Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 165

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 165
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 %       |     |    49.5 |
| After-Tax               
 Payback*                |     | Years   |     |    1.77 |

*
Onwards Only

| 114 |

** Whole project

*** Cash Flow from
Operations Formula: (Revenue – Operating Costs)

**** Cash Cost
Formula: Operating Cost / Recovered MTUs

***** All-In Sustaining
Cost Formula: (Operating Costs + Sustaining Capex (= Capex Y1-14)) / Recovered MTUs

| 4. | Sensitivities |

A sensitivity analysis
was performed to test the Onwards Only project value drivers on the project’s net present value using a 5% discount rate. The result
of this analysis is demonstrated in Table 22-4 below and can be visualized in Figure 22-2 below. The project proved to be most sensitive
to changes in the APT price, followed by the combined operating expenses (“Opex”) (mining costs, processing costs
as well as G&A costs) followed by the individual Opex costs as well as the capital expenditures.

<div align='center'>Table 22-4 – After-tax NPV 5%Sensitivity Results (Onward Only)

Figure 22-2 – After-tax NPV 5%Sensitivity (Onward Only)</div>

| 115 |

The base case results
(stemming from the assumptions shown in Table 22-2 above), as well as sensitivity results for different WO3 prices, of the derived project
NPVs, are shown in Table 22-5 below. The lowest price used was US$370/mtu APT and the highest price was US$510/mtu APT.

<div align='center'>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