Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 127

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 127
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 water sources under various test conditions. Test work results confirmed that
the Sangdong ore is amenable to producing high-grade tungsten concentrates using the selected flotation regime, and that recovery levels
and product specifications areconsistent with historical results. This test work underpins the process guarantees granted by Metso Outotec.
Additional historical and third-party test results are summarized under “Mineral Processing and Metallurgical Testing” in
this document.

| 80 |

Several processing
factors and potential deleterious elements were identified during the metallurgical test programs on the Sangdong scheelite ore. Scheelite
liberation is constrained in coarser fractions, requiring fine grinding (to 80% <65 μm) to ensure efficient flotation recovery.
The presence of 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