Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 43

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 43
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 permit, licence or lease, as applicable, may terminate
or expire. There can be no assurance that any of the obligations required to maintain each permit, licence or lease will be met. The
termination or expiration of such permits, licences or leases or the working interests relating to a permit, licence or lease may have
a material adverse effect on Almonty’s results of operations and business.

Private individuals
and the public at large often possess rights to comment on and otherwise engage in the permitting, licensing and approval processes,
including through intervention in the courts. Accordingly, new permits, licenses and approvals required by Almonty to fully exploit its
properties may not be issued, or if issued, may not be issued in a timely fashion, or may contain requirements which restrict Almonty’s
ability to conduct its mining operations or to do so in a profitable manner.

There is a restoration
provision of $3.161 million (December 31, 2023 - $1.205 million) with respect to the Sangdong Mine based on the amount
assessed by the relevant local government authorities. Actual costs may exceed the provision amount due to unforeseen circumstances,
changes in regulatory requirements, or inaccuracies in the local government authorities’ initial assessment.

In addition to
authorizations required in connection with its mineral properties, other mines that may be acquired by Almonty will require governmental
authorizations and permits before these properties can be developed and brought into production. Access to such lands for mining purposes
may be restricted by present or future legislation. Accordingly, there can be no assurance that Almonty will be able to obtain the necessary
authorizations to further develop its mineral properties or other resource properties that it may acquire in the future. To the extent
such authorizations are required and not obtained, Almonty may be restricted or prohibited from proceeding with planned exploration,
development and production activities.

Mining Risks and Insurance Limitations

Almonty’s
exploration, development and mining operations are subject to significant risks beyond the control of management that can delay tungsten
mining or delivery, or increase the cost of mining. Such risks include environmental hazards (including relating to regulated substances),
industrial accidents, unusual or unexpected rock formations, changes in the regulatory environment, seismicity, cave-ins, rock bursts,
rock falls, pit wall failures, flooding and ore losses (from theft or otherwise). Such risks could result in, among other things, damage
to, or destruction of, mineral properties or production infrastructures