Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 183

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 183
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 to reflect the Share Consolidation.  |

The foregoing table excludes:

| ● | 15,897,956                                                                                   
 Common Shares issuable upon the exercise of outstanding Common Share options at a weighted   
 average exercise price of C$1.41 per share;                                                  |
| ● | 3,366,661                                                                                    
 Common Shares issuable upon the exercise of outstanding Restricted Share Units at a weighted 
 average exercise price of C$1.63 per share;                                                  |
| ● | 18,068,716                                                                                   
 unallocated Common Shares reserved for future issuance under our Omnibus Equity Incentive    
 Plan dated effective as of April 30, 2025, the Third Amended and Restated Incentive Stock    
 Option Plan or the Restricted Share Unit Plan;                                               |
| ● | 25,482,088                                                                                   
 Common Shares issuable upon the exercise of convertible debentures at a weighted average     
 exercise price of C$1.06 per share; and                                                      |
| ● | 17,789,846                                                                                   
 Common Shares issuable upon the exercise of warrants and CDI options at a weighted average   
 exercise price of C$1.33 per share.                                                          |

Certain convertible debentures, warrants, and CDI options carry exercise prices designated in U.S. dollars, Euros, or Australian dollars. To determine the weighted average exercise prices set out above, the respective exercise price of such convertible debentures, warrants, and CDI options were converted into Canadian dollars using the exchange rate published by the Bank of Canada on July 10, 2025.

| 130 |

<div align='center'>DESCRIPTION OF
SHARE CAPITAL</div>

Our authorized share
capital consists of an unlimited number of Common Shares. The Common Shares do not have a par value. As of the date of this prospectus,
195,860,805 Common Shares are issued and outstanding.

Common Shares

Holders of the Common
Shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company. Each Common Share carries one
vote. In the event of the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or any other distribution
of its assets among its shareholders for the purpose of winding up its affairs, the holders of the Common Shares are entitled to receive
the remaining property and assets of the Company on a pro rata basis. The shareholders are entitled to receive pro rata such dividends
as may be declared by the Board out of funds legally