Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 30

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 30
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 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 expected steady
state levels. The Company may also experience actual capital and operating costs and operating results that differ materially from those
anticipated. In addition, experience from actual mining or processing operations may identify new or unexpected conditions that could
reduce production below, or increase capital or operating costs above, current estimates. Accordingly, the Company cannot provide assurance
that its activities will result in profitable mining operations at the Sangdong Mine.

Financing Risk

The development of the Sangdong Mine is heavily
reliant on a US$75.1 million senior secured term loan facility from KfW IPEX-Bank (“KfW”), a government-backed lender
that operates as part of the German state-owned KfW Group. The loan bears interest at the rate of SOFR plus 2.3%, capitalized quarterly,
with repayment of principal quarterly over a 6.25-year period commencing six months subsequent to the commencement of the mine’s
ramp-up