Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 72

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 72
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bdenum
Market Overview

<div align='center'>Source: Mineral Commodity Summaries.</div>

Estimated global
molybdenum production in 2024 is approximately 260,000 tonnes. China is expected to account for 42% of this total, followed by South
America (36%), the United States (13%), and the rest of the world (9%).

Market Trends
and Future Outlook

The tungsten market
is expected to experience robust growth driven by several key factors. Technological advancements are making tungsten’s role in
emerging technologies such as semiconductors and batteries increasingly significant. The material is essential for the production of
tungsten hexafluoride (WF) gas, used for thin film deposition in semiconductor manufacturing, and nano tungsten oxide, used
in battery anode and cathode manufacturing (International Tungsten Industry Association, “Tungsten in Integrated Circuits”,
2024; International Tungsten Industry Association, “Tungsten Chemicals and their Applications”, 2011).
Rising military tensions are also driving increased demand for tungsten in defense systems. The boom in electric and hybrid vehicles
is also expected to boost tungsten demand due to its use in hybrid batteries and its emerging role in next-generation battery technologies,
such as NWO, which are currently in prototype or early development stages and offer the potential for faster charging and higher power
density. Tungsten’s ability to enhance high energy density in batteries and improve battery durability is a key driver in this
sector.

The tungsten market
faces several challenges, including the high dependency on Chinese supply, lack of transparency in production practices, and geopolitical
risks. However, these challenges also present opportunities for companies operating in transparent and conflict-free jurisdictions, like
Almonty, which is positioning itself as a strategic supplier to the United States and other Western partners. The market’s tight
supply conditions and the strategic importance of tungsten in critical industries are expected to support sustained price strength over
the medium to long term.

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A supply deficit
of tungsten is expected in the near term, with demand exceeding production by approximately 5,570 tonnes in 2025 and approximately
2,330 tonnes in 2026 (“Technical Report on the Mineral Resources and Reserves of Sangdong Project”, 2025). Global
tungsten demand volume is projected to grow at a CAGR of 3.6% from 2025 to 2034