Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 176

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 176
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 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 KfW in July 2022, the Company received the first drawdown of US$12.8 million
and a second drawdown of US$4.1 million in August 2022, with a third drawdown of US$9.8 million received during November 2022,
a fourth drawdown of US$5.6 million received during April 2023, a fifth drawdown of US$9.8 million received during August 2023,
a sixth drawdown of US$13.68 million received in November 2023, a seventh drawdown of US$5.01 million received in July 2024,
an eighth drawdown of US$5.63 million received in July 2024 and a final drawdown of US$0.906 million received in January
2025.

The Company believes
that, based on the current price of APT and its forecast production schedule for fiscal 2025 and into Q1 of 2026, it has the ability
to generate sufficient cash flow to meet its current obligations at its producing mine. The price of APT has increased by 30% since
the end of Q1 of 2025, which has had a significant positive impact on the income from mining operations of the Company. The price
of APT has reached levels where it is sufficient to cover the Company’s cash operating costs on existing production volumes. Should
the Company no longer be able to produce tungsten concentrate in sufficient quantity, then the Company may not be able to meet its current
and long-term obligations. Outside of abiding by (i) Spanish law requirements on minimum capital adequacy at Valtreixal Resources Spain
SL and Daytal, (ii) Korean law requirements on minimum capital adequacy at AKTC