Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 106

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 106
---
 underground
by KTMC and on a coarse geological interpretation of the mineralized zones; the 2010 Mineral Resource was classified as Inferred.

The 2012 estimate
relied entirely on the more recent drilling programmes with associated sample quality control; however, it only covered approximately
the upper quarter of the known dip length of the mineralized zones, and therefore the comparison of the two estimates would be unreliable.

In order to estimate
the down-dip resource potential at the Sangdong Mine (see Table 6-4 above), TT (Wardrop) completed a separate estimation of the down-dip
resource using all available samples, including those samples which could not be included in the up-dip “Indicated” Mineral
Resource. Due to the unreliability of the historic data described above the Mineral Resource was classified as “Inferred”
but was included in order to reconcile the 2010 and 2012 estimates.

AMC Consultants
Pty Ltd (2014)

Mineral Resources
were estimated using a block modelling approach, with three-dimensional (“3D”) ordinary kriging and Datamine’s™
dynamic anisotropy application being employed.

Table 6-5 below shows
the Mineral Resource estimate and metal content for the Sangdong Mine as of September 15, 2014. The cut-off grade of 0.4% WO
was provided by WMC and was based on an assumed mining method, production rate, metallurgical recovery and metal prices. AMC Consultants
Pty Ltd (“AMC”) reviewed these assumptions and considered that they met the requirement of reasonable prospects of
eventual economic extraction. It appears that AMC used some results from the pre-2006 drilling in the Mineral Resource estimation.

| 63 |

<div align='center'>Table 6-5 – AMC 2014 Mineral Resource Estimate</div>

Changes that occurred
between the 2012 and the 2014 Mineral Resource estimates included:

| ● | 11,348 m additional Mineral Resource                                                        
 definition drilling.                                                                        |
| ● | Change in the estimation method                                                             
 from modelling the volume and geometry of mineralization using the underground development  
 surveys (TT), to using the actual drill hole intersections (AMC).                           |
| ● | Change in the estimation method                                                             
 from assigning grades to each mineralization zone using the mineralization coding in the    
 database (TT), to using the spatially referenced drill hole intersections in 3D to estimate 
 grade for each mineralization zone