Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 29

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 29
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 applicable local law or any tax obligations, monetary transfer restrictions and foreign currency exchange regulations in the jurisdictions
in which the subsidiaries operate or are incorporated, could restrict the Company’s ability to fund its operations and projects
efficiently and the Company’s growth may be inhibited unless it is able to obtain additional equity or debt financing on acceptable
terms. In the event of a subsidiary’s liquidation, the Company may lose all or a portion of its investment in that subsidiary.
Any such limitations, or the perception that such limitations may exist now or in the future, could have an adverse impact on Almonty’s
valuation and stock price.

| 16 |

Risks Relating to the Development of the Sangdong Mine

Uncertainties and Risks Relating
to the Start-Up of the Sangdong Mine

The Company’s ability to maintain current,
or achieve forecast, tungsten production levels is dependent on the successful development and potential expansion of the Sangdong Mine.
There are many risks and unknowns inherent in all projects. For example, the economic feasibility of projects is based upon many factors,
including:

| ● | the                                                                                        
 accuracy of mineral reserve estimates;                                                     |
| ● | metallurgical                                                                              
 recoveries;                                                                                |
| ● | capital                                                                                    
 and operating costs of such projects;                                                      |
| ● | the                                                                                        
 timetables for the construction, commissioning and ramp-up of such projects and any delays 
 or interruptions;                                                                          |
| ● | the                                                                                        
 reliability of construction designs and accuracy of engineering;                           |
| ● | changes                                                                                    
 in scope;                                                                                  |
| ● | the                                                                                        
 ability to manage large-scale construction; and                                            |
| ● | the                                                                                        
 future prices of commodities.                                                              |

Unforeseen circumstances, including those related
to the amount and nature of the mineralization at the development site, technological impediments to extraction and processing, legal
requirements, governmental intervention, infrastructure limitations, transport issues, environmental issues, and local community relations
or other events, could result in the development of the Sangdong Mine becoming impractical or uneconomic. Further, actual costs and economic
returns may differ materially from the Company’s estimates, or the Company may fail or be delayed in obtaining the governmental
permits and approvals necessary in connection with the project, in which case, the project may not proceed either on its anticipated
timing or at all.

Frequently, new and/or expanded mining operations
experience unexpected problems during the start-up phase, and delays can often occur prior to production reaching its