Mr. Lewis Black reports

CONSTRUCTION UPDATE AT SANGDONG TUNGSTEN MINE

Almonty Industries Inc. has provided an update on the progress of its Sangdong tungsten mine.

Lewis Black, chairman, chief executive officer and president of Almonty Industries, commented:

"We have made solid progress at the Sangdong tungsten project throughout May, 2023. The arrival of the pebble crusher and primary jaw crusher means we now have 100 per cent of ball mill- and SAG mill-related equipment on site and demonstrates that construction of our flagship project continues to progress well, as we look to complete construction by the end of CY2023 and commission the project in H1 CY2024.

"Almonty remains fully committed to completing the project successfully while upholding the highest standards of safety, quality and environmental responsibility.

"Almonty looks forward to the forthcoming months with great anticipation. The company is confident that the combined efforts of the dedicated team, along with the ongoing collaboration and support from all stakeholders, will generate strong returns for our shareholders."

Equipment manufacturing and transportation

In May, 2023, the arrival of essential equipment for the Almonty Korea tungsten project marked a major milestone for Almonty.

Delivery of all long-lead-time equipment from Metso Outotec in Europe to South Korea is complete. The pebble crusher and primary jaw crusher, essential components for the project, have successfully made their way to Sangdong. Moreover, all ball mill- and SAG mill-related equipment has now arrived to site.

The filter press, manufactured by Metso Outotec, has arrived in Sangdong. Other key equipment items from Metso Outotec, including ultrafine screens, apron feeders and flotation tanks, are nearing completion of manufacturing and will shortly be transported to Sangdong. Almonty estimates that 75 per cent of the equipment was loaded for transport to Sangdong in May, 2023.

Complementary equipment (hydrocyclones and courier sampling equipment) from Metso Outotec is still in the manufacturing stage and is approximately greater than 60 per cent complete.

With installation being the only remaining task, the completion of manufacturing of the equipment signifies a significant step forward for the project.

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.

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