Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 70

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 70
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 diversified and resilient supply
chains for critical raw materials amid evolving geopolitical and economic pressures.

Tungsten Price

The below chart indicates
the average weekly spot price1 of
APT in Rotterdam published on the Fastmarkets MB from 2020 to July 4, 2025.

<div align='center'>Source: Fastmarkets APT Price (Rotterdam)</div>

As of the end of
the second quarter of 2025, the average weekly spot price of APT in Rotterdam reached US$462.50 per MTU, based on pricing published by
Fastmarkets MB. This represents the highest level recorded in over three decades. Following a period of relative stability throughout
2023 and early 2024, prices began to rise sharply in late 2024, driven by increasing demand and mounting concerns over supply constraints.
APT prices have more than doubled since early 2020, with sustained upward momentum in recent months.

1 The average weekly spot price refers to the arithmetic mean of the high and low price ranges for APT published by Fastmarkets MB for Rotterdam delivery.

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Tungsten Production
Overview & End-Use

<div align='center'>Source: U.S. Geological Survey, Mineral Commodity Summaries 2025 – Tungsten</div>

According to the
U.S. Geological Survey, global tungsten mine production totaled approximately 81,400 tonnes in 2024 (Mineral Commodity Summaries). China
remained the dominant producer, accounting for an estimated 67,000 tonnes, or approximately 82.3% of global output. Outside of
China, notable producers included Vietnam (4.2%), Russia (2.5%), North Korea (2.1%), Bolivia (2.0%), Rwanda (1.5%), and Portugal (0.6%).
Countries such as Portugal continue to contribute meaningfully to non-Chinese supply, while broader efforts to diversify global tungsten
production remain ongoing.

Conflict-free regions contribute only 13% of global tungsten production today, and North America alone represents 17% of global demand (International Tungsten Industry Association (ITIA), “ Applications and Markets”, 2021 Industry Data).

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

Critical raw materials
play a foundational role across a broad spectrum of industrial and strategic applications. Based on recent industry data, key end markets
include transport (26%) and