Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 134

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 134
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ies of the cleaning process always very high.
Multiple stage cleaning tests were also done to measure the tolerance of sulphide and scheelite flotation to the presence of backfill
material in the feed. Tests have been conducted with backfill percentages ranging from a few percent to 10%. For the lower percentages
of backfill, it was concluded that neither the sulphide flotation nor the scheelite flotation suffered an impact. Only near to the upper
limit was noticed some impact on sulphide flotation, characterized by an increase in mass pull.

The flotation regime
applied in the multiple stage cleaning tests, and, in general, applied in the LCT and pilot plant trials, is well-known in the mining
industry. It is based on the use of sodium carbonate as pH regulator, sodium silicate as depressor, and TOFA as the main scheelite collector,
conducting the flotation in lukewarm water. Grinding to 80% below 65 μm seems suitable for Sangdong ore, independently from its origin
in the mine.

<div align='center'>Table 13-6 – Multiple-Stage Cleaning Test – KIGAM (2019)</div>

| 84 |

<div align='center'>Table 13-7 – Multiple-Stage Cleaning Test – Tap Water Control Test – TTC (2021)

Table 13-8 – Multiple-Stage Cleaning Test – Softened Mine Water – TTC (2021)</div>

| 85 |

<div align='center'>Table 13-9 – Multiple-Stage Control Test – Laboratory Reagents – TTC (2025)

Table 13-10 – Multiple-Stage Cleaning Test – Industrial Grade Reagents – TTC (2025)</div>

| 3. | Locked Cycle Tests |

This section presents
two LCT, which were made at KIGAM, that allow making a first metallurgical projection, that is, to estimate the value of the recovery
and concentrate grade, with all the internal fluxes recycling. For both tests are presented the weights and assays of each product that
does not recycle (Table 13-11 and Table 13-15 below), the cycle-by-cycle balance for each complete cycle of the test (Table 13-12 and
Table 13-16 below), and, finally, the metallurgical projection, based on the last two cycles of each test, following two different procedures
(Table 13-13, Table 13-14, Table 13-17 and Table 13-18 below). Table 13