Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 181

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 181
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 Utility Piping                     |     |                 |  12.36 |
| Automation & Control Systems                   |     |                 |   3.33 |
| Sustainability Components                      |     |                 |   0.42 |
| Engineering, Project & Construction Management |     |                 |  20.71 |
| Start-Up Costs                                 |     |                 |   1.31 |
| Subtotal                                       |     |                 | 119.75 |

Approximately 60% of the base cost is supported by supplier quotations or mass-based pricing models. Final capital requirements may vary
based on exchange rates, final procurement outcomes, and localized implementation adjustments.

In the event of the
exercise of the Over-Allotment Option in full, the Company intends to allocate an additional US$l
million towards the development and construction of the Tungsten Oxide Facility.

II) Working capital, corporate expenses, business development, potential future acquisitions and other purposes

Up to US$l
(or up to l%) of the net proceeds of the Offering 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,