Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 52

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 52
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damage to the Company’s reputation and events of non-compliance, which could lead to regulatory fines or penalties, ransom
payments. Any of the foregoing could have a material adverse effect on the Company’s results of operations and financial performance.
There can be no assurance that the Company will not incur losses related to IT Disruptions in the future.

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Health and Pandemic Risks

Global health crises,
such as pandemics or epidemics, can disrupt the Company’s operations by impacting employee availability, supply chains, and demand
for end products. Restrictions on movement, mandatory quarantines, or other government-imposed measures may delay project timelines,
increase costs, or limit access to critical infrastructure. Additionally, health crises could expose the Company to unforeseen liabilities
or require additional expenditures to ensure workplace safety.

In addition, the
actual or threatened spread of a pandemic or other health emergency globally, and responses of governments and others to such actual
or threatened consequences, could also have a material adverse effect on the global economy, could negatively affect financial markets,
including the price of tungsten and the trading price of the Company’s shares, could adversely affect the Company’s ability
to raise capital, and could cause interest rate volatility and movements that could make obtaining financing or refinancing debt obligations
more challenging or more expensive. If the price of tungsten declines, the Company’s revenues from its operations will also decline.
Any of these developments, and others, could have a material adverse effect on the Company’s business and results of operations.

Opposition to Mining

Almonty’s
business may be affected by environmental activists who engage in activities intended to disrupt Almonty’s business operations.
As a result, there could be delays or losses in transportation and deliveries of minerals to Almonty’s customers, decreased sales
of Almonty’s minerals and extension of time for payment of accounts receivable from Almonty’s customers, which could have
a material adverse effect on Almonty’s business, financial condition and results of operations.

Costs and Compliance Risks as a Result
of Being a Public Company

Legal, accounting
and other expenses associated with public company reporting requirements have increased significantly in the past few years. Almonty
anticipates that general and administrative costs associated with regulatory compliance will continue to increase with recently adopted
or amended corporate governance requirements. The additional demands associated with being a public company may also disrupt regular
operations of our business by diverting the attention of some of its senior management team away