Mr. Lewis Black reports

ALMONTY TO RECEIVE THE US$13.7 MILLION SIXTH DRAWDOWN FROM KFW IPEX-BANK

Almonty Industries Inc., through its wholly owned South Korean subsidiary, Almonty Korea Tungsten Corp. (AKTC), has received a fully executed utilization request for $13.7-million (U.S.) in conjunction with the sixth drawdown on the $75.1-million (U.S.) KfW IPEX-Bank loan facility related to the construction of the company's Sangdong mine in South Korea. This $13.7-million (U.S.) drawdown is scheduled for release on Nov. 24, 2023.

"As planned and on time, Almonty will now received its sixth drawdown on its US$75.1 million loan facility with KfW, bringing the total amount of drawdowns to date to US$53.9 million," said Lewis Black, President and CEO of Almonty.

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 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% 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.

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