Construction Update at Sangdong Tungsten Mine

Highlights

• Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is nearing completion.
• 99% of all equipment related to the Ball Mill and SAG Mill has arrived in South Korea.
• Surface scalping has begun for essential pre-work to prepare the site for civil construction.
• Almonty's South Korean development team and EPC contractor undertook site visits to Almonty's Panasqueira mine in Portugal and development projects in Spain so that knowledge can be applied in South Korea as Almonty progresses construction of the Sangdong Tungsten Mine

Almonty Industries Inc. ("Almonty" or the "Company") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce a construction and financing update in relation to its Sangdong Tungsten Mine.

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As announced on 3 April 2023, construction works are continuing to progress in accordance with our construction schedule and the total amount drawn under the KfW Loan Facility now stands at US$32.3 million.

In April 2023, engineering staff from the Sangdong Tungsten Mine team and members of the EPC consortium made a field trip to Almonty's tungsten mines and processing plants in Portugal and Spain to better implement ideas and philosophy in the design and engineering of the main processing plant and pastefill plant at the Sangdong Tungsten Mine.

As national demand for the reinforcement and implementation of regulations and promotion of safety awareness has increased, the Company has conducted HSE training and has realigned the organization to focus on special safety personnel. This is aimed at exceeding national standards and enhancing the HSE standards at the mine and at the site of the Sangdong Tungsten Mine.

Almonty is pleased to advise that the installation of the new 4 MW power system, replacing the temporary 950kw system, for the mine infrastructure, was completed successfully in March 2023, without incident. The Korea Electrical Safety Corporation (KESCO) performed the pre-use inspection and issued the use certificate for the 4 MW power system. The power supply expansion is expected to provide stable power to the Sangdong Tungsten Mine's surface and underground infrastructure, thereby improving work efficiency and production.

Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is nearing completion. 99% of all equipment related to the Ball Mill and SAG Mill has arrived in South Korea. The final drive is now expected to arrive in May 2023.

All engineering plans have been finalized, and surface scalping has begun for essential pre-work to prepare the site for civil construction.

Key Equipment items including Ultra Fine Screens, Apron Feeders, Flotation Tanks are nearing completion from the manufacturer and Metso Outotec will shortly begin the process of preparing documentation for the equipment. Almonty currently estimates that 75% of the light short lead time equipment will be loaded for transport to South Korea in May 2023.

In recent months, members of the local governments as well as representatives of the Sangdong village and surrounding areas have visited the site to show continuous interest in the development status of the project and to encourage the hard work and efforts of Almonty employees.

Almonty's Chairman, President and CEO, Lewis Black, commented:

"Building a mine in a mature and developed democracy is a deeply engaging process which includes not only the physical build of the project but also how the project co-exists with the community and the environment both prior, during and after completion. We are building what we expect to be the largest tungsten mine outside of China with a very long mine life which will have a profound and positive affect on the local and domestic community, after decades of economic stagnation for both the South Korean domestic consumption of tungsten and the wider global tungsten market.

We are striving for the Sandong Tungsten Mine to be the most technically advanced of any tungsten mine in the world and the most ESG compliant and therefore the most transparent.

As we continue to advance the mine towards commissioning, it is now my job to ensure that the wider investing market knows more about our Tier 1 project and about this profound effect this mine will have not only in sectors such as technology - batteries, screens, semiconductors - but also defence, an area which is now significantly increasing its global importance particularly in the USA."

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north- western Spain. Further information about Almonty's activities may be found at www.almonty.com and under Almonty's profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate ("APT") from which the sale price of Almonty's tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty's operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty's business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty's shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty's tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty's mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty's mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate (APT), the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on

reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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For further information, please contact:
Lewis Black
Chairman, President and CEO
Telephone: +1 647 438-9766
Email: info@almonty.com