Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 139

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 139
---
 the economic model.

During 2025, as mentioned
above, LNEG’s pilot plant is scheduled to explore the possibility of producing by-product concentrates of Mo and Bi/Au/Ag. It will
also be given continuity to the effort of de-risking, by exploring other collectors recognized as suitable for scheelite flotation.

| 91 |

<div align='center'>Table 13-19 – List of Streams for the Pilot Plant – LNEG (2023)

Table 13-20 – Mass Balance for Plant Trials – Days 1 - 4 – LNEF (2023)</div>

| 5. | Conclusion |

Considering the results
of all tests, it can be concluded that mill recovery will likely range from 83.6% to 85.0% and the final concentrate grade, considering
the average between test no. 1 and test no. 2, will be around 67–68% WO.

For the current study,
AKTC has decided to assume an overall global mill recovery of 85%, along with a concentrate grade of 65% WO.

| 92 |

Mineral Resource
and Mineral Reserve Estimates

The evaluation work
with respect to the Mineral Resource and Mineral Reserve estimates was carried out and prepared in compliance with NI 43-101. The Mineral
Resources and Mineral Reserves in this estimate were calculated using the CIM Definition Standards prepared by the CIM Standing Committee
on Reserve Definitions and adopted by the CIM Council on May 19, 2014.

| I) | Mineral Resource Estimate |

The effective date
of the Mineral Resource estimate is February 28, 2025.

The quantity, grade
and quality of each category of Mineral Resources is indicated in Table 1-1 below.

<div align='center'>Table 1-1 – Sangdong Mine – Mineral Resources</div>

| ● | CIM Definitions followed for Mineral                                           
 Resource estimate.                                                             |
| ● | Rounding may result in apparent summation                                      
 differences between tonnes, grades and metal content; not considered material. |
| ● | Mineral Resources are not Mineral                                              
 Reserves and do not have demonstrated economic viability.                      |

The key assumptions,
parameters and methods used to estimate the Mineral Resources include:

| 1. | WO₃ and MoS₂ grades were estimated                                                        
 using ordinary kriging.                                                                   |
| 2. | The block model is based on a parent block                                                
 size of 10 m x 10 m x 10 m