Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 164

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 164
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 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.  |

| 113 |

| 2. | Taxes & Royalties |

A corporate income
tax rate of 21% has been applied, along with a local income tax rate of 2.1%, which gives a total rate of 23.1%. These are applied to
the total cashflow. An additional revenue tax has also been applied of 0.5%. AKTC incurred approximately US$15.34 million in capital
expenditures in the year prior to production (Year -1). In addition, AKTC has recognized approximately US$4 million in tax loss carry-forwards
and anticipates generating an additional US$3 million in tax loss carry-forwards during the 2025 fiscal year, subject to final tax filings
and regulatory confirmation.

There are neither
Royalties imposed on minerals by