Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 29

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 29
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 many of these factors,
such as economic conditions in the markets in which it operates. Almonty cannot be certain that its existing capital resources and future
cash flow from operations will be sufficient to allow it to pay principal and interest on Almonty’s debt and meet its other obligations.
If these amounts are insufficient or if there is a contravention of its debt covenants, Almonty may be required to refinance all or part
of its existing debt, sell assets, borrow more money or issue additional equity. The ability of Almonty to access the bank, public debt
or equity capital markets on an efficient basis may be constrained by a dislocation in the credit markets and/or capital and/or liquidity
constraints in the banking, debt and/or equity markets at the time of issuance.

Almonty is also exposed to liquidity and various
counterparty risks including, but not limited to: (i) Almonty’s lenders and other banking counterparties; (ii) Almonty’s
insurance providers; (iii) financial institutions that hold Almonty’s cash; (iv) companies that have payables to Almonty; and (v)
companies that have received deposits from Almonty for the future delivery of equipment.

Foreign Subsidiaries

All of Almonty’s
business is carried on through its foreign subsidiaries. Accordingly, any limitation on the transfer of cash or other assets between
the parent corporation and such entities, or among such entities, including restrictions or costs on dividends or repatriation of earnings
under 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.

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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