Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 175

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 175
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| Cash flows provided by (used in) investing activities       |     |   |    (36,231 | ) |     |   |    (17,492 | ) |
| Cash flows provided by (used in) financing activities       |     |   |     29,371 |   |     |   |     43,371 |   |

| (1) | As                                                                
 adjusted figures are adjusted to reflect the Share Consolidation. |

| 125 |

The following table sets forth
a summary of the Company’s consolidated financial position as of the dates presented:

|                                                  |     | 31-Dec-24 |     | 31-Dec-23 |
|                                                  |     |     $’000 |     |     $’000 |
| Cash                                             |     |     7,830 |     |    22,019 |
| Total                                            
 assets                                           |     |   256,349 |     |   235,334 |
| Long-term                                        
 debt                                             |     |   158,022 |     |   130,067 |
| Shareholders’                                    
 equity                                           |     |    39,073 |     |    48,508 |
| Other                                            |     |           |     |           |
| Pro                                              
 forma outstanding shares (’000) (1)              |     |   176,947 |     |   155,926 |
| Pro                                              
 forma weighted average outstanding shares (’000) |     |           |     |           |
| Basic                                            
 (1)                                              |     |   169,357 |     |   151,113 |
| Fully                                            
 diluted (1)                                      |     |   169,357 |     |   151,113 |

| (1) | As adjusted figures are                      
 adjusted to reflect the Share Consolidation. |

Liquidity and
Capital Resources

As at March 31, 2025,
the Company held cash and receivables of $20.153 million (December 31, 2024 - $10.757 million) (of which $3.506 million
(December 31, 2024 - $2.170 million) represented cash restricted for use for the development of the Sangdong Mine) and a working
capital deficiency of $16.7 million (December 31, 2024 - $30.538 million). In addition, in conjunction with the
closing of its US$75.1 million project financing with Kf