Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 158

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 158
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, services and operation, site office operations, security buildings and services, construction
warehousing and material management, construction power and utilities, site transportation, medical facilities and services, garbage
collection and disposal, and surveying.

| 107 |

The costs for spare
parts have been factored in, based on equipment costs where vendors did not provide cost for spares needed for the first year of operations.

The estimated cost
for initial fills of reagents is based on three months of operating requirements. Budget quotations were obtained for reagent pricing.

The freight costs
were either provided by vendors or estimated based on weights and typically include for containerized and break-bulk shipping, and each
are respectively divided into ocean freight and inland freight. For imported equipment, the cost of freight and export packing, ex-works
to a local port, is included with the cost of the equipment. Freight insurance is included in the owner’s cost.

The requirement for
vendor representatives to supervise the installation of equipment or to conduct a checkout of the equipment prior to start-up of the
equipment as deemed necessary for equipment guarantees or warranties has been included in the estimate. Typically, the cost for this
item is inclusive of salary and travel.

Taxes and duties
have been excluded.

EPCM costs have been
calculated based on AKTC project managing development and construction, using consultants for processing plant and some aspects of mining
and infrastructure design.

| III) | Capital Costs |

Capital expenditures
estimates exclude: sunk costs; taxes and duties; deferred capital; financing and interest during construction; additional exploration
drilling; escalation; corporate withholding taxes; legal costs; metallurgical testing costs; and condemnation testing.

The cost estimates
are to Feasibility Study level accuracy. All expenditure estimates are in 2025 constant USD. Costs derived from KRW figures have been
converted at a rate of US$1 = KRW1,467.

All pre-production
capital expenditures, up to the end of August 2025, are summarized in Table 21-1 below. Beyond August 2025, the major capital costs incurred
are waste development costs, which have been determined from current contractor rates.

<div align='center'>Table 21-1 – Summary of Pre-Production Capital Expenditure

Note: All figures expressed in ’000 USD</div>

In the current cashflow
calculations, a 5% contingency has been added onto all capital expenditure after March 2025.

| 1. | Mining |

All