Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 161

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 161
---
 equipment costs from Metso (a major processing equipment
supplier), which has provided all major processing equipment except for conveyors and thickeners. These capital estimates cover all remaining
aspects of the processing plant building and installations.

| 3. | Infrastructure and 
 Support            |

Major expenditure components
are for power distribution, an office/shop/warehouse complex, camp and catering facilities and water supply and treatment.

| 4. | Project Indirect and 
 Owners’ Costs        |

Project indirect
procurement and construction management and owners’ costs also include manpower recruitment and training during the pre-production
period and all equivalent general and administration (“G&A”) costs that have and will be incurred during the construction
phase.

| 5. | Working Capital |

A working capital allowance,
in addition to capital expenditures, of US$2.17 million has been included in the cashflow model. This represents one to two months of
operating costs, which would be incurred before the first revenue is realized. The working capital requirement is less than would normally
be expected, as payment for the Sangdong Mine product is expected immediately after concentrate has been shipped.

| 6. | Sustaining Capital |

Additional sustaining
capital of approximately US$5 million for each of the first three years has also been allowed for in the overall cashflow model. This
is for ongoing primary development and continuation of the Sangdong gallery, as well as extension of the mine’s underground.

| I) | Operating Costs |

| 1. | Basis for Cost Estimation |

Project operating
costs are based on efficiencies and productivities that have been achieved within actual mine development work as well as using parameters
considered generally achievable in South Korea. The overall performance objectives are conservative by European standards.

Project 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