Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 117

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 117
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 the extent of molybdenum mineralization in the quartzite
unit that underlies the main skarn zone. No additional work has been completed in this area to date.

During an unknown
period, about 780 holes with an aggregate length of 30,000 m were drilled underground to explore the mineralized zones. These historical
holes were used in the 2010 scoping study.

| II) | Interpretation of         
 Relevant Drilling Results |

The drilling completed
between 2006 and 2016 confirmed the presence, of the three principal skarn horizons at the Sangdong Mine: the Hangingwall (Upper), Main,
and Footwall (Lower) zones. The 2016 Phase 7 underground drilling program, consisting of 20 drillholes totaling over 1,004 metres, was
carried out from drill chambers in Level 2 of the underground workings and targeted the Hangingwall zone.

| 70 |

Mineralization in
the Main and Hangingwall zones occurs to be skarn hosted in the upper Myobong Formation. The drilling confirmed the continuity in the
targeted zones and contained scheelite as the primary tungsten-bearing mineral. Results were validated through extensive quality assurance/quality
control, including field duplicates, blank samples, certified reference materials, and laboratory duplicates. These data supported the
current Mineral Resource estimate and are considered suitable by the Qualified Person for use in resource modeling.

This data set does
not have associated QA/QC information for the assay results, nor is the collar or downhole survey information adequately documented.
Comparison of grade values in pre-Woulfe drillholes with nearby Woulfe drillholes showed significant differences that were considered
(by AMC in 2014) as unlikely to be a result of natural 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

|