A reconciliation of income taxes at statutory rates with the reported taxes for the year ended December 31, 2025 and 2024 are as follows:

 Schedule of reconciliation of income taxes at statutory rates with the reported taxes

The enacted or substantively enacted tax rates for the Company are as follows:

 Schedule of income tax enacted tax rates

The rates applied in the tax provision are based on where the Company’s principal subsidiaries operate.

Recognized deferred income tax assets and liabilities relate to the following:

 Schedule of recognized deferred income tax assets and liabilities

Almonty Industries Inc.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(in thousands of Canadian dollars unless otherwise noted, except for common share information)

Deferred tax assets for the following temporary differences have not been recognized in the consolidated financial statements:

Schedule of deferred tax assets temporary differences have not been recognized

Based on the Company’s estimates for future taxable income and available taxable temporary differences, the Company concluded that it is not probable that all of the benefits of the above unrecognized temporary differences will be realized. Accordingly, the related deferred tax assets have not been recognized.

The Company has the following non-capital tax losses that expire in the years indicated:

 Schedule of non-capital tax losses