Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 136

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 136
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 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 13-11 and Table 13-15 below show the assays of other elements: Mo,
Cu and P.

As mentioned previously,
two different procedures were used in the metallurgical projection. In the first procedure, the two concentrates and the two tailings
are projected as the average weights and assays for these products in cycles E and F. The feed for the test is then calculated as the
sum of the products. For test no. 1, the first procedure gives a recovery of 83.7% for a final concentrate grade of 73.2% WO.
For test no. 2, this first procedure gives a recovery of 85.4% for a final concentrate grade of 62.4% WO.

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