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

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 10
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 Council,
as amended (the “CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators
that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

Canadian standards,
including NI 43-101, differ significantly from the disclosure requirements of the SEC under subpart 1300 of Regulation S-K (the “SEC Modernization Rules”). The Company is not required to provide disclosure on its mineral properties under the SEC Modernization
Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, information contained in this prospectus,
or the documents incorporated by reference herein, may differ significantly from the information that would be disclosed had the Company
prepared the mineral resource estimates under the standards adopted under the SEC Modernization Rules.

We prepare our financial
statements, which are incorporated by reference to this prospectus, in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (“IFRS”). Consequently, all of the financial statements and
financial information of Almonty included or incorporated herein is prepared in accordance with IFRS, which is materially different than
financial statements and financial information prepared in accordance with U.S. generally accepted accounting principles.

<div align='center'>CAUTIONARY NOTE
TO INVESTORS CONCERNING ESTIMATES OF MINERAL RESOURCES</div>

Investors are cautioned
not to assume that any part, or all, of the mineral deposits categorized as “Inferred Mineral Resources” or “Indicated
Mineral Resources” will ever be converted into mineral reserves. “Inferred Mineral Resources” are Mineral Resources
for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade or quality continuity. “Inferred Mineral Resources” are based on limited information
and have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.

Under Canadian rules,
estimates of Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them
to enable them to be categorized as Mineral Resources and, accordingly, may not form the basis of feasibility or pre-feasibility studies,
or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Investors are cautioned not to assume that
part or all of an Inferred Mineral Resource exists or is economically or legally mineable. Indicated and Inferred Mineral Resources that
are