Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 186

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 186
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 2024         |     |        | 0.90 |     |      | 0.87 |     |        |    78,606 |     |              | 1.35 |     |      | 1.31 |     |        |    52,404 |
| August       
 2024         |     |        | 0.90 |     |      | 0.70 |     |        |   191,388 |     |              | 1.35 |     |      | 1.05 |     |        |   127,592 |
| July         
 2024         |     |        | 0.74 |     |      | 0.62 |     |        | 1,027,510 |     |              | 1.11 |     |      | 0.93 |     |        |   685,007 |
| June         
 2024         |     |        | 0.75 |     |      | 0.62 |     |        | 2,159,850 |     |              | 1.13 |     |      | 0.93 |     |        | 1,439,900 |

| (1) | As                                                                
 adjusted figures are adjusted to reflect the Share Consolidation. |

| 136 |

<div align='center'>CERTAIN UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a
discussion of certain U.S. federal income tax considerations associated with the acquisition, ownership and disposition of our Common
Shares and of the Domestication that are applicable to U.S. Holders and Non-U.S. Holders, each as defined below, that acquires Common
Shares pursuant to this Offering. This discussion is not a complete analysis or listing of all of the possible tax consequences of such
transactions and does not address all tax considerations that might be relevant to particular holders in light of their personal circumstances
or to persons that are subject to special tax rules. In particular, the information set forth below deals only with holders that will
hold Common Shares as capital assets for U.S. federal income tax purposes (generally, property held for investment) and that do not own,
and are not treated as owning, at any time during the preceding five years, 5% or more of the total combined voting power or value of
all classes of our stock entitled to vote. In addition, this description