Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 132

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 132
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 ● | Heated cleaner flotation will follow                                                                
 to achieve sales grade WO3 concentrates and confirm this can be achieved with                       
 the Chinese collector and the South African collector.                                              |

The validity of the
TT flowsheet and the projected tungsten recovery were confirmed by the pilot plant and collector alternative testwork, in addition to
the original metallurgical testwork presented in the TT report.

The testwork also
de-risked the processing plant flowsheet and reagents used.

| V) | AKTC (2016–Onwards) |

Continuing the de-risking
strategy from the beginning of 2016, in terms of the plant flowsheet and reagents used, Almonty signed an agreement with the Korean Institute
of Geoscience and Mineral Resources (“KIGAM”) to jointly develop a suitable method to recover the scheelite at the
Sangdong Mine. This method should provide results not inferior to those reported in 2012 by the GRINM.

Since this agreement
has been signed, a very significant number of metallurgical tests have been done on Sangdong mineralized material, especially on the
footwall lodes. Multiple stage cleaning tests have been done in very different conditions: control tests with tap water and laboratory
reagents, tests with softened mine water, tests with industrial grade reagents and tests including in the feed a portion of backfill
material. To arrive at a metallurgical projection, LCT were made. For the purpose of the process guaranties, granted by Metso Outotec,
pilot plant trials have also been completed. In general, all these tests present results that are not inferior to those reported by the
GRINM.

Until 2019, laboratory-based
tests were done: multiple stage cleaning tests and LCT. KIGAM laboratories were used for this purpose. After 2021, the laboratorial tests
were conducted at the Tungsten Technological Centre (“TTC”), in Portugal, at Panasqueira Mine. The pilot plant trials,
concluded in 2023, took place at the LNEG installations, also in Portugal, in Porto.

The principal metallurgical
tests done by Almonty at the Sangdong Mine are described in the following sections.

| 1. | Bulk Sulphide Flotation |

Prior to flotation
of scheelite, it is necessary to remove sulphides, also by flotation, into a bulk concentrate. In Table 13-4 and Table 13-5
below,