Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 133

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 133
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 the results of two bulk sulphide flotation tests are given. The rougher sulphide concentrate was cleaned in two stages, in order
to reduce the losses in WO3 to the final sulphide concentrate, as demonstrated by the results Table 13-4 below. The conditions selected
to float the sulphides ensure good recoveries in Mo, Bi and Cu. The head grades presented in Table 13-4 below are typical of most of
the samples that were tested. The much higher head grades presented in Table 13-5 below are an exception. Laboratorial metallurgical
tests for the possible recovery of Mo and Bi, and also of Au and Ag, are scheduled for 2025 at the TTC.

<div align='center'>Table 13-4 – Bulk Sulphide Flotation Test – KIGAM (2019)</div>

| 83 |

<div align='center'>Table 13-5 – Bulk Sulphide Flotation Test – Industrial Grade Reagents – TTC (2025)</div>

| 2. | Multiple Stage Cleaning 
 Tests                   |

Presented here are
five multiple stage cleaning tests done in different phases of the project development. In Table 13-6 below, a test is presented
that was used as preparation for the LCT (see the next section). This achieved 78.6% WO3 in the final scheelite concentrate, confirming
that the production of high-grade tungsten concentrates is possible. In Table 13-7 and Table 13-8 below are presented the results of
two tests that were done in the context of establishing the compatibility between the flotation process and the lime-soda process for
softening water. It can be concluded that both processes are compatible. In this way, groundwater and river water, collected near Sangdong,
can be used in flotation after softening. In Table 13-9 and Table 13-10 below are given the results of two tests done in the context
of selecting industrial grade reagents to replace the laboratory reagents (sodium carbonate, sodium silicate, etc.). It can be concluded
that the chemical industry (outside China) can produce, in quality and quantity, the reagents needed to operate the Sangdong Mine processing
plant.

Bearing in mind the
main purpose of a multiple stage cleaning test, from the five tests that were presented, it can be concluded that a high-grade tungsten
concentrate can be produced with the proposed flotation regime, being the stage recover