Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 139

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 139
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                               |

| - | HW zone stopes      | 0.16% WO3 |
| - | FW/Main zone stopes | 0.17% WO3 |
| - | Development         | 0.18% WO3 |

| 3. | Cut-off grades are supported by an APT price                                    
 of US$450/MTU WO3, a processing recovery of 85%, and operating costs reflecting 
 different orebodies and mining methods.                                         |

The updated mine
planning calculations have identified Probable Mineral Reserves of 8.6 Mt, which, with an assumed mill capacity of 640 ktpa, will sustain
a mining operation for approximately 14 years.

The Mineral Reserves
were derived from the Mineral Resource block model described above. The Mineral Reserves are those Indicated Mineral Resources (there
are no Measured Resources in the current estimate) that have been identified as being economically extractable and which incorporate
mining losses and the addition of mining dilution. The Mineral Reserves form the basis for the mine plan described below.

Reference breakeven
cut-off grades were derived, for reference during stope planning, as summarized in Table 15-1 below. The base case reserve price of US$450/MTU
WO stems from the information presented below. Different cut-offs were derived for different stope heading sizes and different
support requirements. The development cut-off relates to waste development, for headings which need to be mined regardless of whether
or not they are economic as ore. The development mining cost is therefore not applied in the development cut-off calculation.

| 94 |

The applied reserve
cut-offs are higher than the derived breakeven cut-off grades, due to additional mill feed grade requirements.

<div align='center'>Table 15-1 – Mineral Reserve Cut-off Grades</div>

The Qualified Person
is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant
factors that could materially affect the Mineral Reserve estimate, other than discussed herein. There are no known mining, metallurgical,
infrastructure, or other factors that materially affect the Mineral Reserve estimate at this time.

Mining Operations

The current mine
plan for the Sangdong Mine is based on the use of two stoping methods, each selected based on the geometry and characteristics of the
mineralized zones:

| 1. | Stepped Drift-and-Fill (DAF