Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 136

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 136
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| 90 |

<div align='center'>Table 13-18 – Metallurgical Projection for LCT No. 2 – Procedure 2</div>

| 4. | Pilot Plant Trials |

In order to have
a metallurgical projection in conditions more similar to those that will be found in practice in the future plant, and as a demand to
get the process guaranties from Metso Outotec, several pilot plant trials were completed at the laboratories of LNEG in Porto, Portugal.
For these particular campaigns, the ore was blasted in a development mine gallery in the F3 zone of the footwall of Sangdong Mine. Due
to practical constraints, connected with the minimum volume for a pilot plant 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