Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 31

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 31
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Agreement with GTP for the tungsten concentrate to be mined and processed at the Sangdong Mine. The Amended Off-Take Agreement has a
term of 10 years and, based upon current pricing models and subject to the terms and conditions of the agreement, the Amended Off-Take
Agreement could provide more than US$575 million in revenues over a 15-year period. The realization of the benefits of the Amended
Off-Take Agreement is contingent upon Almonty’s ability to meet its obligations to deliver tungsten concentrate in accordance with
the terms of the agreement. Any failure to comply with the obligations under the Amended Off-Take Agreement, including failure
to deliver the required quantities or quality of tungsten concentrate, could result in penalties, reduced revenues, or the termination
of the agreement. The variable costs of shipping and production over the term of the contract may also affect the profitability of the
agreement. Fluctuations 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