Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 116

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 116
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ites. 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 was further investigated with a drift approximately 1 km long. About 100,000 tonnes of ore were mined here
in 1990. No additional work has been completed in this area to date.

<div align='center'>Table 10-1 – KTMC Drillhole Summary</div>

Between 1979 and
1989, 18 holes (16,502 aggregate metres) were drilled in the West Tungsten mineralized zone, now referred to as Sangdong West, approximately
2 km northwest of the Sangdong Mine area. This zone has not been further explored. Between 1980 and 1987, 22 vertical holes (12,390 aggregate
metres) were drilled underground from the Sangdong Mine workings to investigate