Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 64

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 64
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 is expected to increase, reflecting                  
 its growing importance in the advancement of EV technology. Additionally, there is a growing     
 focus on niobium tungsten oxide (“NWO”) in batteries, which can reduce                           
 charge time and increase power density, further driving the demand for tungsten. Additionally,   
 research and early-stage commercialization efforts are focusing on NWO materials as a promising  
 advancement in battery technology. Batteries utilizing NWO as an anode material offer the        
 potential for significantly faster charging times and higher power densities compared to         
 traditional lithium-ion batteries (Guo, Y., Guo, C., Li, P. et al. “Improving                    
 the fast-charging capability of NbWO-based Li-ion batteries”, Nat Commun 16,                     
 2441 (2025)). Although commercialization of NWO-based batteries remains at an early stage,       
 successful adoption could further increase demand for tungsten in the energy storage sector.     
 There can be no assurance that such technologies will achieve widespread adoption,               
 but their development highlights the growing relevance of tungsten in emerging energy solutions. |

| 35 |

| Ø | Semiconductor                                                                                      
 and robotics. Tungsten hexafluoride (WF6) gas is commonly used in the production                   
 of logic chip interconnects and next-gen transistor fabrication for semiconductors, a global       
 market that, according to the World Semiconductor Trade Statistics organisation, is expected       
 to grow by 11.2% in 2025, with a projected market valuation of US$697 billion (World Semiconductor 
 Trade Statistics (WSTS), “Global Semiconductor Market Growth Projections 2024-2025”,               
 December 3, 2024). The research and advisory firm Gartner predicts a somewhat higher growth        
 rate of 12.6%, with global semiconductor revenue expected to hit US$705 billion (Gartner,          
 “Market Share Analysis: Semiconductors, Worldwide, 2024 (Preliminary)”,                            
 February 3, 2025). Furthermore, tungsten is a critical material in the production of robotic       
 arms and other heavy machinery, and the robotics market is projected to grow by more than          
 9% annually (Statista Market Insights, “Robotics – Worldwide”).                                    |

Almonty also has
a molybdenum project with significant Inferred Mineral Resources on a separate property adjacent to the tungsten orebody at the
Sangdong Mine, which presents an opportunity for Almonty in the moly