Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 166

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 166
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 to 60%.                            |
| ● | For base case price of US$450/mtu                                                           
 APT, the post-tax NPV rises by approximately 22% in going from an 8% to a 5% discount rate. 
 The Payback period is approximately 2 years.                                                |

| 116 |

| 5. | Life-of-Mine Cash Flow 
 Summary                |

The base case APT
price used was US$450/mtu. The discounted cashflow analysis has been based on 2025 constant USD values. The production schedule is based
on processing approximately 570 kt for Year 1 (effectively 2026), increasing to a steady state rate of 640 ktpa from Year 2 onwards.
The economic model results for the base case scenario are shown in Table 22-6 below.

<div align='center'>Table 22-6– Economic Analysis – Base Case Price US$450/mtu WO 3</div>

Exploration,
Development, and Production

The principal existing
and planned pre-production development is shown in Figure 16-29 below. This plan also includes backfill piping, electrical distribution
system, water pumping system and ventilation fans.

The pre-production
development program is based on starting with two work faces: one developing the ramp between the Sangdong and -1 Levels, and another
continuing a new gallery through the Sangdong Level. The Sangdong Level gallery, a principal underground development horizon located
at approximately 657m RL, provides access to key stoping zones including the F2, F3, and Main horizons. After finishing the development
of the ramp, the new portal can be started on -1 Level from the surface and its connection to the -1 Level.

The Sangdong Level
development will continue through a new gallery, to link to the ventilation shaft in the west sector of the mine. Preparation will also
start for the stopes that will be accessed from Sangdong Level. One of these stope ramps will also connect up with the new portal on
the -1 level. This will link the -1 Level with the Sangdong Level and will provide ventilation for the entire exploitable areas accessible
from -1 Level.

Initial mining will
focus on F2/F3/Main ore from the -1 Level and Sangdong levels.

Additional planned
development includes completion of backfill distribution infrastructure, installation of a water pumping system, and construction of
new air ventilation raise-bore holes