Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 138

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 138
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='center'>Table 1-1 – Sangdong Mine – Mineral Resources</div>

| ● | CIM Definitions followed for Mineral                                           
 Resource estimate.                                                             |
| ● | Rounding may result in apparent summation                                      
 differences between tonnes, grades and metal content; not considered material. |
| ● | Mineral Resources are not Mineral                                              
 Reserves and do not have demonstrated economic viability.                      |

The key assumptions,
parameters and methods used to estimate the Mineral Resources include:

| 1. | WO₃ and MoS₂ grades were estimated                                                        
 using ordinary kriging.                                                                   |
| 2. | The block model is based on a parent block                                                
 size of 10 m x 10 m x 10 m.                                                               |
| 3. | A minimum mining width of 2.2 m was applied.                                              |
| 4. | The applied cut-off grade of 0.15% WO₃                                                    
 is based on an ammonium paratungstate (APT) price of US$450/MTU, a processing recovery of 
 85%, and a total operating cost of approximately US$45.8 per tonne of ore.                |

Other than discussed
herein, 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 Resource estimates. There are no known mining, metallurgical,
infrastructure, or other factors that materially affect the Mineral Resource estimate, at this time.

| II) | Mineral Reserve Estimate |

The effective date
of the Mineral Reserve estimate is February 28, 2025.

To start the mine
operations, the blocked-out stopes have enabled a Mineral Reserve evaluation to be made. The quantity and grade of Mineral Reserves is
indicated in Table 1-2 below.

| ● | CIM Definitions were followed for Mineral 
 Reserve estimate.                         |

| 93 |

| ● | Rounding may result in apparent summation                                                    
 differences between tonnes, grades and metal content, but the differences are not considered 
 material.                                                                                    |

The key assumptions,
parameters, and methods used to estimate the mineral reserves include:

| 1. | The reserve estimation is based on a full 3D                               
 design of development and stopes, using a minimum mining thickness of 3 m. |
| 2. | The cut-off grades used for mine planning and                              
 reserve evaluation purposes were as follows: