Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 28

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 28
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 available to finance its operations and other   
 business activities; and                                                                    |
| ● | Almonty’s                                                                                   
 debt level may limit its ability to pursue other business opportunities, borrow money for   
 operations or capital expenditures in the future or implement its business strategy.        |

As of December 31, 2024, Almonty had approximately
$21.8 million in long-term debt maturing by the end of 2025.

In addition to future cash flow from operations,
potential divestment and the creation of new joint ventures and partnerships, Almonty’s potential other sources of liquidity for
the payment of its expenses and principal and interest payable on its debt in 2025 include issuing additional equity or unsecured debt.
Almonty’s ability to reduce its indebtedness and meet its payment obligations will depend on its future financial performance,
which will be impacted by financial, business, economic and other factors. Almonty will not be able to control many of these factors,
such as economic conditions in the markets in which it operates. Almonty cannot be certain that its existing capital resources and future
cash flow from operations will be sufficient to allow it to pay principal and interest on Almonty’s debt and meet its other obligations.
If these amounts are insufficient or if there is a contravention of its debt covenants, Almonty may be required to refinance all or part
of its existing debt, sell assets, borrow more money or issue additional equity. The ability of Almonty to access the bank, public debt
or equity capital markets on an efficient basis may be constrained by a dislocation in the credit markets and/or capital and/or liquidity
constraints in the banking, debt and/or equity markets at the time of issuance.

Almonty is also exposed to liquidity and various
counterparty risks including, but not limited to: (i) Almonty’s lenders and other banking counterparties; (ii) Almonty’s
insurance providers; (iii) financial institutions that hold Almonty’s cash; (iv) companies that have payables to Almonty; and (v)
companies that have received deposits from Almonty for the future delivery of equipment.

Foreign Subsidiaries

All of Almonty’s
business is carried on through its foreign subsidiaries. Accordingly, any limitation on the transfer of cash or other assets between
the parent corporation and such entities, or among such entities, including restrictions or costs on dividends or repatriation of earnings
under