Mr. Lewis Black reports

ALMONTY CLOSES ADDITIONAL TRANCHES OF PRIVATE PLACEMENT

Almonty Industries Inc., further to its news release dated March 22, 2024, has closed three tranches of its non-brokered private placement through the sale of 4,263,263 units (Canadian unit) at a price of 55 Canadian cents per unit, raising gross proceeds of $2,344,795 (Canadian), and 1,525,000 chess depository interests (CDI) units at a price of 62 Australian cents per CDI unit, raising gross proceeds of $945,000 (Australian).

Each Canadian unit comprises one common share and one share purchase warrant, with each share purchase warrant being exercisable into one additional common share of the company at a price of 74 cents per share for a period of 24 months from the date of closing. Each CDI unit comprises one CDI, with an underlying common share, and one unlisted option exercisable at 84 Australian cents, for a period of 24 months from the date of closing.

Proceeds from the placement will be applied toward general working capital, including accelerating the downstream project planning and further investigation of the Moly due to increasing interest in the material domestically.

Lewis Black, Mark Trachuk, Daniel D'Amato and Andrew Ryu participated in the private placement and, as such, the private placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. As such, the company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

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+.

We seek Safe Harbor.