Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 115

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 115
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 and high garnet: pyroxene ratios. The exoskarn envelope can be associated with extensive areas of biotite
hornfels.

Endoskarn alteration
exhibits the following: pyroxene ± garnet ± biotite ± epidote ± amphibole ± muscovite ± plagioclase
± pyrite ±pyrrhotite ± trace tourmaline and scapolite; and local greisen developed.

The location of mineralization
is usually controlled by: the presence of carbonate rocks in extensive thermal aureoles of intrusions; gently-inclined bedding and intrusive
contacts; and structural and/or stratigraphic traps in sedimentary rocks and irregular parts of the pluton/country rock contacts.

| III) | Granite Related Molybdenum |

Due to the paucity
of information about the molybdenum-mineralized system beneath the Sangdong underground workings, it is difficult to characterize a model
for this mineralization. However, important molybdenum mineralization falls into two classes: porphyry-type and granite-related molybdenum-tungsten-tin
systems. There is some overlap between the two.

The tungsten mineralization
of the Sangdong deposit is contained within a series of tabular skarn horizons within the Myobong Slate. Calcium carbonate horizons within
the slate have undergone metasomatic replacement to mineralized skarn by hydrothermal fluids. The source of these fluids is thought to
be the underlying Sangdong Granite. K-Ar age determination of phyllites within the Myobong Formation are consistent with the age of the
granite below.

Swarms of quartz
veins have ascended upward through the Jangsan Quartzite into the Myobong Formation where they can be seen to follow the bedding planes
and also crosscut the formation. There is a correlation between the presence of quartz veins and the grade of mineralization.

Although hydrothermal
alteration (skarn formation) is widespread in the Sangdong area from Sangdong West to Sangdong East and beyond, there is no evidence
of a pervasive porphyry-style alteration system. Country rock above the Sangdong granite is hornfelsed, but not pervasively altered.

| 69 |

Vein- and greisen-type
hydrothermal molybdenum-tungsten or tin-tungsten mineralization is connected with shallow-seated, highly differentiated, relatively K-rich
gran