Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 70

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 70
---
5, directing federal agencies to assess
vulnerabilities in critical mineral supply chains, reduce reliance on foreign adversaries, and strengthen domestic production capacities
(The White House, “Fact Sheet: President Donald J. Trump Ensures National Security and Economic Resilience Through Section 232 Actions on Processed Critical Minerals and Derivative Products”, April 15, 2025).

At the international
level, NATO published its Defence-Critical Supply Chain Security Roadmap in December 2024, identifying tungsten as a high supply risk
material essential for several military applications, including fighter aircraft, battle tanks, missiles, and submarines (The White House,
“Executive Order on Ensuring National Security and Economic Resilience Through Section 232 Actions on Processed Critical Minerals and Derivative Products”, April 15, 2025). NATO’s designation further underscores the strategic significance of securing
stable and reliable tungsten supplies to support allied defense capabilities.

| 38 |

Tungsten was formally
included in the 2025 edition of the Global Critical Minerals Outlook (International Energy Agency (IEA) “ Global Critical Minerals Outlook 2025, May 2025”), recognizing its growing strategic and economic importance to industrialized economies. The report
highlights tungsten as one of the top 20 minerals most exposed to supply risks, noting its concentration of production and limited number
of processing facilities outside of China. Tungsten’s essential role in defense, aerospace, energy, and industrial tooling applications
was a key factor in its classification. Its listing underscores increasing global efforts to secure diversified and resilient supply
chains for critical raw materials amid evolving geopolitical and economic pressures.

Tungsten Price

The below chart indicates
the average weekly spot price1 of
APT in Rotterdam published on the Fastmarkets MB from 2020 to July 4, 2025.

<div align='center'>Source: Fastmarkets APT Price (Rotterdam)</div>

As of the end of
the second quarter of 2025, the average weekly spot price of APT in Rotterdam reached US$462.50 per MTU, based on pricing published by
Fastmarkets MB. This represents the highest level recorded in over three decades. Following a period of relative stability throughout
2023 and early 2024, prices began to rise sharply in late 2024, driven by increasing demand and mounting concerns over supply constraints.
APT prices have more than doubled since early 2020, with sustained upward momentum in recent months.

1The average weekly spot price refers