Mr. Lewis Black reports

ALMONTY ANNOUNCES THE FILING OF ITS UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND MD&A FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND ANOTHER QUARTER OF POSITIVE EBITDA FROM MINING OPERATIONS(1)

Almonty Industries Inc. has filed its unaudited interim condensed consolidated financial statements, and management's discussion & analysis (MD&A) for the three and six months ended June 30, 2022. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars.

The financial information in the attached table is for the three and six months ended June 30, 2022, and 2021.

About Almonty Industries Inc.

The principal business of Toronto, Canada-based Almonty Industries 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 northwestern 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-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.

(1) Non-GAAP (generally accepted accounting principles) financial measures.

We seek Safe Harbor.