Mr. Lewis Black reports

PLANS TO REOPEN LOS SANTOS MINE UTILIZING OUR FLOTATION TECHNOLOGY DEVELOPED FOR OUR SANGDONG TUNGSTEN MINE

Almonty Industries Inc.'s plans to reopen the former-producing mine in Spain, Los Santos, are now well advanced.

Los Santos has been in planned care and maintenance since 2020. Since that time, Almonty has been undertaking studies into the recommencement of production from Los Santos via the retreating of tailings, utilizing the company's flotation technology developed for its Sangdong tungsten mine.

The company estimates that reopening will be effective from Q3 CY (calendar year) 2023 depending on the delivery times of some floatation plant items. Under normal conditions these items are readily available. The company intends to retreat the tails to capture the more than 800,000 MTUs (metric ton units) of WO3 (thungsten oxide) contained within the company's sands and torta. The overall average grade of the tails is 0.14 per cent and was published in the company's latest JORC (Joint Ore Reserve Committee) report.

It is expected that earnings from reopening of the Los Santos mine will be similar to the earnings at the company's existing Panasqueira production mine in Portugal. Capital expenditure is expected to be less than $1.3-million (U.S.).

Lewis Black, Almonty's chairman, president and chief executive officer, commented:

"We have spent a number of years refining our process for the Sangdong tungsten mine with the use of our pilot plant. What became apparent was the technology that we had developed that sat alongside the traditional flotation techniques could be adapted to our other sites, especially in dealing with finer material which is normally the inhibitor to treating tails commercially.

"We have now successfully established that our Sangdong process can commercially treat the Los Santos tails, and with a minimal amount of adjustment to the already-existing flotation circuit at Los Santos, we will now begin to plan for bringing the Los Santos mine back into production. This reopening will not distract us from the build in South Korea, as all key members of Los Santos are still in place. We expect this plan, once enacted, to generate similar earnings to our existing Panasqueira production mine in Portugal and, therefore, will have a material effect to our current revenue and earnings as we continue to construct Sangdong."

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; it 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.

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