Company: ALM
Filing Date: 2025-07-11
Form Type: F-10/A
Source: 0001641172-25-018741
Chunk: 76

Company: Almonty Industries Inc.
Filing Date: 2025-07-11
Form: F-10/A
Chunk 76
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 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 of the Panasqueira Mine
in Portugal. Almonty has implemented a planned closure of Daytal’s operations by placing the Los Santos Mine into care and maintenance
in February 2020. The Company is planning to re-open the Los Santos Mine to restart production from tailings inventories in early
2026, pending completion of internal planning and certain external processes, including those related to operational readiness and
regulatory matters. The project pipeline also includes the Valtreixal Mine, which is under exploration and development.
Almonty also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong Mine. Due
to distinct geological and spatial characteristics, the