Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 123

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 123
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 September 15, 2014 demonstrate that: the CRMs show good compliance for the reporting period;
CRMs CDN-W1, CDN-W2 and CDN-W3 display a slight high bias in the middle third of the reporting period of up to approximately 5% but
still well under 1 standard deviation of the lab mean; no significant bias is observed for the rest of the reporting period or for the
other CRMs; and the molybdenum CRM is too close to the detection limit to be a useful CRM for the Sangdong Mine.

TT considered that
the bias observed in the CRM plots is not material for the Mineral Resource estimate, but recommended continuous monitoring of CRM performance
by batch. The results demonstrated the accuracy of the assay results and support their use in Mineral Resource Estimation.

The Qualified Person,
after also checking the Phase 7 results, considers these results to be demonstrating the same accuracy as previously, which therefore
supports their use in Mineral Resource Estimation.

| 3. | Blank Results |

Blanks are required
to be inserted into the sample sequence by both the laboratory and the laboratory client. Laboratory blanks are usually flux or pure
silica and are a test for cleanliness within the laboratory, where poor cleaning of equipment may result in sample contamination.

The coarse crystalline
feldspar blank material used by Woulfe during the period to test for contamination during the sample preparation was certified to contain
no metal. TT considered assays of blank material to be acceptable if they were less than three times the practical detection limit of
the laboratory.

The tungsten bank
results for the January 2012–September 2024 reporting period show three blank values out of 822 that are above the acceptable limits
while the molybdenum results show two blank values out of 822 that are above the acceptable limits. TT considers that the blank value
results are acceptable and demonstrate adequate care is taken by Woulfe staff during sample preparation and the lab employs correct cleanliness
procedures. There were also no unacceptable blank values for the Phase 6 blank results.

The Qualified Person
considers that the sample preparation, security, analytical procedures and supporting QA/QC results that were used to inform the Sangdong
Mine block model estimate were collected in line with industry good practice as defined in the CIM Exploration Best Practice Guidelines
and the CIM Mineral Resource, Mineral Reserve Best Practice Guidelines (the “CIM Guidelines”).

| V) | Quality Assurance/Quality 
 Control                   |

The QA/QC