Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 34

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 34
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 to achieve production or cost estimates or material increases in costs could have an adverse
impact on Almonty’s future cash flows, profitability, results of operations and financial condition.

Almonty’s
actual production and costs may vary from estimates for a variety of reasons, including: actual ore mined varying from estimates of grade,
tonnage, dilution and metallurgical and other characteristics; short-term operating factors relating to mineral or ore reserves, such
as the need for sequential development of ore bodies and the processing of new or different ore grades; revisions to mine plans; unusual
or unexpected ore body formations; risks and hazards associated with mining; natural phenomena, such as inclement weather conditions,
increased incidence of extreme weather events, water availability, floods, and earthquakes; and unexpected labour shortages or strikes.
Production may also be impacted by delays or inefficiencies in the commissioning or operation of the flotation and chemical processing
plant at the Sangdong Mine. Costs of production may also be affected by a variety of factors, including: changing waste-to-ore ratios,
ore grade metallurgy, labour costs, the cost of commodities, general inflationary pressures and currency exchange rates.

Accuracy of Mineral Reserve and Mineral
Resource Estimates

The mineral reserves and Mineral Resources published
by the Company are estimates and no assurance can be given that the anticipated production will be achieved or that the indicated level
of recovery of tungsten will be realized. Because Almonty prepared this prospectus in accordance with the disclosure requirements of
Canadian securities laws, it contains resource estimates, which are required by NI 43-101. Mineral reserve and mineral resource estimates
are often based on tungsten recoveries in small-scale laboratory tests and may not be indicative of the mineralization in the entire
orebody and the Company may not be able to achieve similar results in larger scale tests under on-site conditions or during production.
Large-scale continuity and character of the Company’s deposits will only be determined once significant additional drilling and
sampling have been completed and analyzed. Actual mineralization or formations may be different from those predicted. No assurance can
be given that any part or all of Almonty’s Mineral Resources constitute or will be converted into reserves. The ore grade actually
recovered by the Company may also differ from the estimated grades of the mineral reserves and Mineral Resources.

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Reserve and resource estimates are materially
dependent on prevailing metal prices and the cost of recovering and processing minerals at the individual mine sites.

Prolonged declines in the market price of tung