Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 73

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 73
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, driven by increased demand from semiconductor, electronics
and defense applications (Merchant). Despite the narrowing expected supply gap, supply chain vulnerabilities and concentration risk persist
and near-term demand growth for tungsten expected to outpace production (Merchant). The chart below shows the anticipated tungsten supply
gap in the next decade.

<div align='center'>Source: Merchant Research & Consulting Ltd., “ Tungsten 2025: World Market Review and Forecast to 2034,” 2025</div>

The Company believes
that this supply gap will create an opportunity for future growth.

<div align='center'>OUR BUSINESS</div>

The following description of the Company does not contain all of the information about the Company and its properties and business that you should consider before investing in the Offered Shares. You should carefully read the entire prospectus, including the sections titled “Risk Factors”, as well as the documents incorporated by reference herein before making an investment decision.

Overview

We are a leading
producer of tungsten concentrate, primarily for the defense industry, with plans to vertically integrate into oxide production,
and we hold an additional deposit of molybdenum. Tungsten’s extreme hardness, density and high melting point make
it critical for armor-piercing ammunition, armor shielding for military vehicles, missile components, radiation shielding and hypersonic
weapons, however, global scarcity and processing difficulty makes securing conflict-free supply a challenge. With production of
tungsten severely limited outside of China, Russia and North Korea, we believe the operation of our established mine in Portugal, in
addition to the construction of our mine in South Korea, positions us as a key supplier for Western defense programs. With
a strategic emphasis on advancing vertical integration in the tungsten supply chain, we plan to become one of the only U.S.-based tungsten
producers by redomiciling from Canada to the state of Delaware, in the United States. Demand for our products is underscored by a 15-year
floor-priced offtake contract with a U.S. defense contractor for our tungsten concentrate as well as a second offtake agreement for tungsten
oxide, designated exclusively for U.S. defense applications. In addition, we have secured an offtake agreement with a floor price structure,
with SeAH for our potential molybdenum production.

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Our flagship asset, the Sangdong
Mine in South Korea, is one of the world’s largest tungsten deposits by Inferred Mineral Resource and provides tungsten