Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 165

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 165
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'>Table 22-5– Sensitivities – NPVs Calculated at Different APT Prices</div>

Key aspects
of these results include:

| ● | The results for prices for US$450/mtu                                                       
 APT, as compared to US$370/mtu, show an overall increase in the after-tax NPV5%             
 of approximately 60%, and increase in the after-tax IRR from 35 to 49%.                     |
| ● | The results for prices for US$510/mtu                                                       
 APT, as compared to US$450mtu, show an overall increase in the after-tax NPV5%of            
 approximately 28%, and increase in the after-IRR from 49 to 60%.                            |
| ● | For base case price of US$450/mtu                                                           
 APT, the post-tax NPV rises by approximately 22% in going from an 8% to a 5% discount rate. 
 The Payback period is approximately 2 years.                                                |

| 116 |

| 5. | Life-of-Mine Cash Flow 
 Summary                |

The base case APT
price used was US$450/mtu. The discounted cashflow analysis has been based on 2025 constant USD values. The production schedule is based
on processing approximately 570 kt for Year 1 (effectively 2026), increasing to a steady state rate of 640 ktpa from Year 2 onwards.
The economic model results for the base case scenario are shown in Table 22-6 below.

<div align='center'>Table 22-6– Economic Analysis – Base Case Price US$450/mtu WO 3</div>

Exploration,
Development, and Production

The principal existing
and planned pre-production development is shown in Figure 16-29 below. This plan also includes backfill piping, electrical distribution
system, water pumping system and ventilation fans.

The pre-production
development program is based on starting with two work faces: one developing the ramp between the Sangdong and -1 Levels, and another
continuing a new gallery through the Sangdong Level. The Sangdong Level gallery, a principal underground development horizon located
at approximately 657m RL, provides access to key stoping zones including the F2, F3, and Main horizons. After finishing the development
of the ramp, the new portal can be started on -1 Level from the surface and its connection to the