Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 33

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 33
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, and unforeseen technical or environmental issues. Any
material delay, technical failure, or increase in costs could adversely affect the project’s economics and the Company’s
financial position. There can be no assurance that the Tungsten Oxide Facility will be completed on schedule, within budget, or at all,
or that it will operate as intended.

Permitting and Regulatory Risk

The development
and operation of the Tungsten Oxide Facility are subject to obtaining and maintaining various permits, licenses, and regulatory approvals
from local, regional, and national authorities in South Korea. The permitting process can be lengthy, complex, and subject to change,
and there is no guarantee that all necessary approvals will be obtained in a timely manner or at all.

Operational Risks

Production

Almonty prepares
estimates of future production, total cash costs and capital costs of production for particular operations. No assurance can be given
that such estimates will be achieved. Failure to achieve production or cost estimates or material increases in costs could have an adverse
impact on Almonty’s future cash flows, profitability, results of operations and financial condition.

Almonty’s
actual production and costs may vary from estimates for a variety of reasons, including: actual ore mined varying from estimates of grade,
tonnage, dilution and metallurgical and other characteristics; short-term operating factors relating to mineral or ore reserves, such
as the need for sequential development of ore bodies and the processing of new or different ore grades; revisions to mine plans; unusual
or unexpected ore body formations; risks and hazards associated with mining; natural phenomena, such as inclement weather conditions,
increased incidence of extreme weather events, water availability, floods, and earthquakes; and unexpected labour shortages or strikes.
Production may also be impacted by delays or inefficiencies in the commissioning or operation of the flotation and chemical processing
plant at the Sangdong Mine. Costs of production may also be affected by a variety of factors, including: changing waste-to-ore ratios,
ore grade metallurgy, labour costs, the cost of commodities, general inflationary pressures and currency exchange rates.

Accuracy of Mineral Reserve and Mineral
Resource Estimates

The mineral reserves and Mineral Resources published
by the Company are estimates and no assurance can be given that the anticipated production will be achieved or that the indicated level
of recovery of tungsten will be realized. Because Almonty prepared this prospectus in accordance with the disclosure requirements of
Canadian securities laws, it contains resource estimates, which are required by NI