Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 34

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 34
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 43-101. Mineral reserve and mineral resource estimates
are often based on tungsten recoveries in small-scale laboratory tests and may not be indicative of the mineralization in the entire
orebody and the Company may not be able to achieve similar results in larger scale tests under on-site conditions or during production.
Large-scale continuity and character of the Company’s deposits will only be determined once significant additional drilling and
sampling have been completed and analyzed. Actual mineralization or formations may be different from those predicted. No assurance can
be given that any part or all of Almonty’s Mineral Resources constitute or will be converted into reserves. The ore grade actually
recovered by the Company may also differ from the estimated grades of the mineral reserves and Mineral Resources.

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Reserve and resource estimates are materially
dependent on prevailing metal prices and the cost of recovering and processing minerals at the individual mine sites.

Prolonged declines in the market price of tungsten
may render mineral reserves containing relatively lower grades of mineralization uneconomical to recover and could materially reduce
the Company’s mineral reserves. Should such reductions occur, the Company may be required to take a material write-down of its
investment in mining properties, reduce the carrying value of one or more of its assets or delay or discontinue production or the development
of new projects, resulting in increased net losses and reduced cash flow. The Company estimates the recoverable amount of long-lived
assets and goodwill using assumptions and if the carrying value of an asset or goodwill is then determined to be greater than its actual
recoverable amount, an impairment would be recognized by reducing the Company’s earnings. Market price fluctuations of tungsten,
as well as increased production costs or reduced recovery rates, may render mineral reserves containing relatively lower grades of mineralization
uneconomical to recover and may ultimately result in a restatement of Mineral Resources. Short-term factors relating to the mineral reserve,
such as the need for orderly development of ore bodies or the processing of new or different grades, the technical complexity of orebody,
unusual or unexpected orebody formations, ore dilution or varying metallurgical and other ore characteristics may impair the profitability
of a mine in any particular period. Failure to obtain or maintain necessary permits or government approvals, or changes to applicable
tax and customs regimes or applicable legislation, could also cause the Company to reduce its mineral reserves.

Mineral resource estimates for properties that
have not commenced production or at deposits that have not yet been exploited are based, in most instances,