Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 157

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 157
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 have been used.

Other major equipment
expenditure estimates are based on quotes obtained from suppliers and installation costs estimated as part of this study.

During the pre-production
and sustaining development periods, all materials and equipment pricing have been based on quotes obtained from local South Korean suppliers
or European and international suppliers, where South Korean suppliers do not exist. Processing plant equipment pricing is based on the
equipment list, specifications and process flow diagrams. Budgetary prices were obtained from vendors of major equipment and in-house
data was used from similar projects for items not quoted. Estimated costs for plate work were based on local data, associated with remaining
equipment: tanks, bins and chutes. Costs for installation of equipment are based on unit man-hour requirements.

All 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