Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 129

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 129
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 sulphide minerals such as molybdenite, bismuthinite, and chalcopyrite necessitates bulk sulphide flotation prior to scheelite
recovery, as these can impact concentrate quality. Test work also indicated that excessive backfill material in the feed (approaching
10%) can negatively affect sulphide flotation efficiency. Water quality is another factor; flotation with softened mine or river water
proved effective, while untreated water may interfere with reagent performance. Lastly, while earlier test work relied on a proprietary
Chinese collector, subsequent trials confirmed comparable or superior performance from an alternative South African reagent, reducing
sourcing risk. Overall, no critical deleterious element or processing factor has been identified that would prevent the production of
market-grade scheelite concentrate, assuming appropriate process controls.

From the test work
on the Sangdong scheelite ore, the following conclusions were drawn:

| ● | By crushing and grinding through                                                                   
 28-mesh in equipment selected to produce a minimum of fines, enough scheelite can be liberated     
 to warrant concentration by shaking tables. Removal of the scheelite from the circuit in           
 as coarse a size as possible reduces grinding and subsequent slime loss. Gravity concentration     
 allows direct recovery of approximately 40% of the total tungsten values. Such a gravity           
 concentrate is readily cleaned to market grade, whereas a flotation concentrate (the alternative)  
 is not. The table concentrate can be cleaned simply by sulphide flotation and magnetic separation. 
 It was demonstrated that the sulphur, bismuth, and molybdenum contents of the scheelite table      
 concentrate were effectively removed by sulphide flotation.                                        |
| ● | A bismuth-bearing by-product could                                                                 
 be made by cleaning the scheelite table concentrate and selectively floating the table tails.      |
| ● | After proper grinding (90 to 95%                                                                   
 minus 200 mesh) a scavenger flotation operation recovered a major portion of the sulphide          
 minerals and the remaining scheelite in two selective concentrates. The tungsten flotation         
 concentrate was of low grade (approximately 14% tungsten trioxide); however, such a concentrate    
 is suitable for beneficiation by hydrometallurgical methods.                                       |
| ● | The scheelite in the ore submitted                                                                 
 was locked with the gangue to the extent of 50% in the minus 20 mesh plus 200 mesh fraction,       
 and 100% in the plus 20 mesh fraction. The grind for flotation work demonstrated good liberation   
 of