Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 114

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 114
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san 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
granites. Regional zoning of tin, tungsten and molybdenum may be apparent. Where greisen is absent, mineralization may be within a sheeted
or stockwork system contained within the apical portion of a granite body, or in overlying country rocks. Veins may vary from subhorizontal
to vertical and replacement (skarn) bodies may be present in the wallrocks. Fluorine is an important constituent and bismuth minerals
may also be present. There is no recorded alteration system (i.e., greisen) at Sangdong, and therefore the deep molybdenum mineralization
is likely to comprise a system of sheeted or stockwork veins.

Exploration

It was stated by
Klepper (1947) that exploration in 1939 and 1940 led to the discovery of the Sangdong scheelite body, although no further details are
available.

Mineral Resource
definition drilling is the only form of exploration that has been completed by Woulfe and AKTC at the Sangdong Mine after becoming operators
in 2006, and there is no record of exploration other than drilling by previous operators.

An aeromagnetic map
of the area was reproduced in a scoping report by Sennitt (2007), but the origin is unknown.

Drilling

| I) | KTMC Drilling |

A summary of the
different KTMC drilling campaigns is shown in Table 10-1 below. Between 1980 and 1985, 15 holes (8,940 aggregate metres) were drilled
to investigate the East Tungsten mineralized zone, now referred to as Sangdong East, approximately 1 km to the east of the main
Sangdong Mine and the deposit