Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 134

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 134
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 Geoscience and Mineral Resources (“KIGAM”) to jointly develop a suitable method to recover the scheelite at the
Sangdong Mine. This method should provide results not inferior to those reported in 2012 by the GRINM.

Since this agreement
has been signed, a very significant number of metallurgical tests have been done on Sangdong mineralized material, especially on the
footwall lodes. Multiple stage cleaning tests have been done in very different conditions: control tests with tap water and laboratory
reagents, tests with softened mine water, tests with industrial grade reagents and tests including in the feed a portion of backfill
material. To arrive at a metallurgical projection, LCT were made. For the purpose of the process guaranties, granted by Metso Outotec,
pilot plant trials have also been completed. In general, all these tests present results that are not inferior to those reported by the
GRINM.

Until 2019, laboratory-based
tests were done: multiple stage cleaning tests and LCT. KIGAM laboratories were used for this purpose. After 2021, the laboratorial tests
were conducted at the Tungsten Technological Centre (“TTC”), in Portugal, at Panasqueira Mine. The pilot plant trials,
concluded in 2023, took place at the LNEG installations, also in Portugal, in Porto.

The principal metallurgical
tests done by Almonty at the Sangdong Mine are described in the following sections.

| 1. | Bulk Sulphide Flotation |

Prior to flotation
of scheelite, it is necessary to remove sulphides, also by flotation, into a bulk concentrate. In Table 13-4 and Table 13-5
below, the results of two bulk sulphide flotation tests are given. The rougher sulphide concentrate was cleaned in two stages, in order
to reduce the losses in WO3 to the final sulphide concentrate, as demonstrated by the results Table 13-4 below. The conditions selected
to float the sulphides ensure good recoveries in Mo, Bi and Cu. The head grades presented in Table 13-4 below are typical of most of
the samples that were tested. The much higher head grades presented in Table 13-5 below are an exception. Laboratorial metallurgical
tests for the possible recovery of Mo and Bi, and also of Au and Ag, are scheduled for 2025 at the TTC.

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