Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 131

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 131
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 81.13%. FW Zone testwork used a 95% -75μm grind and a molybdenum flotation-sulphide         
 flotation-scheelite rougher flotation. The scheelite concentrate using rougher flotation       
 and heated flotation is produced with a mass yield of 8.95% assaying 66.07% WO3                
 with an overall recovery of 78.81%.                                                            |
| ● | Main and FW Zones mineralogy are                                                               
 similar with the same flowsheet recommended for the two ore types.                             |

The overall conclusion
from the pilot plant testwork was that the flowsheet proposed by TT in the 2012 Feasibility Study and technological conditions provided
by the pilot plant test could be used as the design basis for the processing plant.

| IV) | Chinese Collector 
 Alternative       |

In the pilot plant
testwork by the GRINM in China, a proprietary Chinese collector, GYWA, was used in the plant. Because of security of supply concerns
an alternative to this collector was sourced and tested. The conclusions from testing the R3-3F unit from South Africa were:

| ● | Scouting tests showed each collector                                                       
 capable of producing high grade (circa 20% WO3) WO3 rougher concentrates,                  
 albeit at non-optimized recoveries.                                                        |
| ● | Overall better rougher flotation                                                           
 results were achieved with the R3-3F collector than with GYWA, probably due to the reagent 
 dosages selected.                                                                          |

| 82 |

| ● | Heated cleaner flotation tests had                                                                  
 yet to be conducted; however, rougher WO3 grades are approximately double those                     
 achieved in China.                                                                                  |
| ● | Mo and Bi recoveries to the Mo and                                                                  
 sulphide concentrates (which are independent of the WO3 collector used) were low                    
 at 17.3 to 19.6% Mo and 29.2 to 32.0% Bi recovery. Mo and sulphide flotation requires optimization. 
 Losses of WO3 to these concentrates were correspondingly low at 0.5 to 0.8% of                      
 the WO3, although these losses will increase slightly when these circuits are                       
 optimized.                                                                                          |
| ● | Future work will proceed to optimise                                                                
 the Mo and sulphide circuits ahead of maximising WO3 recovery into the WO3                          
 rougher concentrate.                                                                                |
|