Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 71

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 71
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 mining and construction (26%), which together represent more than half of total demand. Other significant
segments include industrial manufacturing (14%), chemical and petrochemical industries (10%), and consumer durables (9%). Notably, defense
(8%), energy (6%), and medical or pharmaceutical applications
(1%) account for the remainder, reflecting the diverse and increasingly strategic role of critical materials across both civilian and
national security-related sectors.

A regional split based on
end-use reveals China as the biggest region with 36% of global tungsten end-use. Europe (20%) and the Americas (17%) are the next biggest
tungsten end-use regions, with Japan (8%), Other Asia (8%) and the Rest of the World (11%) being almost equally shared.

<div align='center'>Source: International Tungsten Industry Association (ITIA), “ Applications and Markets”, 2021 Industry Data.</div>

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Molybdenum
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