Significant Maiden Molybdenum Resource Defined Adjacent to the Tungsten Orebody at Sangdong Mine in South Korea

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce a maiden JORC 2012-compliant Inferred Mineral Resource Estimate (MRE) of 21.48Mt @ 0.26% MoS2 at the 0.19% MoS₂ reporting cut-off for the Almonty Korea Moly Project (AKM Project), which is located on the existing Sangdong Tungsten Mine, which is currently under construction in South Korea.

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

“The AKM Project is a major growth plank for Almonty and is conveniently located immediately adjacent to the tungsten mine, on our fully permitted, under construction Sangdong Tungsten Mine. We are pleased to report our maiden Mineral Resource Estimate which could be a globally relevant project in its own right.

We are pleased to note that based on a review of previous exploration work, the MRE has significant upside, given the deposit appears to be open in multiple directions and further that potential exists to delineate a high grade zone within the current orebody.

We are also excited to formulate a robust mining plan so that this project will run alongside our tungsten mine simultaneously given that both can share the same existing mining infrastructure and the dramatic development cost savings it presents. Being LME traded, it is also pleasing to note the hedging and pricing transparency of molybdenum. We look forward continuing further exploration works to integrating the AKM Project into the Sangdong Tungsten Mine.”

The MRE has been independently estimated by Adam Wheeler, an independent mining consultant, was prepared according to the guidelines of the JORC Code dated 2012 and has also been prepared in accordance with the 2015 edition of the Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets (“VALMIN Code”).

The Resource estimate was based on a drillhole database stemming from underground drilling, and some surface drilling, completed prior to 1992 by the Korea Tungsten Mining Company Ltd. (KTMC), as well by Oriental Minerals OTL during 2006-2008. The KTMC drilling covers 14,300m over 27 holes.

Almonty notes that, based on a review of historical drilling, the molybdenum zone may continue to the northeast and northwest, where significant MoS2 was intersected in historical exploration drilling.

The molybdenum deposit of the AKM Project is located adjacent to the tungsten mine of Sangdong and appears to be hydrothermal and with two different mineralisation stages.

Further, it was noted that sections with zones of higher grade do occur, but insufficient drilling has been carried out to properly assess the grade distribution. The company will further assess both the full size and scale and higher-grade zones in future exploration work.