Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 135

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 135
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Table 13-4 – Bulk Sulphide Flotation Test – KIGAM (2019)</div>

| 83 |

<div align='center'>Table 13-5 – Bulk Sulphide Flotation Test – Industrial Grade Reagents – TTC (2025)</div>

| 2. | Multiple Stage Cleaning 
 Tests                   |

Presented here are
five multiple stage cleaning tests done in different phases of the project development. In Table 13-6 below, a test is presented
that was used as preparation for the LCT (see the next section). This achieved 78.6% WO3 in the final scheelite concentrate, confirming
that the production of high-grade tungsten concentrates is possible. In Table 13-7 and Table 13-8 below are presented the results of
two tests that were done in the context of establishing the compatibility between the flotation process and the lime-soda process for
softening water. It can be concluded that both processes are compatible. In this way, groundwater and river water, collected near Sangdong,
can be used in flotation after softening. In Table 13-9 and Table 13-10 below are given the results of two tests done in the context
of selecting industrial grade reagents to replace the laboratory reagents (sodium carbonate, sodium silicate, etc.). It can be concluded
that the chemical industry (outside China) can produce, in quality and quantity, the reagents needed to operate the Sangdong Mine processing
plant.

Bearing in mind the
main purpose of a multiple stage cleaning test, from the five tests that were presented, it can be concluded that a high-grade tungsten
concentrate can be produced with the proposed flotation regime, being the stage recoveries of the cleaning process always very high.
Multiple stage cleaning tests were also done to measure the tolerance of sulphide and scheelite flotation to the presence of backfill
material in the feed. Tests have been conducted with backfill percentages ranging from a few percent to 10%. For the lower percentages
of backfill, it was concluded that neither the sulphide flotation nor the scheelite flotation suffered an impact. Only near to the upper
limit was noticed some impact on sulphide flotation, characterized by an increase in mass pull.

The flotation regime
applied in the multiple stage cleaning tests, and, in general, applied in the LCT and pilot plant trials, is well-known in the mining
industry. It is based on the use of