Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 15

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 15
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 has a molybdenum project with significant Inferred Mineral Resources on a separate property adjacent to the tungsten
orebody at the Sangdong Mine. This molybdenum opportunity provides access to another critical material used in aerospace alloys, energy
infrastructure and nuclear defense.

We also own and operate
the Panasqueira tungsten mine in Covilha, Castelo Branco, Portugal (the “Panasqueira Mine”)—one
of the world’s longest-producing tungsten mines—which has been operating for over a century and is renowned for its high-grade,
low-impurity tungsten concentrate. In addition to its production, the Panasqueira Mine serves as a vital source of technical know-how
and operational expertise across our portfolio. Our Spanish assets, including the Valtreixal tungsten mine project located in the province
of Zamora, in Western Spain (the “Valtreixal Mine”) and the Los Santos tungsten mine located near Salamanca, Spain
(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.

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<div align='center'>Our Industry We believe the key drivers of our market include:</div>

| ● | Unique versatility of tungsten.                                                                  
 Tungsten is a versatile and essential metal used in a wide range of applications                 
 due to its unique properties. Specifically, tungsten has a high melting point (heat resistance), 
 extreme durability and hardness, and high density — making it indispensable for a range          
 of applications, including:                                                                      |

| ○ | Kinetic Warfare: measuring                                                                 
 core of armor-piercer and kinetic armor-piercing bullets. Tungsten is a key component in   
 armor shielding for military vehicles and tank armor;                                      |
| ○ | Next-Generation Weapons Systems:                                                           
 kinetic energy penetrators, hypersonic glide vehicles, armor-piercing shells, and missile  
 propulsion