Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 37

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 37
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 our business, financial condition and results of operations.

The current US administration
has demonstrated a willingness to rapidly and unilaterally alter trade policy, including the imposition, increase, reduction, or removal
of tariffs—sometimes at extreme levels and with limited advance notice. This highly dynamic and often unpredictable approach to
trade regulation has created significant uncertainty for global markets. The imposition of these tariffs by the US administration, any
retaliatory tariffs and the resulting trade disputes between the United States and certain other nations, including China, as well as
the effectiveness of the United States-Mexico-Canada Agreement and significant modification or termination of the North American Free
Trade Agreement, could have a material adverse effect on international trade, the United States’ economy and the global economy
and a multi-country trade war against the US may develop. The economic impact of tariffs or a broader trade war on the Canadian economy,
the US economy and the global economy could negatively impact capital markets, commodity prices and our ability to raise funds to undertake
capital expenditures. A Canada-US or a broader trade war also has the potential to adversely impact global supply chains and make supplies
that are required for the conduct of the Company’s activities more expensive, harder to obtain or unavailable. Scarcity in the
global supply chain would likely increase the cost of supplies required generally, which could impair our ability to operate. The indirect
effects of tariffs imposed by the US or by counter tariffs in response are difficult to assess, but the potential for continued tariffs
represents a risk and may adversely affect our business, financial condition and results of operations. Further, the recent enactment
of the One Big Beautiful Bill Act has eliminated certain tax incentives for critical minerals, including tungsten, which may adversely
affect our business, financial condition and results of operation.

Supply Chain Disruptions

Natural resource
exploration, development, processing and mining activities are dependent on the availability of mining, drilling and related equipment
in the particular areas where such activities are conducted. Prolonged disruptions to the procurement of equipment, or the flow of materials,
supplies and services to the Company could have an adverse impact on its operating costs, capital expenditures and construction and production
schedules. These disruptions may be the result of matters outside of the Company’s control or ability to mitigate, such as from
natural disasters, trade disputes, imposition of tariffs, transportation disruptions, economic instability, global pandemics or other
health emergencies, international sanctions, including those imposed in the context of the invasion of Ukraine