Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 130

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 130
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 scheelite below 200 mesh.                                                                       |

The test work on
the Sangdong low-grade scheelite concentrate indicated the feasibility of a soda-ash roast-leach extraction of sodium tungstate to precipitate
an artificial scheelite product. The product made from the first part of this calcium chloride precipitation met market specifications
in both tungstic oxide content and maximum molybdenum content allowable. The subsequent precipitation products were high in molybdenum,
even though the minimum grade for tungstic oxide was met.

Separation of the
molybdenum from the tungsten in the pregnant solution was not attempted, as it was beyond the scope of the investigation. However, a
process was used by U.S. Vanadium Co. to make this molybdenum tungsten-separation.

A calculated combination
of the results of these two beneficiation procedures was made. This calculation was made to demonstrate the results possibly obtainable
if a sample of the Sangdong scheelite ore were treated by tabling, flotation, magnetic separation and roasting and leaching of low-grade
scheelite concentrates for reprecipitation of artificial scheelite products, as indicated by the test work. The hypothetical results
indicated that the following marketable products might be prepared:

| ● | A combined natural and artificial                                                            
 scheelite of 63.4% tungstic oxide and 0.65% molybdenum, accounting for 73.6% of the tungstic 
 oxide.                                                                                       |
| ● | A bismuth by-product of 11.1% bismuth                                                        
 and 0.57 and 2.8 oz/t of gold and silver, respectively, with recovery of 46.3%.              |
| ● | Further detailed beneficiation study                                                         
 probably would improve the overall metallurgical results. This applies particularly to the   
 scavenger flotation circuit where 18.9% of the tungsten was lost in a tailing containing     
 0.23% tungstic oxide. It is also probable that cleaning of the table concentrate by sulphide 
 flotation would yield a final tungsten product acceptably free of molybdenum, bismuth and    
 sulphides and at the same time increase the bismuth recovery in the bismuth by-product.      |

Part of the molybdenum
should be recoverable from the sulphide flotation concentrates. The portion entering the pregnant solution may be precipitated with sodium