Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 42

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 42
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 Regulatory authorities exercise considerable discretion in whether or not to issue permits, licenses and approvals
and the timing of such issuances. Almonty believes it (or its subsidiaries) presently holds all necessary licenses and permits to carry
on the activities at its mineral properties, and that it is presently complying in all material respects with the terms of such licenses
and permits. Almonty’s properties may be held in the form of permits, licences and leases and working interests in permits, licences
and leases. There can be no guarantee, however, that Almonty or its subsidiaries will be able to obtain and maintain, at all times, all
necessary licences and permits required in connection with its mineral properties or any exploration or development activity or to place
its properties into commercial production and to operate mining facilities thereon. If Almonty or the holder of any such permit, licence
or lease fails to meet the specific requirement of such permit, licence or lease, the permit, licence or lease, as applicable, may terminate
or expire. There can be no assurance that any of the obligations required to maintain each permit, licence or lease will be met. The
termination or expiration of such permits, licences or leases or the working interests relating to a permit, licence or lease may have
a material adverse effect on Almonty’s results of operations and business.

Private individuals
and the public at large often possess rights to comment on and otherwise engage in the permitting, licensing and approval processes,
including through intervention in the courts. Accordingly, new permits, licenses and approvals required by Almonty to fully exploit its
properties may not be issued, or if issued, may not be issued in a timely fashion, or may contain requirements which restrict Almonty’s
ability to conduct its mining operations or to do so in a profitable manner.

There is a restoration
provision of $3.161 million (December 31, 2023 - $1.205 million) with respect to the Sangdong Mine based on the amount
assessed by the relevant local government authorities. Actual costs may exceed the provision amount due to unforeseen circumstances,
changes in regulatory requirements, or inaccuracies in the local government authorities’ initial assessment.

In addition to
authorizations required in connection with its mineral properties, other mines that may be acquired by Almonty will require governmental
authorizations and permits before these properties can be developed and brought into production. Access to such lands for mining purposes
may be restricted by present or future legislation. Accordingly,