NEWS

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company has received firm commitments to raise gross proceeds of C$500,000, US$733,333 and A$550,000 via the issuance of 3,333,333 Placement Units and 1,078,433 million Placement Chess Depository Interests Units (“CDIs”) at C$0.45 per Placement Unit, US$0.33 per Placement Unit and A0.51 per CDI Unit (“Placement”).

Each Placement Unit participant will be issued one warrant for every common share issued (“Warrants”) and one free unlisted option for every one CDI issued (“Options), exercisable at C$0.60, US$0.45 and A$0.69, respectively, with an expiry date of 36 months from the date of closing.

Lewis Black, the Company’s CEO will be investing C$500,000 and Dan D’Amato, a director of the Company, will be investing US$366,666.63 towards the Placement Units to be issued.

Proceeds from the Placement will be applied towards general working capital and offer costs.

The Placement Units and Placement CDI’s issued will rank equally with existing CDI’s and Common Shares on issue.

Lewis Black, CEO of the Company, and Daniel D’Amato, a Director of the Company, will be subscribing for Units in the Private Placement. As such, the issuance of Units to insiders pursuant to 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 (“MI 61-101”). 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% of the fair market value of the Company’s market capitalization.

The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX.

RM Corporate Finance Pty Ltd acted as Lead Manager to the Placement and will be paid a total fee of 6% of the gross proceeds raised from the Placement CDIs.

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.