Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 116

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 116
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 variability only. Therefore, the results suggested that the pre-Woulfe location
information and/or grade values were inaccurate.

AMC used the KTMC
drillholes in their Mineral Resource estimate to determine the grade and tonnes below -3 level (594 mRL) only where Woulfe had not completed
any drilling. This uncertainty in the location and/or grade below -3 level is reflected in the current Mineral Resource classification.

| III) | Woulfe Drilling |

The exploration work
undertaken by Woulfe at the Sangdong Mine was the surface drilling programme completed between November 2006 and July 2008. From June
2010, an underground resource definition drilling programme was designed and the first phase completed

| 1. | 2006–2008 Drilling 
 Programme          |

Woulfe (as Oriental)
conducted a drill programme at the Sangdong Mine between November 2006 and July 2008. Ninety HQ/NQ surface core holes were completed,
with an aggregate length of 22,800 m. HQ and NQ cores are nominally 63.5 mm and 47.6 mm in diameter, respectively.

The holes were largely
drilled within the area of the former underground Sangdong tungsten deposit. Analyses for WO, MoS, bismuth and
other minerals were completed and this dataset comprises some 20,355 analyses.

The holes were all
drilled in the south-eastern portion of the deposit, where the mineralization occurs near surface or is outcropping, on a bearing of
135°, parallel or nearly so, to geological strike; about 30% were drilled on the opposite bearing of 315°.

The majority were
drilled at a dip of 70°, although several were vertical or at a dip of about 80°. The holes were designed to test all three principal
horizons of mineralization and, with several accidental exceptions, almost all penetrated well into the Jangsan Quartzite that underlies
the host Myobong Formation. Difficulty was often experienced in penetrating the lower horizons due to the mined out areas of the skarn
mineralization.

The drill hole collar
locations were surveyed by global positioning survey (GPS; sub 0.2 m accuracy) and the down-hole positions of the holes were measured
at 50 m intervals when possible. There were some uncertainties with regard to the collar elevations and Woulfe subsequently undertook
additional survey