Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 75

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 75
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 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 significantly, with mid-prices rising from approximately US$330
per MTU in early January 2025 to US$360 per MTU at the end of the first quarter of 2025, based on market quotations. APT prices
have shown an upward trend since the fourth quarter of 2024, reaching approximately US$462.5 per MTU as of June 2025. There can
be no assurance that this pricing trend will continue in the future.

The average market
price was approximately US$324 per MTU for the year ended December 31, 2023, and approximately US$329 per MTU for the year ended December
31, 2024.

Management believes
that the limited quantities of spot concentrate available in the market, combined with increasing strategic demand, may support continued
strength in pricing over the near to mid-term. The recent pricing environment is reflected in the renewed contracts signed at the Panasqueira
Mine.

Growth Strategy

Almonty’s objective
is to build a secure, Western-focused tungsten and molybdenum supply chain capable of displacing reliance on China and meeting the escalating
needs of Western industries. Given our multi-decade resource visibility, access to high-grade and recovering material, our expertise
in tungsten processing, our long-term offtake agreements and experienced management team, Almonty is well-positioned to become a leading
strategic supplier of “conflict-free” tungsten and molybdenum for defense, semiconductor, and battery markets. Almonty aims
to expand its global relevance and meet the needs of various industries through strategic growth and ongoing resource development.

The Company’s
growth strategy is focused on the development of the Sangdong Mine in South Korea and the ongoing operations