Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 37

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 37
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icer, could have a material adverse effect on the Company. The Company’s ability to manage its operating, development, exploration
and financing activities will depend in large part on the efforts of these individuals.

The Company believes
that it has been successful in recruiting the necessary personnel to meet its corporate objectives but, as the Company’s business
activity grows, it will require additional key financial, operational, technical, mining and management personnel, as well as additional
staff on the operations side. There can be no assurance that the Company will be able to continue to attract and retain such personnel.

Trade Risks

Geopolitical tensions
and trade disputes, particularly those affecting China, Europe, and the United States, may impact the availability and pricing of tungsten.
With China accounting for a significant share of global tungsten supply, any changes in laws and regulations, export restrictions, tariffs,
or sanctions could create volatility in the market and limit the Company’s ability to source materials or compete effectively.

Since the inauguration
of Donald J. Trump as President of the United States of America on January 20, 2025, tariffs have been announced on goods imported to
the United States from a lengthy list of countries around the world, including Canada, South Korea, Spain, and Portugal. Almonty has
determined that its tungsten ore, concentrates, oxide, and related materials are not subject to these tariffs. The imposition of any
tariff on tungsten ore, concentrates, oxide, and related materials produced and sold by the Company and its subsidiaries may adversely
affect our business, financial condition and results of operations.

The current US administration
has demonstrated a willingness to rapidly and unilaterally alter trade policy, including the imposition, increase, reduction, or removal
of tariffs—sometimes at extreme levels and with limited advance notice. This highly dynamic and often unpredictable approach to
trade regulation has created significant uncertainty for global markets. The imposition of these tariffs by the US administration, any
retaliatory tariffs and the resulting trade disputes between the United States and certain other nations, including China, as well as
the effectiveness of the United States-Mexico-Canada Agreement and significant modification or termination of the North American Free
Trade Agreement, could have a material adverse effect on international trade, the United States’ economy and the global economy
and a multi-country trade war against the US may develop. The economic impact of tariffs or a broader trade war on the Canadian economy,
the US economy and the global economy could negatively impact capital markets,