Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 121

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 121
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 lack of precision may be the result of the sample collection process, laboratory preparation process
and/or the analytical process, influencing negatively the Mineral Resource Estimation.

Internal laboratory
duplicates are two split pulps of the same pulverized sample. These laboratory duplicates are considered to demonstrate good precision
if the absolute relative paired difference (“RPD”) is < 10%, 90% of the time. Internal laboratory duplicates quantify
the precision of the chain of laboratory sample preparation and analytical procedures.

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During the January
2012–September 2014 reporting period, 819 samples were re-assayed. Tungsten internal laboratory duplicate summary statistics are
presented in Table 11-4 below. Molybdenum internal laboratory duplicate summary statistics are presented in Table 11-5.

<div align='center'>Table 11-4 – Tungsten Laboratory Duplicate Summary

Table 11-5– Molybdenum Laboratory Duplicate Samples</div>

The correlation coefficient
for both tungsten and molybdenum shows excellent agreement between the original and duplicate assays. The tungsten RPD results also show
excellent agreement between the original and duplicate assays with 98% of samples below the 10% RPD threshold. The molybdenum RPD results
show poorer agreement between the original and duplicate assays with 86% of samples below the 10% RPD threshold. This is less than the
90% threshold. The scatterplots show three outliers in the tungsten results and one outlier in the molybdenum results.

TT considered that
the outliers were not material to the Mineral Resource Estimation and that the duplicate results demonstrate the precision of the tungsten
assay results and that they supported the use of the SGS Australia results in Mineral Resource Estimation.

Independent re-assaying
of selected pulps from the primary sample by a second laboratory provided a measure of both precision and accuracy. Woulfe sent 133 samples
previously assayed by SGS Australia in Perth, Australia to Bureau Veritas Laboratory (“BV”) in Perth, Australia, as
an external laboratory check. These external laboratory duplicates are considered to demonstrate good precision if the absolute RPD is
< 20%, 90% of the time.

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Tungsten duplicate
summary statistics, for the January 2012–September 2014 reporting period, are presented in Table 11-6 below.

<div align='center'>Table 11-6 –