Company: ALM
Filing Date: 2025-07-07
Form Type: F-10
Source: 0001641172-25-017947
Chunk: 66

Company: Almonty Industries Inc.
Filing Date: 2025-07-07
Form: F-10
Chunk 66
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’s defense spending totaled approximately US$61.3 billion in 2023, or 2.1% of GDP, with targets
to increase to 3–3.5% of GDP over the current program horizon (Ministère des Armées, “Présentation du budget de la Défense 2024” July 2023).

Japan approved
a record ¥8.5 trillion (approximately US$58 billion) defense budget for FY2025, with plans to increase military spending to ¥8.9
trillion (approximately US$61 billion) by 2027 (Ministry of Defense, “Overview of FY2025 Budget”, November 2025, assumes
a Yen to US$ exchange rate of 0.0069). This follows a 27.4% increase in FY2023 and a 16.5% rise in FY2024, reflecting Japan’s
strategic repositioning and East Asia security threats (Ministry of Defense, “Overview of FY2023 Budget”, March 2023;
Ministry of Defense, “Overview of FY2024 Budget”, June 2024).

The United Kingdom
is projected to increase its defense spending from £53.9 billion (approx. US$68.3 billion) in FY2023/24 to £59.8 billion
in FY2025/26 (His Majesty’s Treasury, “Autumn Budget 2024”, October 2024). In February 2025, the UK government
committed to raising defense expenditures to 2.5% of GDP by 2027, with an ambition to reach 3% in the following Parliament, subject to
economic conditions (Prime Minister’s Office (UK), “Speech by Prime Minister Keir Starmer on National Security and Defence,”
February 15, 2025).

On June 5, 2025, NATO Defence Ministers agreed on a new set of capability targets forming the basis of an anticipated defence investment plan, which calls for Allied nations to invest 5% of GDP in defence, including 3.5% on core defence spending and 1.5% on broader defence and security-related investment such as infrastructure and resilience (NATO, “ NATO Defence Ministers agree new capability targets to strengthen the Alliance,” June 5, 2025).

This widespread
increase in military budgets is expected to bolster demand for tungsten in advanced defense systems (Merchant). Tungsten alloys are essential
in hypersonic missile casings