Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 113

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 113
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thermal 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 (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