Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 45

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 45
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 not economically or otherwise insurable, the payment of such liabilities would reduce
the funds available to Almonty.

Legal Systems

As civil law jurisdictions,
South Korea, Spain, and Portugal have legal systems which are different from the common law jurisdictions of Canada, Australia, and the
United States. Standard legal practices in civil law jurisdictions may result in risks such as (i) a higher degree of discretion on the
part of governmental authorities; (ii) the lack of judicial or administrative guidance on interpreting applicable rules and regulations,
particularly where those rules and regulations are the result of recent legislative changes or have been recently adopted; (iii) inconsistencies
or conflicts between and within various laws, regulations, decrees, orders and resolutions; and (iv) relative inexperience of the judiciary
and courts in such matters. In the case of foreign entities such as the Company doing business in civil law jurisdictions, effective
legal redress in the courts of such jurisdictions, whether in respect of a breach of law or regulation or in an ownership dispute, may
be more difficult to obtain. Additionally, legislation and regulations may be susceptible to revision or cancellation and legal redress
may be uncertain or delayed. There can be no assurance that joint ventures, licenses, license applications or other legal arrangements
will not be adversely affected by changes in governments, the actions of government authorities or others, or the effectiveness and enforcement
of such arrangements.

Reserve and Resource Depletion

The Company’s mineral reserves must be
replaced to maintain production levels over the long-term. Mineral reserves can be replaced by expanding known ore bodies, locating new
deposits or making acquisitions. Exploration is highly speculative in nature and identifying new ore bodies is difficult. The Company’s
exploration projects involve many risks and may be unsuccessful. Mineral exploration and development involve substantial expenses and
a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to adequately mitigate.
There is no assurance that additional commercial quantities of ore will be discovered on any of the Company’s properties. There
is also no assurance that, even if commercial quantities of ore are discovered, a mineral property will be brought into commercial production.
The discovery of mineral deposits is dependent upon a number of factors, not the least of which is the technical skill of the exploration
personnel involved. The commercial viability of a mineral deposit, once discovered, is also dependent upon a number of factors, some
of which are the particular attributes of the deposit, such as size, grade and