Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 47

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 47
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 whether true or not. The Company does not have direct control over
how it is perceived by others. In the future, certain matters may affect the Company’s reputation in the view of its stakeholders.
Such matters, once publicized, may negatively affect the Company’s reputation. Any damage to the Company’s reputation could
result in, among other things, a decrease to the trading price of the Common Shares, decreased investor confidence, challenges in maintaining
positive relationships with the communities in which it operates and other important stakeholders, and increased risks in obtaining permits,
financing or social license for our operations, any of which could have a material adverse effect on the Company’s earnings, cash
flows, financial condition or results of operations.

Geopolitical Risks in Key Operating
Regions

The Company’s
operations are subject to political and geopolitical risks that could adversely affect its business, financial condition, and results
of operations. These risks include changes in government policies, political instability, civil unrest, trade restrictions, expropriation,
and the outbreak of war or other hostilities in the regions where the Company operates, including South Korea, Spain, and Portugal and
are beyond the Company’s control and may adversely affect our operations. Additionally, shifts in political attitudes or changes
in mining or investment policies in these regions could impact the Company’s profitability and ability to meet its strategic objectives.
This could include disruptions to supply chains, regulatory challenges, or increased costs. In particular, relations between the Republic
of Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between North and South Korea
has fluctuated and may increase or change abruptly because of current and future events. In recent years, there have been heightened
security concerns stemming from North Korea’s nuclear weapons and long-range missile programs and increased uncertainty regarding
North Korea’s actions, particularly considering the recent leadership change, and possible responses from the international community.
Tensions have escalated on the Korean peninsula, and there can be no assurance that the level of tension will not escalate further in
the future. Any further increase in tensions, which may occur, for example, if military hostilities occur or North Korea experiences
a leadership or economic crisis, could have a material adverse effect on the Company’s operations and the market value of its Common
Shares.

Furthermore, there
can be no assurance that the political and economic policies of neighbouring countries, including China, Russia and North Korea, in relation
to South Korea, will not have adverse economic effects on the development of the Company