Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 160

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 160
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 equipment, the cost of freight and export packing, ex-works
to a local port, is included with the cost of the equipment. Freight insurance is included in the owner’s cost.

The requirement for
vendor representatives to supervise the installation of equipment or to conduct a checkout of the equipment prior to start-up of the
equipment as deemed necessary for equipment guarantees or warranties has been included in the estimate. Typically, the cost for this
item is inclusive of salary and travel.

Taxes and duties
have been excluded.

EPCM costs have been
calculated based on AKTC project managing development and construction, using consultants for processing plant and some aspects of mining
and infrastructure design.

| III) | Capital Costs |

Capital expenditures
estimates exclude: sunk costs; taxes and duties; deferred capital; financing and interest during construction; additional exploration
drilling; escalation; corporate withholding taxes; legal costs; metallurgical testing costs; and condemnation testing.

The cost estimates
are to Feasibility Study level accuracy. All expenditure estimates are in 2025 constant USD. Costs derived from KRW figures have been
converted at a rate of US$1 = KRW1,467.

All pre-production
capital expenditures, up to the end of August 2025, are summarized in Table 21-1 below. Beyond August 2025, the major capital costs incurred
are waste development costs, which have been determined from current contractor rates.

<div align='center'>Table 21-1 – Summary of Pre-Production Capital Expenditure

Note: All figures expressed in ’000 USD</div>

In the current cashflow
calculations, a 5% contingency has been added onto all capital expenditure after March 2025.

| 1. | Mining |

All mining development
work has been and is being executed by local contractors, with some materials supplied by AKTC. Mine capital expenditures are primarily
related to underground infrastructure, stope development and mine services. As existing development can be extensively utilized, the
underground development costs are relatively low. The development costs are also lower due to the large number of mining contractors
in South Korea and the competition between them. Sangdong Mine capital expenditures do not include closure expenses, as it is not expected
for the project to be restricted to the actual reserves. They also do not include the value(s) of existing assets.

| 108 |

| 2. | Processing Plant |

The processing plant
capital expenditures are based on actual costs incurred as well as expected