Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 129

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 129
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| ● | Further detailed beneficiation study                                                         
 probably would improve the overall metallurgical results. This applies particularly to the   
 scavenger flotation circuit where 18.9% of the tungsten was lost in a tailing containing     
 0.23% tungstic oxide. It is also probable that cleaning of the table concentrate by sulphide 
 flotation would yield a final tungsten product acceptably free of molybdenum, bismuth and    
 sulphides and at the same time increase the bismuth recovery in the bismuth by-product.      |

Part of the molybdenum
should be recoverable from the sulphide flotation concentrates. The portion entering the pregnant solution may be precipitated with sodium
sulphide solution and filtered off before tungsten precipitates. Neither of these steps was attempted, since they were not part of existing
metallurgical technology; the latter technique has been applied to Korean concentrates, and it was therefore simply assumed that these
methods would apply to this ore. These conjectures point to the possibility of better metallurgical results; however, the beneficiation
work done has demonstrated that the Sangdong scheelite ore, as approximated by the sample submitted for beneficiation, is amenable to
concentration into marketable grade products by a combination of tabling, flotation, magnetic separation, and chemical treatment.

| 81 |

| II) | Tetra Tech/Woulfe    
 (2010 Scoping Study) |

The following is
a summary, extracted from the Mineral Resource Estimate (TT/Woulfe 2012), of the mineral processing and metallurgical testing completed
during the 2010 Scoping Study.

Mineralogical studies
and preliminary metallurgical test work have been conducted on four composite core samples taken from the Sangdong deposit by SGS Mineral
Services Europe (“SGS Europe”). The samples represented the four historical mineralized horizons, namely A, B, C and
D+E combined (although not stated the horizons are assumed to correspond to the Hangingwall, Main and Footwall (F1, F2 and F3) horizons).

The key points arising
from SGS Europe test work were:

| ● | The primary economic minerals in                                                           
 the ore are scheelite and molybdenite.                                                     |
| ● | The sample average head grades were                                                        
 0.22% WO3 and 0.03% MoS2.                                                                  |
| ● | Fluorite,