Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 63

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 63
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 recognition of taxable income without
receipt of distributions from the Company.

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<div align='center'>INDUSTRY OVERVIEW</div>

Almonty operates
within the tungsten mining industry, a sector critical to various high-tech and industrial applications.

Tungsten is a versatile
and essential metal used in a wide range of applications due to its unique properties, including its high melting point, density, and
extreme hardness, making it critical in applications where high heat resistance, durability, and weight are required, including military
technology, aerospace, semiconductors, construction, and advanced industrial manufacturing.

The following list outlines
potential end uses, the factors that drive them, and their growth potential.

| Ø | Electric                                                                                         
 and hybrid vehicles. Tungsten is becoming increasingly important in the production of            
 hybrid batteries due to its ability to enhance high energy density. The amount of tungsten       
 incorporated into electric vehicles (“EVs”) is expected to increase, reflecting                  
 its growing importance in the advancement of EV technology. Additionally, there is a growing     
 focus on niobium tungsten oxide (“NWO”) in batteries, which can reduce                           
 charge time and increase power density, further driving the demand for tungsten. Additionally,   
 research and early-stage commercialization efforts are focusing on NWO materials as a promising  
 advancement in battery technology. Batteries utilizing NWO as an anode material offer the        
 potential for significantly faster charging times and higher power densities compared to         
 traditional lithium-ion batteries (Guo, Y., Guo, C., Li, P. et al. “Improving                    
 the fast-charging capability of NbWO-based Li-ion batteries”, Nat Commun 16,                     
 2441 (2025)). Although commercialization of NWO-based batteries remains at an early stage,       
 successful adoption could further increase demand for tungsten in the energy storage sector.     
 There can be no assurance that such technologies will achieve widespread adoption,               
 but their development highlights the growing relevance of tungsten in emerging energy solutions. |

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| Ø | Semiconductor                                                                                      
 and robotics. Tungsten hexafluoride (WF6) gas is commonly used in the production                   
 of logic chip interconnects and next-gen transistor fabrication for semiconductors, a global       
 market that, according to the World Semiconductor Trade Statistics organisation, is expected       
 to grow by 11.2% in 2025, with a projected market valuation of US$697 billion (World Semiconductor