2021-10-27 15:03 ET - News ReleaseMr. Lewis Black reportsALMONTY...

2021-10-27 15:03 ET - News Release

Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. PROVIDES AN OPERATIONAL UPDATE FOR ITS SANGDONG TUNGSTEN AND MOLY MINES

Almonty Industries Inc. has provided an update on progress at its South Korean site.

Underground mine development is poised to hit 25-per-cent completion of the 3,748.1 metres currently under construction.

The guest house next to the main office has been renovated and is now complete. It is currently occupied with members of Almonty's team and has capacity for up to 24 visiting personnel from Almonty's Panasqueira and Los Santos mines.

The road/river diversion is now complete, barring the asphalting of the new road, which will be laid shortly. Both are rated for a 100-year event.

Almonty's Seoul office is now its main administration and government liaison centre and is now open and fully staffed.

The work force on site now exceeds 50 workers, which is a landmark point. This will increase to 125 workers as construction continues to accelerate.

The company has deployed nearly $17-million (U.S.) toward the project cost.

Almonty's chairman, president and chief executive officer, Lewis Black, commented: "We are on schedule and budget for a Q4 2022 commission. The price of tungsten has risen over 50 per cent in the last 12 months and continues to strengthen with ongoing shortages of spot material and increasing demand from the technology sector, especially in the global transition towards a greener-energy future. We have now finalized the last outstanding condition precedent for the $75.1-million (U.S.) project financing and hope to update the market shortly when we have received the official notification from KfW-IPEX Bank."

About Almonty Industries Inc.