Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 65

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 65
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 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, 2023). The FY2025 presidential budget request proposes US$849.8 billion (U.S. Department
of Defense, “FY2024 Budget Overview,” March 2024), with an additional US$150 billion in funding approved by the House
Armed Services Committee in April 2025, bringing projected annual defense spending to nearly US$1 trillion.

Germany, for
example, launched a €100 billion special defense fund in 2022 to modernize the Bundeswehr (Die Bundesregierung, “100 billion euros for a powerful Federal Armed Forces”,June 2022). In March 2025, Germany amended Articles 109 and 115 of its constitution
to allow defense-related borrowing beyond the national debt limit (Schuldenbremse) (Deustcher Bunderstag, “Budget Committee adopts amendments to the Basic Law”, March 2025). Analysts estimate this shift could increase Germany’s defense expenditure
to as much as 3.5% of GDP by 2027, up from 2.1% in 2024 (Financial Times, “Friedrich Merz’s €1tn spending plan wins
final approval from Germany’s upper house”, March 2025).

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France enacted
the Military Programming Law (Loi de Programmation Militaire) 2024–2030 in July 2023, allocating €413.3 billion to
defense modernization initiatives. These include next-generation fighter jets, naval vessels, armored vehicles, cyber defense capabilities,
and enhanced force readiness. France