Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 160

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 160
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 departmental
operating costs were divided into two components: consumables/maintenance parts and labour. The consumables component includes all materials
and parts needed for mining, processing and surface facilities and the operation and maintenance of equipment for these areas. Costs
for consumables were obtained from multiple sources in Korea and Europe as well as from international suppliers. Costs for maintenance
parts and consumables are based on prices provided by South Korean-based and international equipment suppliers. The total mine labour
force complements and salaries were calculated on a total yearly basis. The labour component was combined with the materials component
to produce the yearly departmental operating cost estimates.

The G&A cost
components include the materials and supplies used by the administration and surface services groups. These costs comprise office supplies,
computer supplies and computer and software upgrades, light vehicle and surface equipment operating and maintenance consumables, camp
accommodation operational costs, business travel inside the Republic of Korea and internationally, fees for consultants and communications
costs.

Labour costs and
salaries for all services labour and mine staff have been estimated on a yearly total cost basis.

Critical operating
cost components are based on the following long-term base case costs: (i) the diesel fuel price is assumed to be US$1.011/litre; and
(ii) the electrical power cost is assumed to be US$113.8 per MW.

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Labour costs for
the operating period are based on the manpower schedules presented for each department and the associated labour costs. The costs include
a burden component of approximately 35%. Labour rates are based on local rates where available and/or contractor costs in the region
and country, for similar types of work. Where costs were not available, costs from other similar projects were used. The rates used include
all cost and profit components payable to contractors. All costs are quoted in constant 2025 USD.

| 2. | Mine Development |

The unit mine development
cost is summarized in Table 21-2 below.

<div align='center'>Table 21-2 – Mine Development Unit Cost</div>

This total development
rate corresponds well with the actual costs during the last two months prior to the date of the Technical Report and includes the
costs of explosives, reinforcement, fuel, drill steel and other consumables.

| 3. | Stoping |

Individual costs
for mining have been estimated for manpower, equipment operating, maintenance and materials consumptions, based on a mining contractor
developing and operating the Sangdong Mine.