Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 118

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 118
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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 surveying work to resolve the situation and consolidate the survey of the site in general.

Holes drilled on
bearings of both 135° and 315° intersected strata and mineralization obliquely, the intersected thickness of mineralization being
about a 30% greater than the true thickness.

| 2. | 2009–2014 Drilling 
 Programmes         |

Once access was gained
to the underground workings, Woulfe began a programme of infill and resource definition drilling. The drilling was largely completed
from the underground workings supplemented by additional surface holes where underground access was not possible.

| 71 |

Underground drilling
was either NQ core from a Sandvik Onram 1000 wireline rig