Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 27

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 27
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 seize and dispose of the secured
assets.

| 15 |

Future Financing

The success of
exploration programs, development programs and other transactions related to concessions could have a significant impact on the need
for capital. If Almonty decides to develop one of its properties, it must ensure that it has access to the required capital. The Company
could finance its need for capital by using working capital, by arranging partnerships or other arrangements with other companies, through
equity financing, by taking on short-term and/or long-term debt or any combination thereof. To fund its future growth plans, the Company
may become dependent on securing the necessary capital through loans or permanent capital. The availability of this capital is subject
to general economic conditions and lender and investor interest in the Company’s projects and there can be no assurance that additional
capital or financing will be available if needed or that, if available, the terms of such financings will be acceptable to the Company.
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 $2.8 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