Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 130

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 130
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 rhenium, gold, silver,                                                           
 copper and bismuth are present but at sub-economic levels.                                 |
| ● | The bond work index was determined                                                         
 as 18.7 kW/h/t and the ore is classified as medium hard.                                   |
| ● | Scheelite becomes increasingly liberated                                                   
 below 500 μm with ultimate liberation at approximately 50 μm.                              |
| ● | Scheelite is not associated with                                                           
 molybdenite or bismuthinite. Provided the ore minerals are sufficiently liberated from the 
 host rock silicates then separation should be relatively straightforward.                  |
| ● | The relative density of the ore                                                            
 falls between 2.87 and 3.03 and averages 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 flotation      
 is produced with a mass yield of 9.13% assaying 65.26% WO3 with an overall recovery            
 of