |

Accuracy is the measure
of how close the assay is to the actual sample grade. Poor accuracy can be caused by various sampling or analytical problems, including
issues with analytical equipment or procedures such as machine calibrations. These situations can occur at any time. Accuracy of the
analytical process must be quantified on a batch by batch basis to enable samples to be re-assayed over time periods by inserting assay
CRM standards into each batch of samples and monitoring the results.

A CRM is a standard
sample that has been manufactured by a certified company and is itself certified. The manufacturing process creates a homogenized sample
that has undergone an extensive and rigorous certification process. This process generates an expected value and acceptable limits for
all elements in the sample.

Laboratories use
CRMs to ensure that their analytical processes are accurate between calibrations of the machines. Where drift is observed, it is normal
procedure for a machine to be recalibrated. It is possible for internal laboratory CRM assay results to be altered and it is now industry
standard for laboratory clients to submit their own CRM samples, in order to be able to monitor the accuracy of the laboratory.

Four CRMs for tungsten
and one for molybden