Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 128

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 128
---
 floating the table tails.      |
| ● | After proper grinding (90 to 95%                                                                   
 minus 200 mesh) a scavenger flotation operation recovered a major portion of the sulphide          
 minerals and the remaining scheelite in two selective concentrates. The tungsten flotation         
 concentrate was of low grade (approximately 14% tungsten trioxide); however, such a concentrate    
 is suitable for beneficiation by hydrometallurgical methods.                                       |
| ● | The scheelite in the ore submitted                                                                 
 was locked with the gangue to the extent of 50% in the minus 20 mesh plus 200 mesh fraction,       
 and 100% in the plus 20 mesh fraction. The grind for flotation work demonstrated good liberation   
 of scheelite below 200 mesh.                                                                       |

The test work on
the Sangdong low-grade scheelite concentrate indicated the feasibility of a soda-ash roast-leach extraction of sodium tungstate to precipitate
an artificial scheelite product. The product made from the first part of this calcium chloride precipitation met market specifications
in both tungstic oxide content and maximum molybdenum content allowable. The subsequent precipitation products were high in molybdenum,
even though the minimum grade for tungstic oxide was met.

Separation of the
molybdenum from the tungsten in the pregnant solution was not attempted, as it was beyond the scope of the investigation. However, a
process was used by U.S. Vanadium Co. to make this molybdenum tungsten-separation.

A calculated combination
of the results of these two beneficiation procedures was made. This calculation was made to demonstrate the results possibly obtainable
if a sample of the Sangdong scheelite ore were treated by tabling, flotation, magnetic separation and roasting and leaching of low-grade
scheelite concentrates for reprecipitation of artificial scheelite products, as indicated by the test work. The hypothetical results
indicated that the following marketable products might be prepared:

| ● | A combined natural and artificial                                                            
 scheelite of 63.4% tungstic oxide and 0.65% molybdenum, accounting for 73.6% of the tungstic 
 oxide.                                                                                       |
| ● | A bismuth by-product of 11.1% bismuth                                                        
 and 0.57 and 2.8 oz/t of gold and silver, respectively, with recovery of 46.3