Mr. Lewis Black reports

ALMONTY ANNOUNCES APPLICATION TO LIST ON NASDAQ CAPITAL MARKET CONCURRENT WITH LAUNCH OF U.S. PUBLIC OFFERING

Almonty Industries Inc. has filed a registration statement on Form F-10, including a preliminary short form base PREP prospectus prepared in accordance with National Instrument 44-101 -- Short Form Prospectus Distributions and National Instrument 44-103 -- Post-Receipt Pricing, with the Ontario Securities Commission (the OSC), the review jurisdiction in Canada, and the U.S. Securities and Exchange Commission (the SEC) pursuant to the Canada/United states Multi-Jurisdictional Disclosure System in connection with a proposed underwritten public offering of Almonty's common shares in the United States.

The company intends to use the net proceeds of the offering primarily to finance the development of its projected tungsten oxide facility and for working capital and other general corporate purposes.

Lewis Black, chief executive officer of Almonty, said: "We are pleased to announce our application to list on the Nasdaq concurrent with a U.S. public offering, helping us to secure our position as a leading supplier of tungsten to the U.S. and its allies. As global geopolitical tensions continue to rise, we believe the demand and pricing outlook for tungsten could remain robust for some time. I look forward to continued operational execution in the months ahead as we strive to create sustainable, long-term value for my fellow shareholders."

The common shares are currently, and following the offering will continue to be, listed on the Toronto Stock Exchange (the TSX) and the Australian Securities Exchange (the ASX) under the symbol ALL, and are, and will continue to be, traded on the Frankfurt Stock Exchange, and an application has been made to list the common shares on the Nasdaq Capital Market under the ticker ALM. Upon and subject to receipt of all requisite approvals and the commencement of trading of the common shares on the Nasdaq, trading of the common shares on the OTCQX will cease. Trading of the common shares is expected to commence on the Nasdaq following the pricing of the offering. The expected gross proceeds from the offering are set out in the registration statement, but the number of common shares to be offered and the price range for the offering have not yet been determined. The offering is expected to be priced in the context of the market, with the final terms of the offering to be determined at the time of pricing.

Oppenheimer & Co. and Cantor are acting as joint bookrunners for the offering. D.A. Davidson & Co. is acting as lead manager for the offering and Scotiabank is acting as co-manager for the offering.

The registration statement relating to the offering has been filed with the SEC but has not yet become effective. The common shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement contains important information relating to the common shares and remains subject to completion or amendment. The registration statement can be found on SEDAR+ and on EDGAR.

About Almonty Industries Inc.

Almonty is a diversified and experienced global producer of tungsten concentrate in conflict-free regions. The company is currently mining, processing and shipping tungsten concentrate from its Panasqueira mine in Portugal. Its Sangdong mine in Gangwon province, South Korea, is currently under construction. The Sangdong mine 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, Almonty also has a significant molybdenum resource on a separate property adjacent to the tungsten orebody at the Sangdong mine. Additional development projects include the Valtreixal project in northwestern Spain and Los Santos mine in western Spain.

We seek Safe Harbor.