Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 111

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 111
---
3 Zones were estimated to be 3.9 Mt with a grade of 0.610% WO. The Proven and Probable
Mineral Reserves in the Main Zone were 2.0 Mt at a grade of 0.492% WO.

| 3. | AKTC Historical Estimates |

The A-Z Feasibility
Study was updated during 2015, with a NI 43-101 technical report produced by the Qualified Person in December 2015. At a 0.15% WO
cut-off grade, Indicated Mineral Resources of 5.18 Mt were reported, along with Inferred Mineral Resources of 52.8 Mt. Mineral Reserves
were determined of 4.7 Mt, at a grade of 0.42% WO.

The Qualified Person
produced an updated NI 43-101 technical report for the end of July 2016. At a 0.15% WO cutoff grade, Indicated Mineral Resources
of 8.0 Mt were reported, at a grade of 0.51% WO, along with Inferred Mineral Resources of 50.7 Mt, at a grade of 0.43% WO.
Mineral Reserves were determined of 7.9 Mt, at a grade of 0.45% WO.

The Qualified Person
produced a Mineral Resources-only NI 43-101 technical report, related to the Molybdenum Stockwork, for the end of May 2022. At a 0.19%
MoS cut-off grade, Inferred Mineral Resources of 21.5 Mt were reported, at a grade of 0.26% MoS.

Geological
Setting, Mineralization and Deposit Types

The Korean Peninsula
is situated on the eastern margin of the North China-Korea Platform, which corresponds to a craton composed of three blocks: Archean
metamorphic rocks, the Nangrim-Pyeongnam Block and the Gyeonggi and the Yeongnam Massifs. These blocks are separated by the northeast-trending
Imjingang and Okcheon mobile belts of Phanerozoic age. The Sangdong Mine is located within the northern sector of the Okcheon Fold Belt,
occupying the Cambro-Ordovician Joseon Supergroup of the Taebaek Basin.

The Sangdong Mine
is situated on the gently dipping southern limb of the east-west orientated Triassic-age