Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 158

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 158
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the exploration programme at the Sangdong Mine. The relationship with the surrounding land holders is good.

Discussions between
AKTC and the town of Sangdong are extremely positive, particularly in view of the fact, that the operation will be community-based and
the Sangdong Mine can help support and improve local services. This strategy by AKTC supports the town of Sangdong and Yeongwol County
in establishing long-term regional development plans, with a focus on reversing population decline, increasing employment opportunities,
revitalizing the local economy and providing appropriate support services.

In order to promote
co-prosperity with the local community and implement sustainable ESG management, AKTC is holding regular public information sessions
in Sangdong throughout the Sangdong Mine development planning process. These sessions are intended to enhance the local residents’
understanding of the project and serve as a channel for continuous communication. To foster long-term relationships, AKTC has signed
a memorandum of understanding with high schools in the Yeongwol area to provide employment opportunities for graduates. In addition,
AKTC has been actively engaged in various community activities, including providing annual financial support for the Sangdong High School
baseball team, which was established to prevent the school’s closure. Through these efforts, AKTC continues to build a united and
harmonious relationship with the Sangdong community.

| 106 |

Capital and
Operating Costs

| I) | Direct Costs |

Direct costs have
been allocated as all costs associated with permanent facilities. These include mine development openings, equipment and material costs,
as well as construction and installation costs.

Mine infrastructure
costs are those associated with maintenance shops, mine dewatering, refuge stations, etc. Wherever possible, equipment and materials’
quotes and contractor installation costs 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