Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 135

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 135
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-11 and Table 13-15 below show the assays of other elements: Mo,
Cu and P.

As mentioned previously,
two different procedures were used in the metallurgical projection. In the first procedure, the two concentrates and the two tailings
are projected as the average weights and assays for these products in cycles E and F. The feed for the test is then calculated as the
sum of the products. For test no. 1, the first procedure gives a recovery of 83.7% for a final concentrate grade of 73.2% WO.
For test no. 2, this first procedure gives a recovery of 85.4% for a final concentrate grade of 62.4% WO.

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In the second procedure,
the final concentrates are projected in the same way. However, the total tailings are then calculated as the difference between the feed
and the final concentrates. In this case, the average feed is computed based on all the products presented in Table 13-11 and Table 13-15
below. For test no. 1 of the second procedure, the recovery is 83.6% for a final concentrate grade of 73.2% WO3. For test no. 2 of the
second procedure, the recovery is 85.0% for a final concentrate grade of 62.4% WO. The similarity between the results of
both procedures ensures the quality of the projections.

<div align='center'>Table 13-11 – Results of LCT No. 1 – KIGAM (2019)</div>

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<div align='center'>Table 13-12 – Cycle by Cycle Mass Balance for LCT No. 1 – KIGAM (2019)</div>

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<div align='center'>Table 13-13 – Metallurgical Projection – LCT 1/ Procedure 1 – KIGAM (2019)

Table 13-14 – Metallurgical Projection – LCT 1/ Procedure 2 – KIGAM (2019)

Table 13-15 – Results of Locked Cycle Test No. 2 – KIGAM (2019)</div>

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<div align='center'>Table 13-16 – Cycle by Cycle Mass Balance for LCT No. 2 – KIGAM (2019)

Table 13-17 – Metallurgical Projection for LCT No. 2 – Procedure