Almonty Raises a Further A$2.12m in Private Placement to Advance Ongoing Growth Opportunities

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce the closing of a private placement of 2,494,118 Chess Depository Interests (“CDIs”) at A$0.85 per CDI to raise gross proceeds of A$2.12 million (“Placement”) with the Company’s third largest shareholder Deutsche Rohstoff.

The use of proceeds of this Placement will be for general working capital prior to the drawdown of the KfW-IPEX Bank US$75.1 million finance facility and to accelerate ongoing growth strategies now being pursued.

The Placement CDIs are expected to settle on or around June 7, 2022. The Placement CDI’s issued under the Placement will rank equally with existing CDI’s and Common Shares on issue.

The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX.

Lazarus Corporate Finance Pty Ltd acted as Lead Manager to the Placement and will be paid a total fee of 6% of the gross proceeds raised in the Placement. Current Almonty Director Mr Andrew Frazer is also the managing director of Lazarus, the Lead Manager for the Placement.

For and on behalf of the board of Almonty Industries Inc.

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, is 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 profile at www.sedar.com.