Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 159

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 159
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 major equipment
expenditures include freight only. Applicable taxes and duties have not been included in the capital expenditure estimates.

Other direct costs
are based on actual local costs for earthwork/site work, concrete, structural steel, buildings and architectural, electrical, instrumental
and controls, and piping.

Commodity pricing
for earthwork, concrete, steel, architectural and piping were provided by local contractors based in South Korea. Labour rates and equipment
usage rates used throughout the estimate were provided by the same source as the commodity prices. It was assumed that rock required
for site preparation and the tailings will be provided at no cost during the preproduction stage. Only costs for placement have been
allowed for in estimates.

Labour rates generally
reflect industry-wide South Korean and international levels for the types of work performed, and in some cases adjusted for locally applied
rates. The mine labour costs are based on three types of estimates:

| ● | Quoted contractor prices for undertaking                                                   
 the tasks associated with constructing a specific installation;                            |
| ● | Average industry rates a contractor                                                        
 would be expected to charge for performing specific tasks;                                 |
| ● | Lateral and raise development rates,                                                       
 developed and based on expected productivity and labour, materials and equipment costs for 
 such an underground development program.                                                   |

All labour costs
include local South Korean government mandated contributions and the costs for the company-provided benefits.

| II) | Indirect Costs |

The indirect costs
cover all the costs associated with temporary construction facilities and services, construction support, freight, vendor representatives,
spare parts, initial fills and inventory, owner’s costs, engineering, procurement and construction management (“EPCM”),
commissioning and start-up assistance.

The costs for construction
facilities include all temporary facilities, 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