Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 172

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 172
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 currently under review by Almonty.

<div align='center'>MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Each prospective investor should read the following in conjunction with the “Prospectus Summary—Summary Consolidated Financial Information” section of this prospectus, and our audited consolidated financial statements for the years ended December 31, 2024 and 2023 and our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025, which are contained elsewhere, and are incorporated by reference, in this prospectus. Our consolidated financial statements have been prepared in accordance with IFRS. The forward-looking statements in this discussion regarding our industry, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion include numerous risks and uncertainties, as described in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of this prospectus. Our actual results may differ materially from those contained in any forward-looking statements. Each prospective investor should read this discussion completely and with the understanding that our actual future results may be materially different from what we expect.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations presents information contained in our documents publicly disclosed in Canada and, in particular, information contained in our amended management’s discussion and analysis for the three months ended March 31, 2025, and our management’s discussion and analysis for the year ended December 31, 2024, which are incorporated by reference in this prospectus.

Overview

Almonty is a publicly
traded company listed on the TSX, under the symbol “AII” and listed on the ASX, under the symbol “AII”. The principal
business of Almonty is the mining, processing and shipping of tungsten concentrate from the Los Santos Mine, the processing and shipping
of tungsten concentrate from the Panasqueira Mine, as well as the development of the Sangdong Mine and the evaluation of the Valtreixal
Mine.

The Los Santos Mine
was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten
concentrate. The Panasqueira Mine, which has been in production since 1896 and is located approximately 260 kilometres northeast of Lisbon,
Portugal, was acquired in January 2016. The Sangdong Mine, which