Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 138

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 138
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 flotation cell, it was only possible to do four cleaning
stages.

This section presents
the results of the last pilot plant trials done in LNEG, in September 2023, based on which the process guaranties were granted. These
last trials had a duration of four days, operating the pilot plant for a period of approximately 10 hours each day. Timed samples of
the feed, sulphide concentrate, scheelite concentrate and tailings were collected on an hourly basis. During the last hour of operation,
samples of all internal streams were carefully collected, so as not to disturb the circuit. All these samples were assayed in WO
at the TTC (see the list of streams in Table 13-19 below). Based on these assays, and on the flowrates estimated from the timed samples,
it was possible, by writing the equations of mass balance, to compute the complete mass balance in terms of total mass and mass of WO3.
In Table 13-20 below are given the mass balances for each day of operation. It is clear that during these four days the results here
are very similar, with a slight tendency to get better in terms of recovery and concentrate grade, as the days passed. For day 1, the
complete mass balance gave a recovery of 81.8% for a concentrate grade of 62.40% WO; for day 2, a recovery of 82.4% and a
concentrate grade of 61.70% WO₃; for day 3, a recovery of 82.4% and a concentrate grade of 64.48% WO; and, for day
4, a recovery of 82.5% and a concentrate grade of 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