Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 145

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 145
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 with a basic large                            
 6 m x 6 m round size, and many faces available at any time.     |
| ● | The method is well-suited to the                                
 overall dimensions of orebody.                                  |
| ● | Improved mining recovery near orebody                           
 contacts, with shanty-backs and mining floor adjustments.       |
| ● | Good overall support provided by                                
 post-pillars.                                                   |
| ● | Backfill placement operations can                               
 be done on a much larger scale and with many fewer fill fences. |

The 6 m wide rooms
and 5 m post-pillar have been recommended by Turner Mining and Geotechnical Pty Ltd.

Access to each stope
will be via inclined ramps generally going down from the level galleries in the hanging wall. These ramps will allow access to the lower-most
6 m lift of each stope block. The initial stope panels will then generally be developed from the hanging wall contact to the footwall
contact. A number of panel faces may then be started and mined simultaneously, providing many faces for drilling and blasting. Backfill
placement operations will be done as logical mined sections can be easily partitioned off.

Once all the PP-CAF
panels have been mined and backfilled for an entire lift, the stope ramp access can then be back-slashed, so as to provide access to
the next 6 m lift above. This sequence can then be repeated lift-by-lift. Generally, three to four 6 m lifts can be accessed from the
same original level crosscut access.

Processing
and Recovery Operations

The current process
flowsheet and plant design are based on comprehensive basic engineering conducted by Metso Outotec in February 2022. These designs reflect
current production goals and operational efficiencies. Extensive testing, simulations and industry best practices have informed these
updated configurations.

| I) | Process Design |

The optimized flowsheet
for effectively recovering scheelite from Sangdong ore relies on a structured flotation processes. The goal of this process is to produce
a high-quality final concentrate containing approximately 65% WO. Pilot plant testing supports an overall average tungsten
recovery rate of approximately 85%. The processing facility has been designed to operate at a nominal feed rate of 80 tph, with provisions
allowing a design capacity extension up to 100 tph.

The processing plant
was designed by Metso, along with AKTC technical personnel and external consultants. Process design criteria stemmed from Metso engineering
data.

|