Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 124

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 124
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) and lesser
amounts from a third (72121), confirmed upon analysis. All samples were of compact, fine-grained dark green (amphibole-rich) skarn. The
coarse character of the scheelite in sample 72120 is noteworthy.

The outcrop sampled
near the upper adit portal consists of diopside-garnet skarn with subhorizontal quartz veins. There was a minor amount of local scheelite.

The most surprising
result of 0.07% WO was from an 8 m wide, steeply dipping (about -65°) structural zone, with multiple quartz veins, in
Myobong Shale on the forestry road. Mineralized quartz veins cutting across skarn-type mineralization are documented in the Sangdong
Mine, but apparently at not such a steep inclination. Other similar structural (fault or shear) zones were observed by WGM on the forestry
road south of the set-up for drill hole SD-1.

| 2. | Sennitt (2007) |

The Sangdong Project
database, residing in MS ACCESS database files, includes all drill collar location, assay, quality assurance and geological data, as
well as core recovery, visual estimates of key minerals and bulk density data.

The collar, assay,
geological (rock type codes only) and core recovery data were extracted and input into the GEMCOM® modelling software system.

As a test of data
integrity, checking of 10% of the data was made against original assay certificates. Collar coordinates were checked against the original
survey forms. Results from the data checks showed zero error rate. It was concluded that the assay and survey database used for the mineral
resource update was sufficiently free of error to be adequate for resource estimation.

| 3. | Tetra Tech/Wardrop 
 (2012)             |

Verification activities
conducted during the site visit included:

| ● | Multiple site visits to the Sangdong                                                            
 Mine, the last in October 2011, inspection of the exposed host skarn, veining and associated    
 lithologies.                                                                                    |
| ● | Core logging (lithology, mineralization)                                                        
 of selected Sangdong diamond drill holes from the latest drilling programme, at the Sangdong    
 facilities.                                                                                     |
| ● | Observation and review of core storage,                                                         
 core logging, core sampling, core cutting and sample preparation procedures, standard reference 
 sample and reject sample storage facilities at the Sangdong facilities.