Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 187

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 187
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 does not address the tax treatment of special classes of holders,
such as:

| ● | financial institutions;                                                                        |
| ● | regulated investment                                                                           
 companies;                                                                                     |
| ● | real estate investment                                                                         
 trusts;                                                                                        |
| ● | tax-exempt entities                                                                            
 or governmental organizations;                                                                 |
| ● | insurance companies;                                                                           |
| ● | persons holding                                                                                
 the Common Shares as part of a hedging, integrated or conversion transaction, constructive     
 sale or “straddle”;                                                                            |
| ● | persons who acquired                                                                           
 Common Shares through the exercise or cancellation of Options or otherwise as compensation     
 for services;                                                                                  |
| ● | U.S. expatriates                                                                               
 and former citizens or long-term residents of the United States;                               |
| ● | persons subject                                                                                
 to the alternative minimum tax;                                                                |
| ● | persons that mark                                                                              
 their securities to market for U.S. federal income tax purposes;                               |
| ● | brokers, dealers                                                                               
 or traders in securities or currencies;                                                        |
| ● | persons subject                                                                                
 to special tax accounting rules as a result of any item of gross income with respect to Common 
 Shares being taken into account in an applicable financial statement;                          |
| ● | tax-qualified retirement                                                                       
 plans, individual retirement accounts, pension funds or other tax deferred accounts; or        |
| ● | holders whose functional                                                                       
 currency is not the U.S. dollar.                                                               |

This summary does not
address estate and gift tax or any U.S. federal tax other than income tax (such as Medicare contribution taxes) or tax consequences under
any state, local or non-U.S. laws.

For purposes of this
section, you are a “U.S. Holder” if you are: (1) a citizen or an individual resident alien of the United States as
determined for U.S. federal income tax purposes; (2) a corporation (or other entity treated as a corporation for U.S. federal income
tax purposes) created or organized under the laws of the United States or any state thereof or the District of Columbia; (3) an estate
the income of which is subject to U.S. federal income taxation regardless of its source; or (4) a trust (A) if a court within the United
States is able to exercise primary supervision over its administration and one or more U.S. persons have authority to control all substantial
decisions of the trust or (B) that has a valid election in effect under applicable Treasury regulations