Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 69

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 69
---
3,” March 16, 2023).

<div align='center'>Table: Economic Importance of Selected Critical Raw Materials

Source: European Commission, “ Study on the Critical Raw Materials for the EU”, 2023 (Chart prepared by Company from Annex 2, Overview of the assessment results)</div>

Recent geopolitical
developments have further tightened the tungsten market. Since December 2024, China’s restrictions on “dual-use” technologies
(Ministry of Commerce of the People’s Republic of China, “Notice Concerning Strengthening Controls on Exports of Relevant Dual-Use Items to the United States”, translated by the Georgetown University Center for Security and Emerging Technology,
December 3, 2024), have disrupted global supply chains, particularly affecting the United States. Effective February 2025,
China’s Ministry of Commerce and General Administration of Customs imposed export controls on 25 rare metals, including tungsten
and molybdenum, citing national security and non-proliferation considerations (General Administration of Customs of the People’s
Republic of China, “Announcement No. 10 [2025] of the Ministry of Commerce and the General Administration of Customs on Announcing the Decision to Impose Export Controls on Items Related to Tungsten, Tellurium, Bismuth, Molybdenum and Indium”, February 7,
2025). These actions have exacerbated concerns about supply availability outside of China.

In Europe, anti-dumping
duties on Chinese tungsten carbide imports were extended for an additional five years in 2023 to protect domestic industry (European
Commission, “Commission Implementing Regulation (EU) 2023/1618 of 8 August 2023, imposing a definitive anti-dumping duty on imports of tungsten carbide, fused tungsten carbide, and tungsten carbide simply mixed with metallic powder originating in the People’s Republic of China”, Official Journal of the European Union, L 199/48, 9 August 2023).

Additional policy
measures further support the drive for independent supply chains. In March 2025, the White House issued an executive order to accelerate
U.S. mineral production by fast-tracking permitting processes, reducing regulatory barriers, and expanding financing programs (The White
House, “Executive Order on Immediate Measures to Increase American Mineral Production”, March 20, 2025). This was
followed by a further executive order under Section 232 of the Trade Expansion Act in April 202