Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 75

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 75
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denum 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 limited number of competitors producing tungsten concentrates in the Western world. The world’s largest producing country of
tungsten concentrates is China. The Company competes specifically with other mining and industrial operations located in the Iberian
Peninsula, and the European Union in general, in obtaining skilled labour and mining supplies.

Market demand for tungsten
concentrate remained stable during the fourth quarter of fiscal 2023 and throughout fiscal 2024. APT pricing was relatively steady over
most of fiscal 2024, with mid-market prices generally ranging between approximately US$330 and US$340 per MTU.

Near the end of fiscal
2024 and into the first quarter of fiscal 2025, APT prices increased