Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 36

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 36
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 staking, leasing, exploration or acquisition in the areas where the
Company contemplates conducting activities. Many companies and individuals are engaged in the mining business and, as a result, the competition
for these properties is intense. The Company may be at a competitive disadvantage in acquiring ore, talent or mining properties, as it
must compete with these companies and individuals, some of which may have greater financial resources and larger technical staff than
the Company or be able to leverage synergies that are not available to the Company.

The Company’s
competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the
expansion of their operations, than the Company can. In addition, current and potential competitors may make strategic acquisitions or
establish cooperative relationships among themselves or with third parties. Accordingly, there can be no assurance that the Company will
be able to compete successfully for new mining properties.

As global efforts
to reduce dependency on Chinese tungsten increase, competition among non-Chinese producers may also intensify. This could impact pricing
dynamics, market share, and long-term profitability. Failure to maintain cost competitiveness or secure strategic partnerships may adversely
affect the Company’s market position.

Dependence on Key Personnel and Employees

Recruiting and retaining
appropriately qualified personnel is critical to the Company’s success. The number of persons skilled in the construction, operation,
development and exploration of mining properties is limited and competition for such persons is intense. The Company competes with mining
and other companies on a global basis to attract and retain employees at all levels with appropriate technical skills and operating experience
necessary to operate its mines. Additionally, as we become a larger company and publicly listed in the US, we may be required to recruit
additional personnel to assist us in complying with new reporting requirements, listing standards and other applicable rules and regulations.
We may not be able to fill new positions or vacancies created by expansion or turnover or attract and retain qualified personnel. Relationships
between the Company and its employees may be affected by changes in the scheme of employee relations that may be introduced by relevant
government authorities in the jurisdictions that the Company operates. Changes in applicable legislation or in the relationship between
the Company and its employees or contractors may have a material adverse effect on the Company’s business, results of operations
and financial condition.

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The loss of the
services of one or more of such key management personnel, including Lewis Black, the Company’s Chairman, President and Chief Executive
Off