Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 195

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 195
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 the U.S. Holder with respect to Common Shares during the three preceding taxable years or, if shorter,
during the U.S. Holder’s holding period for the Common Shares. In addition, you would generally be subject to similar rules with
respect to distributions to us by, and dispositions by us of the stock of, any of our direct or indirect subsidiaries that are also PFICs
(“lower-tier PFICs”).

Mark-to-Market
Election

If our Common Shares
are treated as “marketable stock” for purposes of the PFIC rules, a U.S. Holder may avoid some of the adverse impacts
of the foregoing PFIC rules by making a mark-to-market election. Our Common Shares will be marketable stock if they are regularly
traded on a qualifying exchange that is either (i) a national securities exchange which is registered with the SEC or the national market
system established pursuant to the Exchange Act, or (ii) any exchange or other market that the United States Treasury Department determines
is adequate. The Company believes that the NASDAQ, TSX and ASX meet this test, and accordingly, provided that our Common Shares are regularly
traded on such markets, U.S. Holders should be able to make a mark-to-market election with respect to the Offered Shares if the Company
is classified as a PFIC. After making such an election, or on an actual sale, a U.S. Holder generally would include as ordinary income
at the end of each taxable year during which the election is in effect and during which we are a PFIC the excess, if any, of the fair
market value of our Common Shares over the U.S. Holder’s adjusted basis in such Common Shares. A U.S. Holder also would be allowed
to take an ordinary loss in respect of the excess, if any, of the U.S. Holder’s adjusted basis in our Common Shares over the share’s
fair market value at the end of the taxable year, and for any loss recognized on actual sale, but only to the extent, in each case, of
the previously included mark-to-market income not offset by previously deducted decreases in value. Any loss on an actual sale of our
Common Shares would be a capital loss to the extent in excess of previously included mark-to market income not offset by previously deducted
decreases in value.

Because a mark-to-market
election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder