Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 122

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 122
---
 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 protocol
included the insertion of the following control samples in the assay batches:

| ● | Pulp duplicates (one in 50, or 2%),                                                                
 consisting of second splits of the pulverized samples that are submitted to the primary laboratory 
 for analysis in the same batches as the original samples, but with different numbers.              |
| ● | CRMs (three in 50, or 6%).                                                                         |
| ● | Coarse blanks (one in 50, or 2%)                                                                   
 and fine blanks (one in 50, or 2%), consisting of coarse (approximately 1” diameter)               
 and pulverized material, respectively, whose blank character was demonstrated by analysis          
 conducted at SGS Australia laboratories in Australia. Initially ground glass was used as           
 blank for Phases #1 to #4 drilling, but was subsequently changed to coarse crystalline feldspar    
 for Phase #5 drilling.                                                                             |

| 77 |

| ● | Check samples (two in 50, or 4%),                                                              
 collected from pulps that were previously assayed at the primary laboratory, are resubmitted   
 to BV in Perth, Australia for external control. The check sample batch includes an appropriate 
 proportion of control samples (pulp duplicates, CRMs and fine blanks).                         |
| ● | In addition, the QA/QC protocol                                                                
 includes independent granulometric checks on crushed and pulverized samples (one in 20 for     
 each type, or 5% each) that are conducted by geological personnel.                             |

| VI) | Data Verification |

The data verification
procedures applied by various qualified persons at the Sangdong Mine since 2006 are summarized below.

| 1. | Watts, Griffis and 
 McQuat (