Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 161

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 161
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 The average stope mining unit cost has been estimated as US$25.36 per tonne of ore, as summarized
in Table 21-3 below.

<div align='center'>Table 21-3 – Stope Operating Costs</div>

Mine services and
overheads costs include all other non-direct stoping costs for the mine. Mine services operating costs are associated with maintaining
underground facilities and services (power, water supply, etc.), operating and maintaining ventilations fans, supplies for safety and
training, including personal protective equipment and mine, rescue and operating and maintaining all support mobile and track haulage
equipment used in the mine.

The DAF stoping method
will mostly employ approximately 4.5 m x 4.5 m headings, whereas the PP-CAF stopes in the HW zone will mostly employ 6 m x 6 m headings.
The proportions applied in the averaging process reflect the applied stoping methods for the current reserves.

| 110 |

| 4. | Processing |

The total processing
plant and tailings operating cost is estimated to be approximately US$15.55 per tonne of ore, as shown in Table 21-4 below. These costs
have been derived from the updated processing configuration and corresponding estimates of reagents and power consumption, maintenance
and unit costs reflecting 2025 USD.

<div align='center'>Table 21-4 – Processing Plant and Tailings Operating Costs</div>

| 5. | General and Administration 
 Costs                      |

The estimates for
G&A costs encompass all operating costs associated with operating the offices and providing materials and supplies for staff functions.
Administration operating costs include costs and taxes for maintaining the property in good standing, land taxes, and resource usage
fees (water, etc.).

The total yearly
G&A costs are estimated to be approximately US$3.2 million, as summarized in Table 21-5 below. Employee burdens account for approximately
35% of the total salary for each employee.

Annualized site G&A
costs, at an annual production rate of 640,000 tonnes per year of ore, are estimated at US$5.02 per tonne (including environmental costs)
of ore.

The mine management
and administration components of G&A contemplate the employment of 27 people in this area, most of which would be staff positions.
They would be responsible for the management, administration, personnel, accounting, purchasing needs and distribution of material to
the operation, site security, health and safety