Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 35

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 35
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sten
may render mineral reserves containing relatively lower grades of mineralization uneconomical to recover and could materially reduce
the Company’s mineral reserves. Should such reductions occur, the Company may be required to take a material write-down of its
investment in mining properties, reduce the carrying value of one or more of its assets or delay or discontinue production or the development
of new projects, resulting in increased net losses and reduced cash flow. The Company estimates the recoverable amount of long-lived
assets and goodwill using assumptions and if the carrying value of an asset or goodwill is then determined to be greater than its actual
recoverable amount, an impairment would be recognized by reducing the Company’s earnings. Market price fluctuations of tungsten,
as well as increased production costs or reduced recovery rates, may render mineral reserves containing relatively lower grades of mineralization
uneconomical to recover and may ultimately result in a restatement of Mineral Resources. Short-term factors relating to the mineral reserve,
such as the need for orderly development of ore bodies or the processing of new or different grades, the technical complexity of orebody,
unusual or unexpected orebody formations, ore dilution or varying metallurgical and other ore characteristics may impair the profitability
of a mine in any particular period. Failure to obtain or maintain necessary permits or government approvals, or changes to applicable
tax and customs regimes or applicable legislation, could also cause the Company to reduce its mineral reserves.

Mineral resource estimates for properties that
have not commenced production or at deposits that have not yet been exploited are based, in most instances, on very limited and widely
spaced drill hole information, which is not necessarily indicative of conditions between and around the drill holes. Accordingly, such
mineral resource estimates may require revision as more drilling information becomes available or as production experience is gained.

The estimated Mineral Resources and mineral reserves
described in this prospectus should thus not be interpreted as assurances of commercial viability or potential or of the profitability
of any future operations. Investors are cautioned not to place undue reliance on these estimates.

Competition

The mineral exploration,
development and production industry is intensely competitive in all of its phases and the Company must compete in all aspects of its
operations with a substantial number of large established mining companies with greater liquidity, greater access to credit and other
financial resources, newer or more efficient equipment, lower-cost structures, more effective risk management policies and procedures
and/or greater ability than the Company to withstand losses.

There is also a
limited supply of desirable mineral properties available for claim