Almonty Industries Inc 2025年度报告

FORM 40-F OR CT Corporation System28 Liberty StreetNew York, New York 10005(212) 894-8940 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board toits Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Auditor Name: Zeifmans LLPAuditor Location: Toronto, CanadaAuditor Firm ID: 1149 EXPLANATORY NOTE Almonty Industries Inc. (“Almonty” or the “Company”) is a Canadian issuer eligible to file its annual report pursuant toSection 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Company is a “foreign private issuer” as defined in Rule 405 under the FORWARD LOOKING INFORMATION You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typicallyidentified by words such as “plan”, “development”, “growth”, “continued”, “intentions”, “expectations”, “emerging”, “evolving”,“strategy”, “opportunities”, “anticipated”, “trends”, “potential”, “outlook”, “ability”, “additional”, “on track”, “prospects”, “viability”,“estimated”, “reaches”, “enhancing”, “strengthen”, “target”, “believes”, “next steps” or variations of such words and phrases orstatements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this Annual Report include, but are not limited to, statements with respect to: demand for tungsten; tungstenprices; tungsten recovery and production; reductions in operating and unit production costs; currency and interest rate fluctuations;expectations regarding impairments of the Company’s mineral properties; improvements in efficiencies or reduction in dilution; futureremediation and reclamation activities; expectations regarding the further exploration, development and life of mine of the Company’s Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actualresults to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is basedinclude, without limitation: the absence of material adverse changes in the Company’s industry or the global economy includinginterest rate fluctuations, inflationary pressures, supply chain disruptions, and commodity market volatility; trends in the Company’sindustry and markets, including the competitive environment; the ability of the Company to maintain its interests in its mineralprojects, including with respect to title, access, and permitting matters; the Company’s ability to manage risks normally incidental tothe exploration, development and operation of mineral properties; the performance and results of Phase I operations at the SangdongMine; the Company’s ability to proceed with Phase II expansion of the Sangdong Mine; the Company’s ability to maintain goodbusiness relationships with key stakeholders, including customers, suppliers, lenders, regulators, and local communities; theCompany’s ability to manage its growth effectively, both organically and through acquisitions; the Company’s ability to effectivelyintegrate acquisitions and realize anticipated benefits; the Company’s ability to manage potential uncertainties in the interpretation ofgeological data, drill resul