Almonty Postpones the Release of Its First Quarter Financial Results and Related Disclosure Due to COVID-19 Related Delays

Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) (the "Company") announces that due to logistics and delays caused by the COVID-19 virus, it is relying on the exemption provided in Ontario Instrument 51-502 of the Ontario Securities Commission (and similar exemptions provided by other Canadian Securities Regulators) to postpone the filing of the following continuous disclosure documents (collectively the “Documents”):

• The Company’s Unaudited Interim Financial Statements for the three-month period ended March 31, 2020.
• The Company’s Management Discussion & Analysis for the three-month period ended March 31, 2020.

Recent events pertaining to COVID-19 have impacted the Company, its employees and its directors' ability to rely on timely information and meet to approve its financial statements and management's discussion and analysis.

According to the Ontario instrument, during the period from March 23, 2020, to June 1, 2020, a person or company required to make certain filings as described in the Ontario instrument has an additional 45 days from the deadline otherwise applicable under Ontario securities laws to make the filing.

Until the Company has filed and announced the required financial statements and management's discussion and analysis, members of the Company’s management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207. The Company expects to file the Documents within 30 days.

There have been no material business developments since the filing of the Company’s annual audited financial reports.

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, 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 SEDAR profile at www.sedar.com.