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

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 10
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 that would be disclosed had the Company
prepared the mineral resource estimates under the standards adopted under the SEC Modernization Rules.

We prepare our financial
statements, which are incorporated by reference to this prospectus, in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (“IFRS”). Consequently, all of the financial statements and
financial information of Almonty included or incorporated herein is prepared in accordance with IFRS, which is materially different than
financial statements and financial information prepared in accordance with U.S. generally accepted accounting principles.

<div align='center'>CAUTIONARY NOTE
TO INVESTORS CONCERNING ESTIMATES OF MINERAL RESOURCES</div>

Investors are cautioned
not to assume that any part, or all, of the mineral deposits categorized as “Inferred Mineral Resources” or “Indicated
Mineral Resources” will ever be converted into mineral reserves. “Inferred Mineral Resources” are Mineral Resources
for which quantity and grade or quality are estimated based on limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade or quality continuity. “Inferred Mineral Resources” are based on limited information
and have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility.

Under Canadian rules,
estimates of Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them
to enable them to be categorized as Mineral Resources and, accordingly, may not form the basis of feasibility or pre-feasibility studies,
or economic studies except for a Preliminary Economic Assessment as defined under NI 43-101. Investors are cautioned not to assume that
part or all of an Inferred Mineral Resource exists or is economically or legally mineable. Indicated and Inferred Mineral Resources that
are not Mineral Resources do not have demonstrated economic viability.

<div align='center'>MARKET AND
INDUSTRY DATA</div>

Market and industry
data presented throughout this prospectus and/or the documents incorporated by reference herein or therein was obtained from third-party
sources and industry reports and from publications, websites and other publicly available information, as well as industry and other
data prepared by us or on our behalf on the basis of our knowledge of the markets in which we operate, including information provided
by suppliers, partners, customers and other industry participants. We believe that the market and economic data presented throughout
this prospectus and/or the documents incorporated by reference herein or therein is accurate and, with