Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 35

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 35
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 on very limited and widely
spaced drill hole information, which is not necessarily indicative of conditions between and around the drill holes. Accordingly, such
mineral resource estimates may require revision as more drilling information becomes available or as production experience is gained.

The estimated Mineral Resources and mineral reserves
described in this prospectus should thus not be interpreted as assurances of commercial viability or potential or of the profitability
of any future operations. Investors are cautioned not to place undue reliance on these estimates.

Competition

The mineral exploration,
development and production industry is intensely competitive in all of its phases and the Company must compete in all aspects of its
operations with a substantial number of large established mining companies with greater liquidity, greater access to credit and other
financial resources, newer or more efficient equipment, lower-cost structures, more effective risk management policies and procedures
and/or greater ability than the Company to withstand losses.

There is also a
limited supply of desirable mineral properties available for claim staking, leasing, exploration or acquisition in the areas where the
Company contemplates conducting activities. Many companies and individuals are engaged in the mining business and, as a result, the competition
for these properties is intense. The Company may be at a competitive disadvantage in acquiring ore, talent or mining properties, as it
must compete with these companies and individuals, some of which may have greater financial resources and larger technical staff than
the Company or be able to leverage synergies that are not available to the Company.

The Company’s
competitors may be able to respond more quickly to new laws or regulations or emerging technologies or devote greater resources to the
expansion of their operations, than the Company can. In addition, current and potential competitors may make strategic acquisitions or
establish cooperative relationships among themselves or with third parties. Accordingly, there can be no assurance that the Company will
be able to compete successfully for new mining properties.

As global efforts
to reduce dependency on Chinese tungsten increase, competition among non-Chinese producers may also intensify. This could impact pricing
dynamics, market share, and long-term profitability. Failure to maintain cost competitiveness or secure strategic partnerships may adversely
affect the Company’s market position.

Dependence on Key Personnel and Employees

Recruiting and retaining
appropriately qualified personnel is critical to the Company’s success. The number of persons skilled in the construction, operation,
development and exploration of mining properties is limited and competition for such persons is intense. The Company competes with mining
and other companies on a global basis to