Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 176

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 176
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W 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 2025, it has the ability
to generate sufficient cash flow to meet its current obligations at its producing mine. The current 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, 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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