Tungsten Price Volatility: Almonty's revenues are highly dependent on the global price of tungsten, which can fluctuate significantly due to supply and demand dynamics, economic conditions, and geopolitical factors, potentially impacting profitability.

Sangdong Project Development Risk: The successful development and commissioning of the flagship Sangdong Tungsten Mine in South Korea faces risks including construction delays, cost overruns, technical challenges, and the ability to achieve projected production targets and operational efficiencies.

Financing and Liquidity Risk: Almonty requires substantial capital for project development, operations, and debt servicing. There is a risk that the company may not be able to secure additional financing on favorable terms, or at all, leading to potential liquidity issues or project delays.