Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 63

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 63
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 States Internal Revenue Code of
1986, as amended for any year during a U.S. holder’s holding period. The determination of whether the Company is a PFIC for a taxable
year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and
the determination will depend on the composition of the Company’s income, expenses and assets from time to time and the nature
of the activities performed by the Company’s officers and employees. In addition, there is limited authority on the application
of the relevant PFIC rules to entities such as the Company. Accordingly, even if the Company made a determination regarding its PFIC
status, there can be no assurance that the Internal Revenue Service would not challenge the Company’s determination. In addition,
whether any corporation will be a PFIC for any tax year depends on its assets and income over the course of such tax year, and, as a
result, the Company’s PFIC status for its current tax year and any future tax year cannot be predicted with certainty. The U.S.
Treasury Department has not issued specific guidance on how the income and assets of a non-U.S. corporation such as the Company will
be treated under the PFIC rules. Prospective investors should consult their own tax advisers regarding the likelihood and consequences
of the Company being treated as a PFIC for U.S. federal income tax purposes, including the advisability of making certain elections that
may mitigate certain possible adverse U.S. federal income tax consequences but may result in the recognition of taxable income without
receipt of distributions from the Company.

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<div align='center'>INDUSTRY OVERVIEW</div>

Almonty operates
within the tungsten mining industry, a sector critical to various high-tech and industrial applications.

Tungsten is a versatile
and essential metal used in a wide range of applications due to its unique properties, including its high melting point, density, and
extreme hardness, making it critical in applications where high heat resistance, durability, and weight are required, including military
technology, aerospace, semiconductors, construction, and advanced industrial manufacturing.

The following list outlines
potential end uses, the factors that drive them, and their growth potential.

| Ø | Electric                                                                                         
 and hybrid vehicles. Tungsten is becoming increasingly important in the production of            
 hybrid batteries due to its ability to enhance high energy density. The amount of tungsten       
 incorporated into electric vehicles (“EVs”)