Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 65

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 65
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bdenum industry. Molybdenum has end-use applications in high-strength
steel alloys, military armour, radiation shielding, aerospace systems, electrical contacts, industrial motors and reactors (International
Molybdenum Association, “Applications of Molybdenum Metal and its Alloys”,2013). End-use demand for molybdenum
has reached a record high of over 400,000 tonnes in 2023-2024 (International Molybdenum Association, “2023-2024 Annual Review”, 2024). Aerospace and defense is an important end-market, accounting for 5% of annual use in 2023, with usage growing
13% over 2022 (International Molybdenum Association, “2023-2024 Annual Review”, 2024). There is little substitution
for molybdenum in its major applications in steels and cast irons. (U.S. Geological Survey, “Mineral commodity summaries 2025”
(ver. 1.2), March 2025, the “Mineral Commodity Summaries”). Despite rising demand, there are few viable suppliers
outside of China, with 42% of global production based in China (Mineral Commodity Summaries).

Global Defense
Spending Trends and Implications for Tungsten Demand

Tungsten’s
strategic importance has been reinforced by a significant rise in global defense spending, particularly among NATO and allied nations.
In response to heightened geopolitical tensions and evolving national security priorities, major economies are accelerating investment
in next-generation defense systems—many of which require tungsten-based components due to the metal’s exceptional density,
hardness, and heat resistance.

The United States
remains the world’s largest defense spender (International Institute for Strategic Studies, “Defence Spending and Procurement Trends”, February 12, 2025). In 2023, the Department of Defense requested a budget for munitions of US$30.6 billion, an increase
of 230% from the request for the 2014 fiscal budget (Under Secretary of Defense (Comptroller), “Defense Budget Materials - FY2024”,
2023 and Under Secretary of Defense (Comptroller), “Program Acquisition Cost by Weapon System”, 2013). The FY2024
National Defense Authorization Act authorized US$841.4 billion in defense expenditures (U.S. Department of Defense, “FY 2024 Defense Budget”, December 14, 202