Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 204

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 204
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-U.S. Holders

Certain
U.S. Federal Income Tax Consequences of the Domestication to Non-U.S. Holders

The Domestication is
not expected to result in any material U.S. federal income tax consequences to a Non-U.S. Holder that exchanges Common Shares for New
Almonty Shares provided that such Non-U.S. Holder (i) has not been engaged in the conduct of a trade or business within the United States
(or, if required by an applicable income tax treaty, such Non-U.S. Holder has not maintained a permanent establishment within the United
States), and (ii) is not a non-resident alien individual treated as present in the United States for 183 days or more during the taxable
year of the Domestication and certain other requirements are met.

Ownership
and Disposition of New Almonty Shares After the Domestication

| I) | Distributions with            
 Respect to New Almonty Shares |

In general, any distributions
made to a Non-U.S. Holder of New Almonty Shares, to the extent paid out of our current or accumulated earnings and profits (as determined
under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes and, provided such dividends
are not effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States, will be subject
to withholding tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S. Holder is eligible for a reduced rate
of withholding tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually
on an IRS Form W-8BEN or W-8BEN-E, as applicable). Non-U.S. Holders should consult their own tax advisors regarding their entitlement
to benefits under any applicable income tax treaty and the procedures for claiming such benefits. To the extent that the amount of the
distribution exceeds our current and accumulated earnings and profits, such excess will be treated first as a tax-free return of the
Non-U.S. Holder’s tax basis in the New Almonty Shares, and then, to the extent such excess amount exceeds the Non-U.S. Holder’s
tax basis in such New Almonty Shares, as capital gain. See the discussion below under the heading “– Sale or Other Taxable Disposition of New Almonty Shares”.

Dividends paid by the
Company to a Non-U.S. Holder that