Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 68

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 68
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 procurement purposes. The measure aims to reduce reliance on foreign adversaries and reinforce domestic and allied sourcing
for defense-critical materials (Defense Federal Acquisition Regulation Supplement 252.225-7052, “Restriction on the Acquisition of Certain Magnets, Tantalum, and Tungsten,” May 2024).

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According to the
European Commission’s 2023 Study on the Critical Raw Materials for the EU, tungsten ranks as the raw material with the highest
economic importance among all 34 materials identified as critical. This classification reflects tungsten’s essential role in key
EU industrial sectors, including aerospace, defense, and advanced manufacturing. The study also notes that tungsten faces a high level
of supply risk due to limited global sources and high import reliance. The combination of economic significance and constrained availability
underpins its continued strategic prioritization in EU raw material policy (European Commission, “Study on the Critical Raw Materials for the EU 2023,” March 16, 2023).

<div align='center'>Table: Economic Importance of Selected Critical Raw Materials

Source: European Commission, “ Study on the Critical Raw Materials for the EU”, 2023 (Chart prepared by Company from Annex 2, Overview of the assessment results)</div>

Recent geopolitical
developments have further tightened the tungsten market. Since December 2024, China’s restrictions on “dual-use” technologies
(Ministry of Commerce of the People’s Republic of China, “Notice Concerning Strengthening Controls on Exports of Relevant Dual-Use Items to the United States”, translated by the Georgetown University Center for Security and Emerging Technology,
December 3, 2024), have disrupted global supply chains, particularly affecting the United States. Effective February 2025,
China’s Ministry of Commerce and General Administration of Customs imposed export controls on 25 rare metals, including tungsten
and molybdenum, citing national security and non-proliferation considerations (General Administration of Customs of the People’s
Republic of China, “Announcement No. 10 [2025] of the Ministry of Commerce and the General Administration of Customs on Announcing the Decision to Impose Export Controls on Items Related to Tungsten, Tellurium, Bismuth, Molybdenum and Indium”, February 7,
2025). These actions have exacerbated concerns about supply availability outside of China.

In Europe, anti-dumping
duties on Chinese tungsten carbide imports were extended for an additional