Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 181

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 181
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-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.

| 128 |

Capital Cost
Estimate

Based on the Engineering
Study, the estimated capital cost of the Tungsten Oxide Facility is approximately €119.75 million (approximately US$140.8
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 Utility Piping                     |     |                 |  12.36 |
| Automation & Control Systems                   |     |                 |   3.33 |
| Sustainability Components                      |     |                 |   0.42 |
| Engineering, Project & Construction Management |     |                 |  20.71 |
| Start-Up Costs                                 |     |                 |   1.31 |
| Subtotal                                       |     |                 | 119.75 |

Approximately 60% of the base cost is supported by supplier quotations or mass-based pricing models. Final capital requirements may vary
based on exchange rates, final procurement outcomes, and localized implementation adjustments.

In the event of the
exercise of the Over-Allotment Option in full, the Company intends to allocate an additional US$l
million towards the development and construction of the Tungsten Oxide Facility.

II) Working capital, corporate expenses, business development, potential future acquisitions and other purposes

Up to US$l
(or up to approximately 15%) of the net proceeds of the Offering