Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 177

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 177
---
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.

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 to generate positive cash flow once in commercial production, the Company is not expecting to receive, directly
or indirectly, cash flow from such production (whether by way of dividends or otherwise) until the fourth quarter of 2025,
an underlying assumption in the following Use of Proceeds. The Company intends to use the net proceeds of the Offering for the following
principal purposes:

|                                                                |     |   Net Proceeds 
 (US$ Millions) |     |                          Net Proceeds 
 (including the Over-Allotment Option) 
                        (US$ Millions) |
| (I)                                                            
 Development of the Tungsten Oxide Facility                     |     |              l |     |                                     l |
| 1. Early-stage development activities                          |     |              l |     |                                     l |
| 2. Development and construction of the Tungsten Oxide Facility |     |              l |     |                                     l |
| (II)                                                           
 Working capital and general corporate purposes (1)             |     |              l |     |                                     l |
| Total:                                                         |     |             75 |     |                                 86.25 |

| (1) | Funds included in general                                                                  
 corporate purposes may be allocated to corporate expenses, business development, potential 
 future acquisitions, and to other purposes.                                                |

If the Over-Allotment
Option is exercised in whole or in part, the Company intends to use the additional net proceeds from such exercise for