Almonty Industries Inc. Provides an Operational Update for Its Sangdong Tungsten and Moly Mines

Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to update progress at its Korean site.

The concrete batch plant is now completed. This plant will provide service to all underground mine development and to the surface construction.

The renovation of the administration office in the town of Sangdong is completed. Electing to renovate the old Sangdong post office instead of building a new construction on the mine site saved the Company over US$500,000 and complied better with our ESG in having an actual presence in the town which allows more direct access to the Company for the local community.

The site levelling, road and drainage diversion can now be completed with all permits in place. This will commence in May 2021. Originally, the Company had intended to conduct the road and drainage diversion in April but, upon further cost analysis, it was established that by also including the site leveling, the Company would save a further US$300,000 by utilizing the same company to do all three items at the same time rather than incurring mobilization and demobilization costs twice.

Two members of our Portuguese geology/mine development team have now returned to Portugal after a five week stay in Korea. The 12,500m-drilling design program for Almonty Moly has now been completed. It was decided that an in-person visit by the Almonty Portugal team was warranted to ensure this program was researched and designed to the highest possible standard to ensure maximum transparency for our 43-101 and JORC reports. The Company will now move forward with this confirmation drilling.

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

“Securing the best financing was paramount for all shareholders. But now we must ensure that we build smart and cost efficiently. The great upside value secured with the financing we have obtained must now be protected during the build phase. The Almonty team is first and foremost a five-generation operational team and this will serve all shareholders well in maximizing the funding and value we have secured. Our approach has always been to analyze if we can do things better and more cost effectively; to make every dollar count. During the whole build process and into operations, we will continue to constantly look to remain lean and efficient. We now start an 18-month journey of construction and transition.”