Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 38

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 38
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 commodity prices and our ability to raise funds to undertake
capital expenditures. A Canada-US or a broader trade war also has the potential to adversely impact global supply chains and make supplies
that are required for the conduct of the Company’s activities more expensive, harder to obtain or unavailable. Scarcity in the
global supply chain would likely increase the cost of supplies required generally, which could impair our ability to operate. The indirect
effects of tariffs imposed by the US or by counter tariffs in response are difficult to assess, but the potential for continued tariffs
represents a risk and may adversely affect our business, financial condition and results of operations. Further, the recent enactment
of the One Big Beautiful Bill Act has eliminated certain tax incentives for critical minerals, including tungsten, which may adversely
affect our business, financial condition and results of operation.

Supply Chain Disruptions

Natural resource
exploration, development, processing and mining activities are dependent on the availability of mining, drilling and related equipment
in the particular areas where such activities are conducted. Prolonged disruptions to the procurement of equipment, or the flow of materials,
supplies and services to the Company could have an adverse impact on its operating costs, capital expenditures and construction and production
schedules. These disruptions may be the result of matters outside of the Company’s control or ability to mitigate, such as from
natural disasters, trade disputes, imposition of tariffs, transportation disruptions, economic instability, global pandemics or other
health emergencies, international sanctions, including those imposed in the context of the invasion of Ukraine by Russia, and geopolitical
concerns, such as the conflicts in the Middle East and ongoing conflict in Ukraine. Supply chain disruptions may also be manifested as
rising costs or shortages of certain commodities.

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Raw Materials Cost

Unexpected increases
in raw material costs could significantly impair Almonty’s profitability. Almonty’s mining operations use significant amounts
of steel, petroleum products and other raw materials in various pieces of mining equipment, supplies and materials. If the price of steel,
petroleum products or other input materials increase, Almonty’s operational expenses will increase, which could have a significant
negative impact on its profitability.

Energy Supply and Power Grid Reliability

Mining operations
are highly dependent on reliable and cost-effective energy supplies. Disruptions to the power grid, including outages, price volatility,
or infrastructure failures, could significantly impact production timelines and increase operating costs. Additionally, reliance on regional
energy sources may expose the Company to regulatory