Company: ALM
Filing Date: 2025-10-22
Form Type: F-10
Source: 0001493152-25-018900
Chunk: 23

Company: Almonty Industries Inc.
Filing Date: 2025-10-22
Form: F-10
Chunk 23
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 significant potential production increase of Phase II, the Sangdong Mine is the only mineral project on a property that is material to the Company for the purposes of NI 43-101.

<div align='center'>MINERAL PROJECTS</div>

For additional information about the Company’s Mineral Projects, please refer to the section entitled “Mineral Projects” at pages 59 to 129 of the Company’s supplemented short form PREP prospectus dated July 11, 2025 and filed on July 14, 2025, which is available electronically under the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

<div align='center'>CONSOLIDATED CAPITALIZATION</div>

The applicable Prospectus Supplement will describe any material change, and the effect of such material change, on the share and loan capitalization of the Company that will result from the issuance of Securities pursuant to such Prospectus Supplement.

As at June 30, 2025, the date of the Company’s most recently filed financial statements, being the Q2 Financial Statements, there were 195,860,805 Common Shares issued and outstanding (including CDIs), as well as 17,789,846 Warrants (which include CDI options) to acquire Common Shares, and 15,897,956 stock options (“ Options”), which, if exercised, would result in an additional 17,789,846 and 15,897,956 Common Shares, respectively. Moreover, 3,366,661 restricted share units(“ RSUs”) were outstanding.

As of the date of this Prospectus, there are 230,928,191Common Shares issued and outstanding, as well as 9,917,747 Warrants to acquire Common Shares and 7,597,973Options outstanding which, if exercised, would result in the issuance of an additional 9,917,747and 7,597,973Common Shares, respectively. Moreover, 3,277,773 RSUsare outstanding.

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On July 3, 2025, we filed articles of amendment for the purpose of effecting the Share Consolidation on the basis that each one and a half outstanding Common Shares became one post-consolidation Common Share and our Common Shares commenced trading on a post-consolidation basis on July 7, 2025. No fractional Common Shares were issued in connection with such consolidation and, in the event that a shareholder would have otherwise been entitled to a fractional Common Share