Successful Placement of CDI’s Raises A$2.0 Million

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company has received firm commitments, primarily from existing Australian institutional investors who requested to increase their stake in the Company, to raise gross proceeds of A$2.0 million via the issue of 2.5 million Chess Depository Interests (“CDIs”) at A$0.80 per CDI (“Placement”).

Each Placement participant will be issued with one (1) free unlisted option for every one (1) CDI issued, exercisable at A$1.25 with an expiry date of 31 December 2024 (“Options”).

Proceeds from the Placement will be applied towards general working capital and offer costs.

The issue price of A$0.80 is a 11.1% discount to the last price of Almonty on 20 January 2023 of A$0.90.

The Placement CDI’s and Options are expected to settle on or about Monday 30 January 2023. The Placement CDI’s issued 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. Almonty Director Mr Andrew Frazer is also the managing director of Lazarus, the Lead Manager for the Placement.

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.