Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 133

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 133
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 could be used as the design basis for the processing plant.

| IV) | Chinese Collector 
 Alternative       |

In the pilot plant
testwork by the GRINM in China, a proprietary Chinese collector, GYWA, was used in the plant. Because of security of supply concerns
an alternative to this collector was sourced and tested. The conclusions from testing the R3-3F unit from South Africa were:

| ● | Scouting tests showed each collector                                                       
 capable of producing high grade (circa 20% WO3) WO3 rougher concentrates,                  
 albeit at non-optimized recoveries.                                                        |
| ● | Overall better rougher flotation                                                           
 results were achieved with the R3-3F collector than with GYWA, probably due to the reagent 
 dosages selected.                                                                          |

| 82 |

| ● | Heated cleaner flotation tests had                                                                  
 yet to be conducted; however, rougher WO3 grades are approximately double those                     
 achieved in China.                                                                                  |
| ● | Mo and Bi recoveries to the Mo and                                                                  
 sulphide concentrates (which are independent of the WO3 collector used) were low                    
 at 17.3 to 19.6% Mo and 29.2 to 32.0% Bi recovery. Mo and sulphide flotation requires optimization. 
 Losses of WO3 to these concentrates were correspondingly low at 0.5 to 0.8% of                      
 the WO3, although these losses will increase slightly when these circuits are                       
 optimized.                                                                                          |
| ● | Future work will proceed to optimise                                                                
 the Mo and sulphide circuits ahead of maximising WO3 recovery into the WO3                          
 rougher concentrate.                                                                                |
| ● | Heated cleaner flotation will follow                                                                
 to achieve sales grade WO3 concentrates and confirm this can be achieved with                       
 the Chinese collector and the South African collector.                                              |

The validity of the
TT flowsheet and the projected tungsten recovery were confirmed by the pilot plant and collector alternative testwork, in addition to
the original metallurgical testwork presented in the TT report.

The testwork also
de-risked the processing plant flowsheet and reagents used.

| V) | AKTC (2016–Onwards) |

Continuing the de-risking
strategy from the beginning of 2016, in terms of the plant flowsheet and reagents used, Almonty signed an agreement with the Korean Institute
of