Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 74

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 74
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 vital source of technical know-how and operational expertise across our portfolio. Our Spanish assets, including the Valtreixal
Mine and the Los Santos Mine, provide us with additional growth opportunities and help diversify our future supply.

Almonty’s objective
is to build a secure, Western-focused tungsten and molybdenum supply chain capable of displacing reliance on China and meeting the increasing
needs of Western defense industries. Given our multi-decade resource visibility, access to high-grade material, our expertise in tungsten
processing, our long-term offtake agreements and experienced management team, Almonty is well-positioned to become a leading strategic
supplier of “conflict-free” tungsten and molybdenum for defense, aerospace semiconductor, and battery markets.

Almonty is a corporation
continued under the Canada Business Corporation Act, and plans to effectuate a redomiciliation from Canada to the State of Delaware.
See “Our Business—Continuation to the United States”.

Corporate Structure

The following illustrates
the inter-corporate relationships between the Company and its subsidiaries and sets out the respective jurisdictions of existence of
such subsidiaries and the percentage of their voting securities owned, controlled or directed, directly or indirectly, by the Company
as at the date hereof.

Production
and Principal Markets

The production of Almonty
is concentrated in the Panasqueira Mine. The principal markets for the Company’s tungsten concentrates are the United States of
America, Western Europe and Japan. These regions represent significant portions of global tungsten consumption, driven by defense,
high-tech manufacturing, aerospace and industrial tooling sectors.

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Competitive
Conditions

The Company sells tungsten
concentrates at prices determined by world markets over which the Company has no influence or control. These markets are cyclical. The
Company’s competitive position is determined by its costs compared to those of other producers throughout the world and by the
Company’s ability to maintain financial strength through the tungsten concentrate price cycle despite currency fluctuations. Costs
are governed principally by the location, grade and nature of the ore bodies and mineral deposits, and the Company’s cost of labour,
power and supplies, and, as well, by operating and management skill. Over the long term, the Company’s competitive position is
determined by its ability to develop economic ore bodies and replace current production. In this regard, the Company also competes with
other mining companies for mineral properties.

At present, there are
a