Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 46

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 46
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 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 may increase the risk of collapse. The occurrence of such events could
result in significant operational disruptions and financial losses.

Reputational Risk

Damage to the Company’s reputation can
be the result of its actual or perceived actions or inactions and a variety of events and circumstances, and could result in negative
publicity, whether or not true. Occurrences that may have an adverse effect on the Company’s reputation include, the Company’s
handling of matters relating to the environment (including tailings and tailings failures), employee relations, mine safety and security
and dealings with local community organizations or individuals.

The Company may not be able to resolve such matters
before they become public knowledge or become the subject of legal or regulatory proceedings. The growing use of social media to generate,
publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals
and groups to share their opinions of the Company and its activities,