Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 162

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 162
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, and environmental issues.

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<div align='center'>Table 21-5 – Breakdown of G&A Costs</div>

| 6. | Total Operating Costs |

The estimated total
average operating cost, over the life of the Sangdong Mine, to produce a 65% WO concentrate from the mine, is approximately
US$47.51 per tonne of ore, as summarized in Table 21-6 below.

<div align='center'>Table 21-6 – Project Operating Cost Summary</div>

For the purpose of
this estimate, value-added taxes and other taxes, along with import duty costs, have not been included. Exploration costs and all costs
associated with areas beyond the property limits have also not been included.

| II) | Economic Analysis |

The economic analysis
presented below is based on a cashflow forecast on an annual basis using the current mineral reserves and corresponding annual production
schedule for the life of the project. A summary of the life of mine plan parameters is shown in Table 22-1 below. The main assumed parameters
for the economic analysis are summarized in Table 22-2 below.

| 112 |

| 1. | Assumptions |

All costs and economic
results are reported in USD unless otherwise noted. APT pricing is also reported in USD.

<div align='center'>Table 22-1 – LOM Plan Summary</div>

*Excluding Year
14

<div align='center'>Table 22-2 – Assumed Parameters for Economic Analysis</div>

Other economic factors
used in the economic analysis include the following:

| ● | discount rate of 5% (sensitivity                                                          
 using an 8% discount rate has been calculated);                                           |
| ● | no inflation;                                                                             |
| ● | numbers are presented on a 100%                                                           
 ownership basis and do not include management fees or financing costs;                    |
| ● | revenues, costs and taxes are calculated                                                  
 for each period in which they occur rather than actual outgoing/incoming payments;        |
| ● | exclusion of all pre-development                                                          
 and sunk costs (i.e. exploration and resource definition costs, engineering fieldwork and 
 studies costs, environmental baseline studies, etc.); and                                 |
| ● | an exchange rate of KRW1,467 per                                                          
 US$1 has been applied to convert the relevant operating and capital cost items into USD.  |

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| 2. | Taxes & Royalties |

A