Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 177

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 177
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, and (iii) Portuguese law requirements on minimum capital
adequacy at BTW, there is no legal restriction on Almonty’s ability to repatriate capital from its subsidiaries.

The Company has $171.612
million in long-term debt as at March 31, 2025 ($158.022 million as at December 31, 2024), of which $17.711 million
is the current portion ($21.894 million as at December 31, 2024), comprised of individual facilities with Spanish domiciled banks,
one facility with an Austrian bank, promissory notes owed to a shareholder, convertible loans and drawdowns on the KfW loan facility
as at March 31, 2025 (see Note 8 of the Company’s Q1-2025 Interim Financial Statements for additional details regarding
each component of long-term debt).

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<div align='center'>USE OF PROCEEDS</div>

The net proceeds to
the Company from the Offering, after deducting the Underwriters’ Fee and the estimated expenses of the Offering (estimated to be
approximately US$l) are expected to be approximately US$l
million, or approximately US$l million if the Over-Allotment Option
is exercised in full.

As at March 31,
2025, the Corporation had cash and cash equivalents on hand of approximately C$17.0 million and a working capital deficiency of approximately
C$16.7 million. Based on the Company’s currently available non-contingent financial resources and its expected rate of cash burn,
the Company expects to be able to continue operations for a minimum of 15 months. For the 12-month period ended March 31, 2025, the Company’s
approximate monthly cash burn rate was US$641,000.

The proposed use of
the net proceeds is described in detail below. The below noted allocation represents the Company’s intentions with respect to its use of proceeds based on current knowledge, planning and expectations of management of the Company. Actual expenditures may differ from the estimates set forth below. There may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be deemed prudent or necessary. The actual amount that the Company spends in connection with each of the intended uses of proceeds may vary significantly from the amounts specified below and will depend on a number of factors, including those listed under the heading “ Risk Factors” in this prospectus.

Although the Company
expects the Sangdong Mine