Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 22

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 22
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 or any difficulties encountered in their implementation or improvement could result in the Company’s
inability to produce accurate financial statements on a timely basis, could increase the Company’s operating costs and harm our
business, could result in the Company’s failure to meet our reporting and / or listing obligations, could result in a restatement
of the Company’s financial statements for prior periods, could undermine investor confidence in us and could adversely affect
the trading price of the Company’s Common Shares. In addition, investors’ perceptions that the Company’s
internal controls and procedures are inadequate or that we are unable to produce accurate financial statements on a timely basis may
harm the Company’s stock price. The Company intends to review its disclosure control and procedures and internal control
over financial reporting with the assistance of an external consultant in the third quarter of 2025.

Price of Metals

The Company’s
earnings are directly related to commodity prices, as revenues are derived from the sale of tungsten. In common with other commodities,
tungsten markets are cyclical and may be volatile.

Almonty’s
policy is to maintain exposure to commodity price movements at its mining operations. The Company sells WO concentrate that
is denominated in US$ per MTU. Every +/- US$10.00 movement in the average price of one (1) MTU of European APT as quoted on the Fastmarkets
MB exchange impacts the Company’s revenue by +/- approximately US$8.00 per MTU of WO concentrate.

Tungsten prices
fluctuate and are affected by factors including demand from industrial sectors such as defense, aerospace, and energy, international
economic and political trends, expectations of inflation, expectations of economic activity, the exchange rate of the U.S. dollar to
other major currencies, political and economic conditions including international trade disputes and the imposition of tariffs, interest
rates, global or regional consumption and demand patterns, speculative activities and increased production due to improved mining and
production methods, production costs in major tungsten-producing regions, speculative positions taken by investors or traders in tungsten,
wars and other conflicts, changes in supply and changing investor or consumer sentiment (including in connection with the transition
to a low-carbon economy, investor interest in cryptocurrencies and other investment alternatives) as well as competition from alternative
materials, all of which are beyond the Company’s control. Tungsten prices may also be negatively affected by any slowing of the
global economy, increases in exports from one market economy countries, notably China,