Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 186

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 186
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        |    47,962 |
| September              
 2024                   |     |        | 0.90 |     |      | 0.87 |     |        |    78,606 |     |              | 1.35 |     |      | 1.31 |     |        |    52,404 |
| August                 
 2024                   |     |        | 0.90 |     |      | 0.70 |     |        |   191,388 |     |              | 1.35 |     |      | 1.05 |     |        |   127,592 |
| July                   
 2024                   |     |        | 0.74 |     |      | 0.62 |     |        | 1,027,510 |     |              | 1.11 |     |      | 0.93 |     |        |   685,007 |
| June                   
 2024                   |     |        | 0.75 |     |      | 0.62 |     |        | 2,159,850 |     |              | 1.13 |     |      | 0.93 |     |        | 1,439,900 |

| (1) | As                                                                                         
 adjusted figures are adjusted to reflect the Share Consolidation.                          |
| (2) | Reflects                                                                                   
 trading of the Common Shares on a post-consolidation basis. On July 7, 2025, the Company   
 announced the filing by the Company of a voluntary request for trading halt of CDIs on the 
 ASX. See “Recent Developments”.                                                            |

| 136 |

<div align='center'>CERTAIN UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a
discussion of certain U.S. federal income tax considerations associated with the acquisition, ownership and disposition of our Common
Shares and of the Domestication that are applicable to U.S. Holders and Non-U.S. Holders, each as defined below, that acquires Common
Shares pursuant to this Offering. This discussion is not a complete analysis or listing of all of the possible tax consequences of such
transactions and does not address all tax considerations that might be relevant to particular holders in light of their personal circumstances
or to persons that are subject to special tax rules. In particular, the information set forth below deals only with holders that will