AGM - BOD (Remuneration Package), page-40

Lithium continues to hog the electric vehicle spotlight, but there’s a new player in the battery game. In 2018, Cambridge University published astonishing data about lithium batteries combined with niobium tungsten oxides. "Niobium tungsten Oxide chemistry" was the first of its kind.The data showed that this tungsten-infused battery could charge faster, output more, and last up to 10 times longer than conventional battery tech used in electric vehicles. On top of this, these batteries are safer, too. It’s placed tungsten — a metal already primed for a spike in demand amid rising geopolitical tension around the globe — on the grand stage of the EV game and investors are beginning to put their money where this metal is.

We are building on this to provide end-to-end fast-charging solutions applicable to power tools, home appliances, electric vehicles and industrial robotics to decrease charge time from hours to minutes, maximising uptime and productivity.” The young technology means tungsten is in a prime position for explosive growth as a commodity, and Almonty Industries has positioned itself in the right place at the right time to capitalise on this growth.

Yes, demand for tungsten is set to increase as battery tech evolves. However, tungsten has only recently been placed among the ranks of ‘battery metals’. The metal has seen wide use in a range of industries over the past century, not least of all in the defence and military sectors. To be clear, tungsten still has its uses in a range of other important sectors, including in lightbulbs, x-ray machines, aircraft and the manufacture of semiconductors. But historically, demand for tungsten has always risen in times of war and geopolitical tension. Just like we’re seeing in Eastern Europe — and, truly, around the world — today. Yet, unlike in the past, the world now needs a much more diverse supply of the metal.

The bottom line is this: with global geopolitical tensions reaching their boiling points and global militaries standing to attention, the world needs more tungsten. More than this, however, the world needs more suppliers of tungsten: China’s continued dominance of the market is a threat to surrounding nations in and of itself.