Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 45

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 45
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 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 proximity to infrastructure, metal prices and government
regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environmental
protection.

In addition, assuming
the discovery of a commercial ore body, depending on the type of mining operation involved, it may take a substantial amount of time
from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change.
Substantial expenditures are required to establish proven and probable mineral reserves. As a result, there is no assurance that current
or future exploration programs will be successful or that new commercially viable deposit or extensions of deposits will be discovered
or developed. Depletion of mineral reserves may not be offset by discoveries or acquisitions and divestitures of assets may lead to lower
mineral reserves. Reserves estimated in accordance with NI 43-101 may also decrease due to economic factors such as the use of lower
metal price assumptions or increased costs assumptions. The Company’s future profitability may be affected if mineral reserves
are mined without adequate replacement and the Company may not be able to sustain production to or beyond the currently contemplated
mine lives based on current production rates.

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Risks Related to Underground Stope
Stability

The stability of
underground stopes is a critical factor in ensuring the safety and efficiency of mining operations. Stope collapses or ground failures
could lead to operational delays, equipment damage, safety hazards, or loss of access to ore bodies. Factors such as unexpected geological
conditions, inadequate ground support systems, or seismic activity