Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 132

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 132
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2.90.                                             |
| ● | Preconcentration by gravity has                                                            
 been shown to give recoveries of 63% for tungsten and 55% for molybdenum.                  |

Although theoretical
grade and recovery curves were established as part of the quantitative mineralogical programme, process grade and recovery data remained
to be established.

| III) | A-Z Mining Professionals 
 Ltd./Woulfe              |

Since publication
of the TT Feasibility Study in 2012 a pilot plant scale test was completed on a bulk sample from the Sangdong deposit in late 2012. The
pilot plant testwork was carried out by the GRINM. The results of this pilot plant testwork are summarized below:

| ● | Though the grade of the sample processed                                                       
 was lower than that used in bench scale testing, comprehensive recovery can still be achieved. 
 All products can be separated into saleable products by processing or hydrometallurgy.         |
| ● | The strong magnetic minerals in                                                                
 the ore should be removed to prevent adverse effects on scheelite concentrate grade.           |
| ● | The advised grinding fineness was                                                              
 recommended to be 78–80% -75 μm for the Main Zone and 90% -75 μm for the FW Zone.              |
| ● | The pilot plant testwork on the                                                                
 Main Zone used a 78.5% -75 μm grind and a molybdenum flotation-sulphide flotation-scheelite    
 rougher flotation. The scheelite concentrate using rougher flotation and heated floatation     
 is produced with a mass yield of 9.13% assaying 65.26% WO3 with an overall recovery            
 of 81.13%. FW Zone testwork used a 95% -75μm grind and a molybdenum flotation-sulphide         
 flotation-scheelite rougher flotation. The scheelite concentrate using rougher flotation       
 and heated flotation is produced with a mass yield of 8.95% assaying 66.07% WO3                
 with an overall recovery of 78.81%.                                                            |
| ● | Main and FW Zones mineralogy are                                                               
 similar with the same flowsheet recommended for the two ore types.                             |

The overall conclusion
from the pilot plant testwork was that the flowsheet proposed by TT in the 2012 Feasibility Study and technological conditions provided
by the pilot plant test