Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 112

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 112
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Hangingwall, Main, and
Footwall), developed through metasomatic replacement of carbonate-rich layers in the Myobong Slate and Pungchon Limestone. These
zones are characterized by alternating garnet-, pyroxene-, and quartz-bearing assemblages, consistent with classic calc-silicate
skarn systems. Structural controls, lithological boundaries, and proximity to the granite source collectively govern the geometry
and grade distribution within the deposit.

| 68 |

| II) | Tungsten Skarns |

The Sangdong Mine
contains a tungsten skarn deposit. Skarns are contact metasomatic deposits, exploited for tungsten, with accessory molybdenum, copper,
tin and zinc. They typically form in continental marginal settings, associated with syn-orogenic plutonnes that intrude and metamorphose
deeply buried sequences of carbonate-shale sedimentary sequences. Skarn mineralization is typically hosted by pure and impure limestones,
calcareous to carbonaceous pelites.

Due to their contact
metamorphic nature, mineralization has a close spatial association with calc-alkaline granitic intrusives (tonalite, granodiorite, quartz
monzonite and granites). Skarn deposits form stratiform, tabular and lens-like deposits, which can be continuous for hundreds of metres
along intrusive contacts.

Principal and subordinate
mineralogy comprises scheelite ± molybdenite ± chalcopyrite ± pyrrhotite ± sphalerite ± arsenopyrite
± pyrite ± powellite. Traces of wolframite, fluorite, cassiterite, galena, marcasite and bornite also occur. Reduced types
are characterized by pyrrhotite, magnetite, bismuthinite, native bismuth and high pyrrhotite:pyrite ratios. Variable amounts of quartz-veining
(with local molybdenite) can cut both the exo- and endoskarn.

Exoskarns occur at,
and outside the granite which produced them, and comprise alterations of wall rocks. Endoskarns, including greisens, form within the
granite mass itself, usually late in the intrusive emplacement and consist of cross-cutting stockworks, cooling joints and around the
margins and uppermost sections of the granite itself.

Exoskarns display
the following alteration zonation: an innermost zone of massive quartz