Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 66

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 66
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3). The FY2025 presidential budget request proposes US$849.8 billion (U.S. Department
of Defense, “FY2024 Budget Overview,” March 2024), with an additional US$150 billion in funding approved by the House
Armed Services Committee in April 2025, bringing projected annual defense spending to nearly US$1 trillion.

Germany, for
example, launched a €100 billion special defense fund in 2022 to modernize the Bundeswehr (Die Bundesregierung, “100 billion euros for a powerful Federal Armed Forces”,June 2022). In March 2025, Germany amended Articles 109 and 115 of its constitution
to allow defense-related borrowing beyond the national debt limit (Schuldenbremse) (Deustcher Bunderstag, “Budget Committee adopts amendments to the Basic Law”, March 2025). Analysts estimate this shift could increase Germany’s defense expenditure
to as much as 3.5% of GDP by 2027, up from 2.1% in 2024 (Financial Times, “Friedrich Merz’s €1tn spending plan wins
final approval from Germany’s upper house”, March 2025).

| 36 |

France enacted
the Military Programming Law (Loi de Programmation Militaire) 2024–2030 in July 2023, allocating €413.3 billion to
defense modernization initiatives. These include next-generation fighter jets, naval vessels, armored vehicles, cyber defense capabilities,
and enhanced force readiness. France’s defense spending totaled approximately US$61.3 billion in 2023, or 2.1% of GDP, with targets
to increase to 3–3.5% of GDP over the current program horizon (Ministère des Armées, “Présentation du budget de la Défense 2024” July 2023).

Japan approved
a record ¥8.5 trillion (approximately US$58 billion) defense budget for FY2025, with plans to increase military spending to ¥8.9
trillion (approximately US$61 billion) by 2027 (Ministry of Defense, “Overview of FY2025 Budget”, November 2025, assumes
a Yen to US$ exchange rate of 0.0069). This follows a 27.4% increase in FY2023 and a 16.5% rise in FY2024, reflecting Japan’s
strategic repositioning and