Almonty Raises US$3.3M From Insiders and Existing Shareholders to Satisfy Final Plansee/GTP Condition Precedent to the Financial Closing of KfW US$75.1 Million Finance Facility – Drawdown Expected on or Around May 21st - Seite 2

SANGDONG AND COMPANY UPDATE

Almonty President and CEO, Mr Lewis Black, said:

“The Company would like to take the opportunity of updating the shareholders on the current status at site in Korea and the Tungsten market generally. What is important is to highlight that the Company placed orders for all of the long lead time equipment, both milling and flotation last year in 2021, prior to the drawdown. This enabled us to capture pricing and delivery times on significantly more favourable terms than if ordered today.

However, delivery dates have been extended by 2 months with global shipping delays being the main issue, but it will not delay work at the site as we have merely adjusted our schedule to bring forward areas that are manufactured or planned in South Korea and pushed installation of imported items not yet in country to compensate for the shipping delays. On the back of this, we have updated our commissioning date toward the end of Q2 2023. Given our continuing push to save costs to counter ongoing inflation on certain consumable/building items and the delays in shipping, the Company feels this delay is warranted and justified.

On our latest analysis of total cost escalation has resulted in a maximum of 5% price increase which is comfortably absorbed by our 15% contingency built into the project cost. Currently this increase stands at 4.75%. We intend to reduce that by looking at areas where we can save further money. I would also like to add that energy costs in South Korea have risen approximately 8% but is not expected to rise further as prices are set by the State through KEPCO. Nuclear and renewables account for more than 35% of South Korea’s energy platform.

As for energy costs in Portugal at our Panasquiera mine, we have fixed our forward price for the next 2 years at which is now at a reduction on our 2021 price and saves the mine approx. EUR560,000 per year. This is approximately 60% below current Portuguese energy market prices. Production continues to be stable in Portugal. We are now ready for drawdown as we enter the accelerated construction phase in South Korea.”

UPDATED SANGTON TUNGSTEN MINE TIMELINE

DIRECTOR SHARE SALE

The Company advises that on April 14, 2022, Mr Lewis Black sold 300,000 common shares in Almonty to cover a capital gains tax liability. The common shares were crossed to an existing long term holder of Almonty. After the sale, Mr Lewis Black remains one of the largest shareholders in the Company with 11,032,895 common shares (direct) and 13,893,920 common shares (indirect) which represents approximately 11.91% of the Company, and confirms that there are no further sales planned at this time.