Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 211

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 211
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 to a Non-Resident Holder, such Non-Resident
Holder may be exempt from tax under the Tax Act on the disposition of such Common Shares by virtue of an applicable income tax treaty
or convention. A Non-Resident Holder contemplating a disposition of Common Shares that may constitute taxable Canadian property should
consult a tax advisor prior to such disposition.

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<div align='center'>PLAN OF DISTRIBUTION</div>

General

The Company and Oppenheimer
& Co. Inc. (the “Lead Underwriter”), as representative of a syndicate of underwriters named therein (together
with the Lead Underwriter, the “Underwriters”), have entered into an underwriting agreement with respect to
the Offered Shares (the “Underwriting Agreement”).

Pursuant to the Underwriting
Agreement, the Company has agreed to sell and the Underwriters have agreed, severally, and not jointly or jointly and severally, to purchase,
as principals, the Offered Shares on the Closing date at the Offering Price, payable in cash to the Company against delivery of
the Offered Shares. The obligations of the Underwriters under the Underwriting Agreement are subject to compliance with all legal requirements
and the conditions contained in the Underwriting Agreement. The Underwriters may terminate their obligations under the Underwriting Agreement
at their discretion on the basis of a “material change out”, “disaster out”, “regulatory out” or
similar provision and may also be terminated upon the occurrence of certain other stated events. The Underwriters are, however, obligated
to take up and pay for all of the Offered Shares if any of those Offered Shares are purchased under the Underwriting Agreement.

The terms of the Offering,
including the Offering Price, were determined by arm’s length negotiation between the Company and the Underwriters, with reference
to the prevailing market price of the Common Shares on the TSX and prevailing market conditions. Subscriptions for Offered Shares
will be received subject to rejection or allotment in whole or in part and the Underwriters reserve the right to close the subscription
books at any time without notice.

The Offering is being
made only in the United States pursuant to the multijurisdictional disclosure system implemented by the SEC and the securities
regulatory authorities in Canada. The Offered Shares and the Additional Shares will only be offered in the United States by the
Underwriters either directly or through their respective duly registered U.S. broker-dealer affiliates or agents, as applicable.