Almonty Industries Inc 's

The Company operates in a competitive environment where tungsten concentrate prices are determined by global markets, with China as the largest producer. It competes with other mining and industrial operations in the Iberian Peninsula and the European Union for skilled labor and mining supplies. The Company's competitive position depends on cost efficiency, the ability to develop and replace ore bodies, and financial strength throughout price cycles. In fiscal 2025, ammonium paratungstate (APT) prices increased significantly due to China's export controls on rare metals, including tungsten, and increased military spending in the United States, Germany, France, Japan, the United Kingdom, and NATO member states.