Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 137

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 137
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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 1</div>

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<div align='center'>Table 13-18 – Metallurgical Projection for LCT No. 2 – Procedure 2</div>

| 4. | Pilot Plant Trials |

In order to have
a metallurgical projection in conditions more similar to those that will be found in practice in the future plant, and as a demand to
get the process guaranties from Metso Outotec, several pilot plant trials were completed at the laboratories of LNEG in Porto, Portugal.
For these particular campaigns, the ore was blasted in a development mine gallery in the F3 zone of the footwall of Sangdong Mine. Due
to practical constraints, connected with the minimum volume for a pilot plant