Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 32

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 32
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will depend on the availability of a skilled workforce, including, but not limited to, mining and mineral, metallurgical and geological
engineers, geologists, environmental and safety specialists, and mining operators to explore and develop the project. Inadequate access
to an available skilled workforce could compromise many aspects of the project’s feasibility, viability and profitability, including,
but not limited to, the construction and production schedules, capital and operating costs.

Technological and Innovation Risk

The development and operation of the Sangdong
Mine involve advanced technologies, such as the Mine Safety DX technology developed with Korea Telecom (KT). The successful implementation
of this technology relies on the integration of advanced communication infrastructure. Any technical issues or delays in installation
and operation could hinder communication and monitoring capabilities. This could lead to operational disruptions, increased costs, and
production delays, negatively impacting the profitability of the Sangdong Mine.

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Risks Relating to the Tungsten Oxide Facility

Project Financing and Capital Cost
Overrun Risk

The Company has not
yet secured all of the financing required to construct and commission its projected development of the Tungsten Oxide Facility. While
a non-binding letter of intent has been entered into with KfW for up to $50 million in project financing, the finalization of this financing
facility and any additional required funding remains subject to various conditions including due diligence, negotiation of definitive
agreements and satisfaction of conditions precedent, such as receipt of all necessary permits.

The estimated capital
cost of the Tungsten Oxide Facility is based on preliminary engineering studies and may be subject to significant change as the project
advances. Unanticipated increases in construction, equipment, labor, or regulatory compliance costs could result in a funding shortfall.
There can be no assurance that the Company will be able to secure the necessary project financing on acceptable terms or at all. Failure
to obtain sufficient financing or to control capital costs could delay, suspend, or prevent the construction and commissioning of the
Tungsten Oxide Facility, which could have a material adverse effect on the Company’s growth strategy, financial condition, and
results of operations.

Execution and Construction Risk

The Tungsten Oxide
Facility is a large-scale, technically complex project that remains in the pre-construction stage. The successful completion of the project
is subject to numerous risks, including but not limited to: design and engineering challenges, procurement and delivery of specialized
equipment, contractor and labor availability, construction delays, cost overruns