Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 23

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 23
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sten. In common with other commodities,
tungsten markets are cyclical and may be volatile.

Almonty’s
policy is to maintain exposure to commodity price movements at its mining operations. The Company sells WO concentrate that
is denominated in US$ per MTU. Every +/- US$10.00 movement in the average price of one (1) MTU of European APT as quoted on the Fastmarkets
MB exchange impacts the Company’s revenue by +/- approximately US$8.00 per MTU of WO concentrate.

Tungsten prices
fluctuate and are affected by factors including demand from industrial sectors such as defense, aerospace, and energy, international
economic and political trends, expectations of inflation, expectations of economic activity, the exchange rate of the U.S. dollar to
other major currencies, political and economic conditions including international trade disputes and the imposition of tariffs, interest
rates, global or regional consumption and demand patterns, speculative activities and increased production due to improved mining and
production methods, production costs in major tungsten-producing regions, speculative positions taken by investors or traders in tungsten,
wars and other conflicts, changes in supply and changing investor or consumer sentiment (including in connection with the transition
to a low-carbon economy, investor interest in cryptocurrencies and other investment alternatives) as well as competition from alternative
materials, all of which are beyond the Company’s control. Tungsten prices may also be negatively affected by any slowing of the
global economy, increases in exports from one market economy countries, notably China, 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