Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 51

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 51
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 upgrade its IT Systems to protect against IT Disruptions. New or improved
IT Systems that the Company procures may have defects, not be installed properly or not integrate with its other IT Systems.

Third-party vendors and service providers (including
information technology service providers) may themselves be victims of IT Disruptions which may have an adverse consequential impact
on the Company and its operations. For example, in July 2024, many companies experienced significant operational issues as a result of
server-related outages caused CrowdStrike’s defective software update.

The occurrence of one or more IT Disruptions
could have effects, including damage to the Company’s equipment, including mining equipment, production downtimes,
operational delays, loss or corruption of data, compromise of confidential or otherwise protected information, delay
in the delivery of supplies and services, increased health and safety risks, increases in capital expenditures,
loss of production, accidental discharge of regulated materials, expensive remediation efforts, distraction of management,
damage to the Company’s reputation and events of non-compliance, which could lead to regulatory fines or penalties, ransom
payments. Any of the foregoing could have a material adverse effect on the Company’s results of operations and financial performance.
There can be no assurance that the Company will not incur losses related to IT Disruptions in the future.

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Health and Pandemic Risks

Global health crises,
such as pandemics or epidemics, can disrupt the Company’s operations by impacting employee availability, supply chains, and demand
for end products. Restrictions on movement, mandatory quarantines, or other government-imposed measures may delay project timelines,
increase costs, or limit access to critical infrastructure. Additionally, health crises could expose the Company to unforeseen liabilities
or require additional expenditures to ensure workplace safety.

In addition, the
actual or threatened spread of a pandemic or other health emergency globally, and responses of governments and others to such actual
or threatened consequences, could also have a material adverse effect on the global economy, could negatively affect financial markets,
including the price of tungsten and the trading price of the Company’s shares, could adversely affect the Company’s ability
to raise capital, and could cause interest rate volatility and movements that could make obtaining financing or refinancing debt obligations
more challenging or more expensive. If the price of tungsten declines, the Company’s revenues from its operations will also decline.
Any of these developments, and others, could have a material adverse effect on the Company’s business and results of operations.

Opposition to Mining

Al