Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 36

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 36
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 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
Officer, could have a material adverse effect on the Company. The Company’s ability to manage its operating, development, exploration
and financing activities will depend in large part on the efforts of these individuals.

The Company believes
that it has been successful in recruiting the necessary personnel to meet its corporate objectives but, as the Company’s business
activity grows, it will require additional key financial, operational, technical, mining and management personnel, as well as additional
staff on the operations side. There can be no assurance that the Company will be able to continue to attract and retain such personnel.

Trade Risks

Geopolitical tensions
and trade disputes, particularly those affecting China, Europe, and the United States, may impact the availability and pricing of tungsten.
With China accounting for a significant share of global tungsten supply, any changes in laws and regulations, export restrictions, tariffs,
or sanctions could create volatility in the market and limit the Company’s ability to source materials or compete effectively.

Since the inauguration
of Donald J. Trump as President of the United States of America on January 20, 2025, tariffs have been announced on goods imported to
the United States from a lengthy list of countries around the world, including Canada, South Korea, Spain, and Portugal. Almonty has
determined that its tungsten ore, concentrates, oxide, and related materials are not subject to these tariffs. The imposition of any
tariff on tungsten ore, concentrates, oxide, and related materials produced and sold by the Company and its subsidiaries may adversely
affect