Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 163

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 163
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 corporate income
tax rate of 21% has been applied, along with a local income tax rate of 2.1%, which gives a total rate of 23.1%. These are applied to
the total cashflow. An additional revenue tax has also been applied of 0.5%. AKTC incurred approximately US$15.34 million in capital
expenditures in the year prior to production (Year -1). In addition, AKTC has recognized approximately US$4 million in tax loss carry-forwards
and anticipates generating an additional US$3 million in tax loss carry-forwards during the 2025 fiscal year, subject to final tax filings
and regulatory confirmation.

There are neither
Royalties imposed on minerals by government agencies in South Korea nor by third parties.

| 3. | Results |

The overall results
from the financial analysis have been evaluated in the form of net present value (“NPV”), internal rate of revenue
(“IRR”) and payback values, as shown in Table 22-3 below. NPVs have also been determined for the whole project, starting
from project commencement in 2021, as well for part of the project from 2025 onwards (“Onwards Only”).

The whole project
is economically viable with an after-tax IRR of 49.5% and a net present value at 5% (NPV) of US$271.37 million. The Onwards-Only
scenario is economically viable with a net present value at 5% (NPV) of US$343.7 million. Figure 22-1 below shows the projected
cash flows resulting from the economic analysis. Table 22-3 below shows the detailed results of this evaluation.

<div align='center'>Figure 22-1 – Annual and Cumulative After-Tax Cash Flows; Onwards Only

Table 22-3 – Summary of Sangdong Project Economic Results</div>

| Category                |     | Unit    |     |   Value |
| Net                     
 Revenues                |     | USD     
 Million |     | 1,078.2 |
| Operating               
 Costs                   |     | USD     
 Million |     |   389.5 |
| Cash                    
 Flow from Operations*** |     | USD     
 Million |     |   688.7 |
| Cash                    
 Costs****               |     | USD/MTU |     |   126.8 |
| All-in                  
 Sustaining Costs*****   |     | USD