Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 64

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 64
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 Trade Statistics (WSTS), “Global Semiconductor Market Growth Projections 2024-2025”,               
 December 3, 2024). The research and advisory firm Gartner predicts a somewhat higher growth        
 rate of 12.6%, with global semiconductor revenue expected to hit US$705 billion (Gartner,          
 “Market Share Analysis: Semiconductors, Worldwide, 2024 (Preliminary)”,                            
 February 3, 2025). Furthermore, tungsten is a critical material in the production of robotic       
 arms and other heavy machinery, and the robotics market is projected to grow by more than          
 9% annually (Statista Market Insights, “Robotics – Worldwide”).                                    |

Almonty also has
a molybdenum project with significant Inferred Mineral Resources on a separate property adjacent to the tungsten orebody at the
Sangdong Mine, which presents an opportunity for Almonty in the molybdenum industry. Molybdenum has end-use applications in high-strength
steel alloys, military armour, radiation shielding, aerospace systems, electrical contacts, industrial motors and reactors (International
Molybdenum Association, “Applications of Molybdenum Metal and its Alloys”,2013). End-use demand for molybdenum
has reached a record high of over 400,000 tonnes in 2023-2024 (International Molybdenum Association, “2023-2024 Annual Review”, 2024). Aerospace and defense is an important end-market, accounting for 5% of annual use in 2023, with usage growing
13% over 2022 (International Molybdenum Association, “2023-2024 Annual Review”, 2024). There is little substitution
for molybdenum in its major applications in steels and cast irons. (U.S. Geological Survey, “Mineral commodity summaries 2025”
(ver. 1.2), March 2025, the “Mineral Commodity Summaries”). Despite rising demand, there are few viable suppliers
outside of China, with 42% of global production based in China (Mineral Commodity Summaries).

Global Defense
Spending Trends and Implications for Tungsten Demand

Tungsten’s
strategic importance has been reinforced by a significant rise in global defense spending, particularly among NATO and allied nations.
In response to heightened geopolitical tensions and evolving national security priorities, major