Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 89

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 89
---
ements
Concerning Election of Directors; Family Relationships

We are not a party
to, and are not aware of, any voting agreements among our shareholders. There are no family relationships among our executive officers
and directors.

Composition
of our Board of Directors

Our Board is currently
comprised of eight members. Our directors are elected at each annual general meeting of our shareholders and serve until the next annual
meeting of shareholders or until their successors are elected or appointed, unless their positions are earlier vacated. Our articles
provide that the number of directors may be between three and 10. Under the CBCA, at least 25% of our directors must be resident Canadians
(unless we have less than four directors, in which case, at least one director must be a resident Canadian).

Mr. Black is currently
the Chairman of the Board. Mr. Trachuk is currently the lead director of the Board.

Director
Independence

The Board has determined
that six of the eight members of the Board are “independent,” as defined under the NASDAQ rules and for purposes of Canadian
securities laws and therefore, a majority of the directors on our Board is independent. For purposes of the NASDAQ rules, an independent
director means a person other than an executive officer or employee of the Company or any other individual having a relationship which,
in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director,
subject to certain additional limitations. A director is considered to be independent for the purposes of Canadian securities laws if
the director has no direct or indirect material relationship to the Company. A material relationship is a relationship that could, in
the view of the Board, be reasonably expected to interfere with the exercise of a director’s independent judgment. Certain individuals,
such as our employees and executive officers, are deemed by Canadian securities laws to have material relationships with us.

| 50 |

Mr. Black is not independent
of the Company by virtue of his role as Chief Executive Officer of the Company. Mr. D’Amato is not independent by virtue of the
fact that he received US$180,000 ($247,482) from the Company for consulting fees for the most recently completed fiscal year ended December
31, 2024.

Board
of Directors’ Charter

The fundamental responsibility
of our Board is to appoint a competent executive team and to oversee the management of our business, with a view to the best interests
of the Company (including maximizing