Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 32

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 32
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 in these costs may be influenced by factors such as fuel prices, labour costs, and regulatory changes. GTP’s
failure to purchase the tungsten concentrate as agreed may also have a material impact on Almonty’s revenue. As a result, there
is no guarantee that the Company will realize the revenues contemplated under the terms of the Amended Off-Take Agreement.

Availability of Infrastructure

The continued development of the Sangdong Mine
will require access to and an ability to maintain adequate and reliable infrastructure, including roads, power sources and water systems.
If the required infrastructure is not readily available, it may have to be built, and there is no assurance that it can be built in a
timely manner or at all. There is no assurance that the Company can access and maintain the infrastructure needed, or, where necessary,
obtain rights of way, government authorizations and permits to construct, or upgrade the same at a reasonable cost, in a timely manner,
or at all. Access to infrastructure may also be interrupted by natural causes, such as drought, floods, earthquakes, landslides and other
weather phenomena, or man-made causes, such as blockades, sabotage, conflicts, government issues, political events, protests, rationing
or competing uses, as well as global pandemics.

Inadequate, inconsistent or costly infrastructure
could compromise many aspects of the project’s feasibility, viability and profitability, including, but not limited to the construction
schedule, capital and operating costs.

Availability of Skilled Labour

The continued development of the Sangdong Mine
will depend on the availability of a skilled workforce, including, but not limited to, mining and mineral, metallurgical and geological
engineers, geologists, environmental and safety specialists, and mining operators to explore and develop the project. Inadequate access
to an available skilled workforce could compromise many aspects of the project’s feasibility, viability and profitability, including,
but not limited to, the construction and production schedules, capital and operating costs.

Technological and Innovation Risk

The development and operation of the Sangdong
Mine involve advanced technologies, such as the Mine Safety DX technology developed with Korea Telecom (KT). The successful implementation
of this technology relies on the integration of advanced communication infrastructure. Any technical issues or delays in installation
and operation could hinder communication and monitoring capabilities. This could lead to operational disruptions, increased costs, and
production delays, negatively impacting the profitability of the Sangdong Mine.

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Risks Relating to the Tungsten Ox