Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 131

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 131
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sulphide solution and filtered off before tungsten precipitates. Neither of these steps was attempted, since they were not part of existing
metallurgical technology; the latter technique has been applied to Korean concentrates, and it was therefore simply assumed that these
methods would apply to this ore. These conjectures point to the possibility of better metallurgical results; however, the beneficiation
work done has demonstrated that the Sangdong scheelite ore, as approximated by the sample submitted for beneficiation, is amenable to
concentration into marketable grade products by a combination of tabling, flotation, magnetic separation, and chemical treatment.

| 81 |

| II) | Tetra Tech/Woulfe    
 (2010 Scoping Study) |

The following is
a summary, extracted from the Mineral Resource Estimate (TT/Woulfe 2012), of the mineral processing and metallurgical testing completed
during the 2010 Scoping Study.

Mineralogical studies
and preliminary metallurgical test work have been conducted on four composite core samples taken from the Sangdong deposit by SGS Mineral
Services Europe (“SGS Europe”). The samples represented the four historical mineralized horizons, namely A, B, C and
D+E combined (although not stated the horizons are assumed to correspond to the Hangingwall, Main and Footwall (F1, F2 and F3) horizons).

The key points arising
from SGS Europe test work were:

| ● | The primary economic minerals in                                                           
 the ore are scheelite and molybdenite.                                                     |
| ● | The sample average head grades were                                                        
 0.22% WO3 and 0.03% MoS2.                                                                  |
| ● | Fluorite, rhenium, gold, silver,                                                           
 copper and bismuth are present but at sub-economic levels.                                 |
| ● | The bond work index was determined                                                         
 as 18.7 kW/h/t and the ore is classified as medium hard.                                   |
| ● | Scheelite becomes increasingly liberated                                                   
 below 500 μm with ultimate liberation at approximately 50 μm.                              |
| ● | Scheelite is not associated with                                                           
 molybdenite or bismuthinite. Provided the ore minerals are sufficiently liberated from the 
 host rock silicates then separation should be relatively straightforward.                  |
| ● | The relative density of the ore                                                            
 falls between 2.87 and 3.03 and averages