Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 71

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 71
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 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 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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