Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 3

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 3
---
 financial product advice in respect of the Offered Shares. Australian cooling-off rights do not apply to the acquisition of the Offered Shares.

Information has been incorporated by reference in this preliminary short form base PREP prospectus from documents filed with securities commissions or similar authorities in Canada.Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate Secretary of Almonty Industries Inc. at 100 King Street West, Suite 5700, Toronto, Ontario, M5X 1C7, telephone (647) 438-9766 and are also available electronically at www.sedarplus.com. All disclosure contained in a supplemented PREP prospectus that is not contained in this base PREP prospectus will be incorporated by reference in the base PREP prospectus as of the date of the supplemented PREP prospectus.

<div align='center'>SUBJECT TO COMPLETION DATED JULY 7, 2025

PRELIMINARY SHORT FORM BASE PREP PROSPECTUS</div>

New Issue

<div align='center'>ALMONTY INDUSTRIES INC.

US$ l

lCommon Shares</div>

This is Almonty Industries
Inc.’s initial public offering in the United States. We are selling l
common shares. No common shares will be offered under this prospectus in Canada.

This prospectus qualifies
the distribution to the public (the “Offering”) of l
common shares (the “Offered Shares”) of Almonty Industries Inc. (the “Company”, “Almonty”
or “we”)at a price of US$l per Offered Share (the “Offering Price”).

The Offering is being
made in the United States under the terms of a registration statement on Form F-10 (the “Registration Statement”)
filed with the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended
(the “U.S. Securities Act”). The Offered Shares will be offered through the Underwriters either directly or through
their respective U.S. broker-dealer affiliates or agents. See “Plan of Distribution”.

The issued and outstanding
common shares of the Company (the “Common Shares”) are listed and posted for trading on the Toronto Stock Exchange
(the “TSX”) under the trading symbol “AII” and the Australian Securities Exchange (the “ASX”)
under the trading symbol “AII” (in the form of CHESS Depositary Interests