Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 164

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 164
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/MTU |     |   136.3 |
| Pre-Tax                 
 Project Cash Flows*     |     | USD     
 Million |     |   643.8 |
| Pre-Tax                 
 NPV5%*                  |     | USD     
 Million |     |   447.4 |
| Pre-Tax                 
 IRR**                   |     | %       |     |    62.5 |
| After-Tax               
 Project Cash Flows*     |     | USD     
 Million |     |   493.6 |
| After-Tax               
 NPV5%*                  |     | USD     
 Million |     |   343.7 |
| After-Tax               
 IRR**                   |     | %       |     |    49.5 |
| After-Tax               
 Payback*                |     | Years   |     |    1.77 |

*
Onwards Only

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** 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>

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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