Almonty Industries Inc. Completes Financing Transaction of $3.9 Million

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Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: 1MR) announced today that the second tranche of its non-brokered private placement of subordinated bonds in the aggregate amount of CDN$3,914,000 (the “Debenture Offering”) has been completed.

For a four-month period ending March 23, 2023, all securities issued in connection with the Debenture Offering are subject to resale restrictions. The net proceeds of the Debenture Offering will be used by Almonty for general working capital and financing expenditures at the Sangdong Mine in South Korea.

Almonty Industries Inc., based in Toronto, Canada, is primarily engaged in the mining, processing, and shipping of tungsten concentrate from its Los Santos Mine in western Spain and Panasqueira Mine in Portugal, as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea, and the Valtreixal tin/tungsten project in northwestern Spain.

The Los Santos Mine, located around 50 kilometers from Salamanca in western Spain, was purchased by Almonty in September 2011. It produces tungsten concentrate. The Panasqueira mine, which has been producing tungsten concentrate since 1896 and is located roughly 260 kilometers northeast of Lisbon, Portugal, was bought in January 2016. The Sangdong mine, traditionally one of the nation’s biggest tungsten mines one of the few lengthy, elevated tungsten deposits outside of China, was bought in September 2015 when Woulfe Mining Corp. was purchased in full.

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Almonty owns the Valtreixal tin-tungsten project in northwestern Spain entirely. More information about Almonty’s operations may be found at www.almonty.com and on the company’s profile at www.sedar.com.

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Neither the TSX nor its Regulation Services Provider (as defined in the TSX’s rules) accepts responsibility for the sufficiency or accuracy of this announcement.

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