Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 28

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 28
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To facilitate the availability of capital, the Company maintains an investor relations program to inform all shareholders and potential
investors of the Company’s developments.

Liquidity and Level of Indebtedness

As of December 31,
2024, Almonty had cash and cash equivalents of approximately $7.8 million (including $2.17 million of restricted cash solely
for use on the Sangdong Mine development project) and total liabilities of approximately $217.2 million, including $151.2 million of
secured debt and $14.8 million of unsecured convertible debentures. As at March 31, 2025, the Company held cash and receivables of $20.2
million (of which $3.5 million represented cash restricted for use for the development of the Sangdong Mine) and a working capital deficiency
of $16.7 million. Although Almonty has been successful in repaying liabilities in the past and issuing new debt securities, there can
be no assurance that it can continue to do so. In addition, Almonty may assume additional liability in future periods or reduce its holdings
of cash and cash equivalents in connection with funding future acquisitions, existing operations, capital expenditures, dividends or
in pursuing other business opportunities.

The Company’s
level of indebtedness could have important consequences for its operations, including:

| ● | Almonty may                                                                                 
 need to use a large portion of its cash flow to repay the principal and pay interest on its 
 debt, which will reduce the amount of funds 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