Mr. Lewis Black reports

ALMONTY ANNOUNCES THE FILING OF ITS UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND MD&A FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND $1.1M IN POSITIVE EBITDA FROM MINING OPERATIONS(1).

Almonty Industries Inc. has filed its unaudited interim condensed consolidated financial statements and management's discussion and analysis (MD&A) for the three and six months ended June 30, 2023. 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, 2023, and June 30, 2022.

The financial information in the attached table is as at June 30, 2023, and Dec. 31, 2022.

About Almonty Industries Inc.

The principal business of Almonty Industries Inc., based in Toronto, Canada, 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. Further information about Almonty's activities may be found on the company's website and under Almonty's profile on SEDAR+.

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

This news release makes reference to certain non-GAAP financial measures. These measures are not recognized measures under IFRS (international financial reporting standards), do not have a standardized meaning prescribed by IFRS and may not be comparable with similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Almonty's results of operations from management's perspective. Almonty's definitions of non-GAAP measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Almonty's financial information reported under IFRS. Almonty uses non-GAAP financial measures, including EBITDA (earnings before interest, taxes, depreciation and amortization), to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Almonty defines EBITDA from mining operations as gross revenue less mine production costs.

Almonty believes that securities analysts, investors and other interested parties frequently use non-GAAP financial measures in the evaluation of issuers. Almonty's management also uses non-GAAP financial measures in order to facilitate operating performance comparisons from period to period.

We seek Safe Harbor.