Almonty Industries Provides Bi-Weekly Status Update on Status of Filing Delay

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) wishes to provide a bi-weekly status update further to the management cease trade order (“MCTO”) issued by the Ontario Securities Commission dated April 1, 2021 in respect of the Company’s securities under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The MCTO only prohibits the Chief Executive Officer and the Chief Financial Officer of the Company from trading in or purchasing the securities of the Company until two full business days after all filings are brought up to date. The Company also has imposed a blackout on trading by all other directors, officers and insiders. The MCTO does ‎not affect the ability of investors who are not insiders to trade in the securities of the Company.‎

The Company announced on March 26, 2021 (the “Default Announcement”) that it was filing an application seeking a MCTO from the OSC because ‎it was likely to miss its filing deadline of March 31, 2021 to file its audited annual financial statements for the year ‎ended December 31, 2020, and accompanying management’s discussion and analysis, annual information form and related certifications ‎‎(collectively, the “Documents”), as required under applicable securities laws. The inability to file the Documents was due to complications caused by the devastating wave of COVID-19 experienced in Portugal over recent months as a result of which the component auditors in Portugal were unable to access the site at the Company’s Panasqueira mine to conduct the normal audit procedures. Due to this delay, the Company’s auditors have been unable to complete all of the procedures necessary to be able to render an audit opinion. The Company continues to work ‎closely with its auditors and expects to file the Documents on or before April 23, 2021.‎

The Company is not currently subject to any insolvency proceedings. If the Company becomes subject to any insolvency proceedings and provides any information to ‎any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will ‎also file material change reports on SEDAR containing such information as is required.‎

The Company confirms that since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press ‎release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; ‎and (v) there is no material information concerning the affairs of the Company that has not been generally ‎disclosed.