Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 146

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 146
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 II) | Overall Process Summary |

The main process
steps for treating the Sangdong ore are primary, secondary and tertiary crushing and stockpiling; grinding; flotation divided into two
(2) sub-circuits (sulphide flotation and tungsten flotation); thickening; filtration and packaging section; a waste water treatment facility;
and services section. Further details of these sections include:

| ● | Primary crushing and ore stockpiling,           
 ensuring a steady feed to subsequent processes. |

| 97 |

| ● | Core (pebble) crushing for semi-autogenous                                                      
 (“SAG”) oversize, for +25 mm material.                                                          |
| ● | Two-stage grinding utilizing SAG                                                                
 and Ball milling (SABC), ensuring precise particle size control.                                |
| ● | A comprehensive flotation section,                                                              
 divided into sulphide flotation for gangue mineral removal and scheelite flotation for tungsten 
 recovery.                                                                                       |
| ● | Dedicated scheelite concentrate                                                                 
 thickening and filtration facilities.                                                           |
| ● | Robust tailings thickening management.                                                          |
| ● | Advanced wastewater treatment facilities.                                                       |
| ● | Comprehensive reagent preparation,                                                              
 handling, and distribution systems.                                                             |
| ● | Fully integrated general plant services                                                         
 to support overall plant operations.                                                            |

| III) | Crushing and Stockpiling |

Run-of-mine (“ROM”)
ore, initially delivered by 15-tonne trucks. Ore will be either directly fed into the primary crushing system or placed onto a blending
stockpile, aimed at a consistent feed quality. There is a second ROM stockpile area of 7,000 tonnes capacity about 250 m north of the
crushing area, as well as a reinforced stockpile area, also having a capacity of 7,000 tonnes, which is next to the crusher feed and
immediately next to the Monty B mine portal. A plan of the different stockpile areas is shown in Figure 17-1 below.

<div align='center'>Figure 17-1– Plan of Surface Stockpile Areas

(Date: April
2025; Source: AKTC)</div>

Ore from the mine
will be dumped into a feed hopper. The ore will be extracted from the feed hopper by an apron feeder down to an inclined 600 mm square
opening grizzly. A rock breaker will be used to bring the grizzly oversize down to 600 mm. The blended ore, nominally sized