Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 188

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 188
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 is subject to U.S. federal income taxation regardless of its source; or (4) a trust (A) if a court within the United
States is able to exercise primary supervision over its administration and one or more U.S. persons have authority to control all substantial
decisions of the trust or (B) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

For purposes of this
discussion, a “Non-U.S. Holder” means a beneficial owner of Common Shares that is, for U.S. federal income tax purposes,
not a U.S. Holder or a partnership or other “pass-through” entity for U.S. federal income tax purposes.

If a partnership (or
other entity or arrangement treated as a partnership for U.S. federal income tax purposes) or other pass-through entity is a beneficial
owner of our Common Shares, the tax treatment of a partner or other owner or participant will generally depend upon the status of the
partner (or other owner or participant) and the activities of the entity (or arrangement). If you are a partner (or other owner of or
participant in the partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) of a passthrough
entity that acquires Common Shares, you are urged to consult your own tax advisor regarding the tax consequences of acquiring, owning
and disposing of Common Shares.

The following discussion
is based upon the Internal Revenue Code of 1986, as amended (the “Code”), U.S. judicial decisions, published administrative
pronouncements, existing and proposed Treasury regulations, all as in effect as of the date hereof. All of the preceding authorities
are subject to change, possibly with retroactive effect, so as to result in U.S. federal income tax consequences different from those
discussed below. We have not requested, and will not request, a ruling from the U.S. Internal Revenue Service (the “IRS”)
with respect to any of the U.S. federal income tax consequences described below. As a result there can be no assurance that the IRS will
not disagree with or challenge any of the conclusions we have reached and describe herein, or that a court would not sustain such a challenge.

The following discussion
is for general information only and is not intended to be, nor should it be construed to be, legal or tax advice to any holder or prospective
holder of Common Shares and no opinion or representation with respect to the U.S. federal