Mr. Lewis Black reports

ALMONTY ANNOUNCES THE FILING OF ITS ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS, MD&A AND AIF FOR THE YEAR ENDED DECEMBER 31, 2023 AND $2.2M IN POSITIVE EBITDA FROM MINING OPERATIONS(1).

Almonty Industries Inc. has filed its audited annual consolidated financial statements, management's discussion and analysis (MD&A), and annual information form (AIF) for the year ended Dec. 31, 2023. Unless otherwise indicated, all currency amounts contained in this news release are expressed in Canadian dollars.

The financial information in the corresponding attached table is for the years ended Dec. 31, 2023, and Dec. 31, 2022.

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

Lewis Black, president and chief executive officer, stated: "While our Panasqueira mine in Portugal consistently provides a positive EBITDA from mining operations, Almonty continues to clean up its balance sheet by converting over $9-million of long-term debt, as well as pushing out the maturity dates of over $48-million of debt to late 2025 and beyond.

"The company is in an exciting phase right now, with the buildout of our Sangdong mine being in full swing towards completion of construction, with drawdowns on our KfW $75.1-million (U.S.) loan facility being received on time and as planned and with the seventh drawdown about to be called imminently.

"The remarkable construction progress achieved throughout 2023 marks a significant milestone for the Almonty Korea tungsten project. With the successful arrival of over 90 per cent of the required machinery and equipment, the project is steadily taking shape.

"The cornerstone of plant construction serves as a testament to our commitment to excellence and reinforces our dedication to meeting project milestones on schedule. We are resolute in upholding the highest standards of safety, quality and environmental responsibility, ensuring that every aspect of the project is executed with utmost care and precision. As our three years of pilot plant testing both in Portugal and Korea have shown us, we fully expect to hit the ground running in regard to processing. Additionally, mine development for phase 1 will be completed by September, 2024, and we will then move without interruption into phase 2 of our mine development for our increased throughput. We already have inventory of ore on surface, which has been generated by the mine development, and our approach means that as the plant is commissioned, we have full access to ore tonnage and grades as contemplated by our mine plan. This level of feed consistency is an important element in minimizing ramp-up time.

"We remain focused on achieving our goals and, with the collective effort and commitment, we are confident in realizing the full potential of the Almonty Korea tungsten project. Together, we will create a lasting legacy and set new benchmarks in the industry with the ongoing support and partnership to continue this journey towards excellence."

About Almonty Industries Inc.

Based in Toronto, Canada, the principal business of Almonty 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, and 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.