Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 178

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 178
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 the development
of the Tungsten Oxide Facility (up to US$l million (or up to l%
of the net proceeds)) and for working capital and general corporate purposes (up to US$l
million (or up to l% of the net proceeds)).

Principal Purposes

| I) | Development of the Tungsten 
 Oxide Facility              |

| 1. | Early-Stage Development 
 Activities              |

The Company intends
to use up to US$l million (or up to l%)
of the net proceeds of the Offering to fund remaining early-stage development activities for the Tungsten Oxide Facility. These activities
include advanced engineering, economic assessments, and preparatory work necessary to position the project for construction readiness.
The Company intends to pursue project-level debt financing to fund the balance of the Facility’s capital costs. The total
proceeds allocated to “(I) Development of the Tungsten Oxide Facility” from the Offering are expected to satisfy the
equity contribution typically required for such financing. The early-stage development funding is expected to support the project through
the period leading up to the execution and availability of the anticipated debt facility.

| 2. | Development and Construction   
 of the Tungsten Oxide Facility |

The Company intends
to use up to US$l million (or up to l%) of the net proceeds of the Offering toward the development of the Tungsten Oxide Facility, a nano tungsten oxide downstream processing
plant in South Korea, near the Sangdong Mine. As described below, this amount is expected to represent approximately l% of the total estimated project cost (including contingency amounts) and is expected to fund (i) the remaining early-stage development
activities and (ii) the initial construction and development, with the remainder anticipated costs of construction and development to
be funded through a dedicated project financing facility and other financing arrangements. To that end, the Company has notably entered
into a firm, non-binding letter of intent with KfW, dated January 12, 2022, for the provision of up to US$50 million in project financing
and is expecting to secure the remaining capital requirements through additional financing arrangements, which may include further debt,
equity, or strategic partnerships, subject to prevailing market conditions and ongoing evaluation.

| 127 |

Project Status

To date, the Company
has completed a Pre-Basic Engineering Study in March 2025 with UTG Universaltechnik GmbH, forming the basis for current design and cost