Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 43

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 43
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 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 and facilities, personal injury or death, environmental damage,
delays in mining, monetary losses and legal liability.

Additionally, risks
may arise with respect to the management of tailings and waste rock, mine closure, rehabilitation and management of closed mine sites
(whether the Company operated the mine site or acquired it after operations were conducted by others). Additionally, risks may arise
with respect to the management of tailings and waste rock, mine closure, rehabilitation and management of closed mine sites (whether
the Company operated the mine site or acquired it after operations were conducted by others). While rare, a failure of one of the Company’s
large tailing storage facilities, which are effectively large dams that must be engineered, constructed and monitored to assure structural
stability and avoid leakages or structural collapse, could lead to property damage, environmental harm, or pose safety risks.

In the course of
exploration, development, and production of mineral properties, several risks may be encountered, particularly those involving unexpected
or unusual geological or operating conditions. It is not always possible to fully insure against such risks, and Almonty may decide not
to take out insurance against certain risks due to high premiums or other reasons. Should such liabilities arise, they could reduce or
eliminate any future profitability and result in an increase in costs and a decline in the value of Almonty’s securities.

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While the Company maintains
insurance coverage against various risks, including operational and environmental hazards, such coverage may not adequately protect against
all potential liabilities. Certain risks, including rock