Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 182

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 182
---
 will be used primarily for working capital, corporate expenses,
business development, potential future acquisitions and other purposes.

Following completion
of the Offering, the Company will have working capital of approximately $l.
The Company had negative cash flow from operating activities for the three-month period ended March 31, 2025 of approximately $4.4 million.
The Company also had negative operating cash flow for the year ended December 31, 2024. The Company anticipates that it will continue
to have negative cash flow from operating activities as it finalizes the development and construction of the Sangdong Mine and achieves
commercial production, and a portion of the net proceeds of the Offering may thus be used to fund anticipated negative cash flows
in future periods. The Company wants to leverage the net proceeds of the Offering in pursuit of its ongoing general business objective
of achieving positive operating cash flows. To that end, a substantial portion of the net proceeds of the Offering are expected to be
allocated to the continuing development of the Tungsten Oxide Facility, as discussed above. See “Risk Factors—Negative Cash Flows From Operations”. In the event of the exercise of the Over-Allotment Option in full, the Company intends to allocate
an additional US$l million towards working capital, corporate expenses,
business development, potential future acquisitions and other purposes.

Variations

The expected use of
the net proceeds from the Offering and, if exercised, the Over-Allotment Option, 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.

4Figure is provided using the exchange rate of €1.1758 to US$1 published by the Federal Reserve of the United States for July 3, 2025, being the last published rate prior to the filing of this Registration Statement.

| 129 |

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

Other