Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 180

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 180
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in the Engineering Study, such as the digestion and purification systems, extraction and crystallization units, and the WO
calcination process. In parallel, the Company plans to conduct formal tender processes for long-lead and critical-path equipment to ensure
timely delivery from qualified suppliers, with a strong focus on European-origin equipment and systems. As part of the procurement phase,
the Company intends to negotiate framework agreements for major process units, instrumentation, and construction materials. Once delivered,
these items will be installed consistent with a project schedule designed to allow systematic handover between engineering, mechanical
completion, and commissioning. Mechanical completion will then transition to a staged system verification, where operational readiness
checks will be performed the Tungsten Oxide Facility. Once these checks are complete, the Company plans to undertake a comprehensive
commissioning program to verify throughput rates, production quality, and environmental management systems, including emissions control
and wastewater treatment processes.

Throughout the EPC
process, the Company will coordinate with local authorities to satisfy applicable permit requirements and ensure alignment with any region-specific
engineering or construction standards. Upon commissioning, the facility is expected to operate 24 hours per day, 310 days per year, at
an approximate process efficiency of 98%.

The construction
and commissioning period is expected to take approximately two to three years, with operations targeted during 2028, subject to the timely
completion of permitting and financing arrangements.

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Capital Cost
Estimate

Based on the Engineering
Study, the estimated capital cost of the Tungsten Oxide Facility is approximately €119.75 million (approximately US$140.3
million4), excluding remaining early-stage
development activities and contingencies. This base estimate includes site development, core processing equipment, utility systems, control
and automation infrastructure, building construction, and detailed project and construction management. A portion of the estimate also
reflects allowances for defined but presently unspecified cost items such as localized adaptations or final scope refinements, based
on industry-standard engineering practices.

| Category                                       |     | Estimated Costs 
 (€ Millions)    |        |
| Site & Infrastructure                          |     |                 |  13.72 |
| Construction (civil & building shell)          |     |                 |  22.69 |
| Building Technology (HVAC, Electrical/IT)      |     |                 |  10.06 |
| Equipment (process + utility)                  |     |                 |  35.15 |
| Process and