Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 111

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 111
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0 m because of the irregular
boundary of the shale with the overlying Pungchon Limestone. This zone has a strike length of about 600 m and a down-dip extent of about
800 m. Above the most highly altered portion of the Main horizon, the Hangingwall horizon is not tabular, but extends steeply and irregularly
into the overlying limestone. The base of the Hangingwall horizon is approximately 14 m above the upper contact of the Main horizon.

The Main horizon
strikes about 100° and dips northerly between 15° and 30°. The strike length is in excess of 1,300 m and thickness varies
from 5.0–6.0 m. Hydrothermal alteration (skarnification) within the Main horizon forms three concentric, roughly circular zones:
the inner biotite-muscovite-quartz zone, the intermediate biotite-hornblende-quartz zone and the marginal garnet-diopside zone.

The Footwall horizons
comprise multiple layers: Footwall Zone 1 (F1) normally occurs 1 m below the Main horizon and can be approximately 2 m thick; Footwall
Zones 2 and 3 (F2, F3) are situated approximately 35 m to 40 m below the Main horizon and average thickness is from 3 m to 4 m. Furthermore,
usually smaller, Footwall Zones have been identified beyond F3 and are collectively referred to as F4 and F5, both situated not far from
the contact with the underlying Jangsan quartzite formation.

<div align='center'>Figure 7-4– Schematic Section of the Sangdong Deposit</div>

| 67 |

| I) | Local Geology |

The Sangdong Mine
is situated within the northern sector of the Okcheon Fold Belt in South Korea, a region that hosts Cambro-Ordovician sedimentary
sequences known as the Joseon Supergroup. The deposit lies along the south-dipping southern limb of the east-west trending Hambaek
Syncline and is structurally and stratigraphically controlled. The local stratigraphy consists primarily of the basal Jangsan
Quartzite, overlain by the Myobong Slate, and capped by the Pungchon Limestone—units which collectively form the Joseon
Supergroup. The tungsten mineralization is hosted within several tabular, bedding-conformable skarn horizons (