Almonty Industries Inc. Announces the Closing of Its CDN $2,122,500 (equiv US$1,650,000) Private Placement for the KfW-IPEX Bank Arrangement Fee and the Ordering of the Long Lead Time Equipment From Metso/Outotec

Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the closing of its private placement with existing European shareholders of 2,830,000 shares at CDN$0.75 per share and which is a continuation of the private placement conducted by Lewis Black and Deutsche Rohstoff AG (DRAG) at the beginning of this month. The use of proceeds of this placement will be to pay the KFW arrangement fee on the now active US$75.1 million loan. This cost is part of the overall project cost. When added to what has already been expended at site on the construction that commenced in 2020, to date there is now only a further US$10.1 million required to meet the final condition precedent (CP).

The Company is also pleased to announce that the orders have now been placed for the long lead time items being the primary crusher and the Sag mill with Metso/Outotec. Delivery is expected within 11 months.

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

“The importance of the placing of the order and payment of the deposit for the long lead time items of the primary crusher and the Sag mill marks a turning point at our Sangdong project. After 4 years of planning, I now look forward to seeing both mills being delivered into place at site within 11 months at the world’s largest Tungsten mine. The settlement of the arrangement fee to KfW-IPEX Bank and with the work that we have already completed at site to date, we can now see a reduction of at least 28% of the equity still required as the final cp. The Company expects all cp’s to be concluded in February and for the financial close to occur in March, which will coincide with our listing in Australia. But regardless, in the meantime, work will continue according to the timeline set by the project planning calendar. Further updates on our other sites and in particular our Molybdenum project will follow shortly.”

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.