Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 178

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 178
---
 to generate positive cash flow once in commercial production, the Company is not expecting to receive, directly
or indirectly, cash flow from such production (whether by way of dividends or otherwise) until the fourth quarter of 2025,
an underlying assumption in the following Use of Proceeds. The Company intends to use the net proceeds of the Offering for the following
principal purposes:

|                                                                |     | Net Proceeds   
 (US$ Millions) |     | Net Proceeds                          
 (including the Over-Allotment Option) 
 (US$ Millions)                        |
| (I)                                                            
 Development of the Tungsten Oxide Facility                     |     | l              |     | l                                     |
| 1. Early-stage development activities                          |     | l              |     | l                                     |
| 2. Development and construction of the Tungsten Oxide Facility |     | l              |     | l                                     |
| (II)                                                           
 Working capital and general corporate purposes (1)             |     | l              |     | l                                     |
| Total:                                                         |     | l              |     | l                                     |

| (1) | Funds included in general                                                                  
 corporate purposes may be allocated to corporate expenses, business development, potential 
 future acquisitions, and to other purposes.                                                |

If the Over-Allotment
Option is exercised in whole or in part, the Company intends to use the additional net proceeds from such exercise for the development
of the Tungsten Oxide Facility (up to US$l million (or up to l%
of the net proceeds)) and for working capital and general corporate purposes (up to US$l
million (or up to l% of the net proceeds)).

Principal Purposes

| I) | Development of the Tungsten 
 Oxide Facility              |

| 1. | Early-Stage Development 
 Activities              |

The Company intends to use up
to US$l million (or up to approximately 1%) of the net proceeds of the Offering to fund remaining early-stage development activities for the Tungsten Oxide Facility.
These activities include advanced engineering, economic assessments, and preparatory work necessary to position the project for construction
readiness. The Company intends to pursue project-level debt financing to fund the balance of the Facility’s capital costs. The
total proceeds allocated to “(I) Development of the Tungsten Oxide Facility” from the Offering are expected to satisfy the
equity contribution typically required for such financing. The early-stage development funding is