Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 182

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 182
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 set out above represents our intentions based upon our
current plans and business conditions. While the Company believes that the allocation described above is reasonable, management of the
Company will retain a degree of discretion in specifically allocating the net proceeds of the Offering, and, if exercised, the Over-Allotment
Option, and the Company’s actual use of the net proceeds may vary depending on its operating and capital needs as they may evolve
or change over time. Management may elect to allocate net proceeds differently from that described herein if they believe it would be
in the Company’s best interests to do so, and shareholders of the Company will have to rely upon the judgment of management with
respect to the use of proceeds.

4 Figure is provided using the exchange rate of €1.1724 to US$1 published by the Federal Reserve of the United States for June 27, 2025, being the last published rate prior to the filing of this Registration Statement.

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<div align='center'>CONSOLIDATED
CAPITALIZATION</div>

Other than as may be
described in this prospectus or the documents incorporated herein, since March 31, 2025, there have been no material changes in our consolidated
share and loan capital. The following table sets forth our cash and cash equivalents, long-term debt and financial liabilities and capitalization
as of March 31, 2025 on an actual basis and after giving effect to the Offering. This table should be read in conjunction with the Q1
Financial Statements and Q1 MD&A, which are incorporated by reference herein.

|                                                                     |     |    As at March 31, 
 2025 before giving 
      effect to the 
           Offering |     | As at March 31,   
 2025 after giving 
 effect to the     
 Offering (1)(2)   |     | As at March 31,   
 2025 after giving 
 effect to the     
 Offering (1)(3)   |
| Cash and equivalents                                                |     |     C$17.0 million |     | C$l million       |     | C$l million       |
| Long term financial liabilities (lease obligations and reclamation) |     |     C$25.7 million |     | C$l million       |     | C$l million       |
| Debentures                                                          |     |     C$27.2 million |     | C$l million       |     | C$l million       |
| Long-term debt                                                      |     |    C