Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 113

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 113
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 may be present; an inner zone of diopside-hedenbergite ±
grossular-andradite ± biotite ± vesuvianite; and an outer barren wollastonite-bearing zone.

There is commonly
a late-stage alteration assemblage, comprising spessartine ± almandine ± biotite ± amphibole ± plagioclase
± phlogopite ± epidote ± fluorite ± sphene. Reduced types are characterized by hedenbergitic pyroxene, iron-rich
biotite, fluorite, vesuvianite, scapolite and low garnet: pyroxene ratios, whereas oxidized types are characterized by salitic pyroxene,
epidote and andraditic garnet 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 Jang