Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 137

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 137
---
67.46% WO.

The pilot plant trial
results indicate that the metallurgical projection is slightly worse than that from the locked cycle tests. However, the practical limitations
imposed by LNEG’s pilot plant must be taken into consideration. Not only was the number of cleaning stages only four instead of
five, which limited the final concentrate grade, but the aeration rate of the rougher and scavenger banks was deficient, which limited
the recovery. The cells of these banks were old Denver no. 7 cells, of sub-A type, without the possibility of increasing the speed of
the rotors. In this way, the metallurgical projection based on the locked cycle tests is considered more accurate and should be used
in defining the economic model.

During 2025, as mentioned
above, LNEG’s pilot plant is scheduled to explore the possibility of producing by-product concentrates of Mo and Bi/Au/Ag. It will
also be given continuity to the effort of de-risking, by exploring other collectors recognized as suitable for scheelite flotation.

| 91 |

<div align='center'>Table 13-19 – List of Streams for the Pilot Plant – LNEG (2023)

Table 13-20 – Mass Balance for Plant Trials – Days 1 - 4 – LNEF (2023)</div>

| 5. | Conclusion |

Considering the results
of all tests, it can be concluded that mill recovery will likely range from 83.6% to 85.0% and the final concentrate grade, considering
the average between test no. 1 and test no. 2, will be around 67–68% WO.

For the current study,
AKTC has decided to assume an overall global mill recovery of 85%, along with a concentrate grade of 65% WO.

| 92 |

Mineral Resource
and Mineral Reserve Estimates

The evaluation work
with respect to the Mineral Resource and Mineral Reserve estimates was carried out and prepared in compliance with NI 43-101. The Mineral
Resources and Mineral Reserves in this estimate were calculated using the CIM Definition Standards prepared by the CIM Standing Committee
on Reserve Definitions and adopted by the CIM Council on May 19, 2014.

| I) | Mineral Resource Estimate |

The effective date
of the Mineral Resource estimate is February 28, 2025.

The quantity, grade
and quality of each category of Mineral Resources is indicated in Table 1-1 below.

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