Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 23

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 23
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 unfavourable shifts in tungsten demand in key
markets such as Asia, Europe, and North America, and the release of tungsten concentrate onto the market from the U.S. National Defence
Stockpile. The aggregate effect of these factors is impossible to predict with accuracy. There is thus no assurance that a profitable
market will continue to exist for the sale of tungsten. Fluctuations in tungsten prices may materially adversely affect the Company’s
financial performance or results of operations. If the market price of tungsten concentrate falls below the Company’s realized
or anticipated all-in sustaining costs per MTU of production at one or more of its mines, projects or other properties and remains so
for any sustained period, the Company may experience losses and/or may curtail or suspend some or all of its mining, exploration or development
activities at such mines, projects or other property or at other mines or projects. A fall in the market price of tungsten concentrate
may affect the Company’s ability to generate positive cash flow from operations. The Company’s current mine plans and mineral
reserve and mineral resource estimates for the Sangdong Mine are generally based on an APT price of US$450
per MTU. If the price of tungsten falls below such level, the Sangdong Mine may be rendered uneconomic and production may be suspended.
In addition, lower tungsten prices may require the mine plans to be changed, which may result in reduced production, higher costs than
anticipated, or both, and the estimate of mineral reserves for the Sangdong Mine and Mineral Resources may be reduced. Also, increased
volatility in the price of tungsten may result in the Company delaying or abandoning some of its growth projects.

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From time to time,
the Company enters into supply agreements with customers which fix the price of the product its sells for periods of time the Company
deems appropriate.

Economic Dependency

Although the Company
sells its tungsten concentrate to Japanese, European and North American customers, the majority of the revenue earned by the Company’s
current operations are derived from sales to two customers and their affiliates under short-term supply agreements for the minerals produced
at the Panasqueira Mine (the “Panasqueira Customers”). Beralt Tin & Wolfram (Portugal), S.A. (“BTW”),
an indirect wholly-owned subsidiary of the Company, is a party to such agreements, which are typically renewed on an annual basis. The
Company has also entered into an amended off-take