Mr. Lewis Black reports

ALMONTY ANNOUNCES THE FILING OF ITS FINANCIAL STATEMENTS AND MD&A FOR THE THREE MONTHS ENDED DECEMBER 31, 2012

Almonty Industries Inc. has filed its unaudited consolidated interim financial statements, and management's discussion and analysis for the three months ended Dec. 31, 2012. All currency amounts contained in this news release are in thousands of Canadian dollars.

Almonty reported revenue of $5,032; gross profit of $2,512, representing a gross profit margin of 49.9 per cent; earnings before interest, taxes, depreciation and amortization of $1,645; and net income of $229 for the three-month period ended Dec. 31, 2012.

Almonty mined 127,928 tonnes of ore at a weighted average grade of 0.37 per cent tungsten (WO3) for the three-month period ended Dec. 31, 2012. The overall increase in head grade mined is a result of planned pit optimization that the company is continuing to undertake following the completion of an updated National Instrument 43-101 technical report dated Sept. 30, 2012. The company believes that it will be able to continue to further enhance its ability to access higher-grade material in future periods as the pit optimization continues.

Tungsten concentrate recovery for the three-month period ended Dec. 31, 2012, averaged 63.3 per cent, a 5.3-per-cent increase over the previous quarter's recovery rate of 60.0 per cent and culminating in a recovery rate of 64.8 per cent for the month of December, 2012, in line with Almonty's forecasted 65-per-cent recovery rate by calendar year-end 2012.

The company shipped 17,360 metric-tonne units (mtu) of high-grade concentrate (65.0 per cent or higher WO3) and 1,900 mtu of low-grade concentrate (between 45.0 per cent and 65.0 per cent WO3) during the three months ended Dec. 31, 2012.

Production levels for the three months ended Dec. 31, 2012, totalled 19,359 mtu of WO3 concentrate, an increase of 10.5 per cent over the three months ended Sept. 30, 2012. Cash operating costs for the three months ended Dec. 31, 2012, were $146 (U.S.)/mtu, a decrease of 8.2 per cent over the three months ended Sept. 30, 2012, and a decrease of 20.2 per cent when compared with the year ended Sept. 30, 2012. Expressed in euros (to remove the effect of varying foreign currency exchange rate movement as the company incurs 100 per cent of its production costs in Spain), costs declined to 114 euros/mtu, a decrease of 10.9 per cent over the three months ended Sept. 30, 2012, and a decrease of 18.6 per cent when compared with the average costs for the year ended Sept. 30, 2012.

                    SUMMARY OPERATING INFORMATION

                                              Three months ended Dec. 31,
                                                2012                2011

Ore treated (tonnes)                         116,151             122,673
WO3 concentrate produced (mtu)                19,359              16,889
WO3 concentrate sold (mtu)                    19,260              18,045
Sales revenue (US$ million)                      5.0                 6.3
Cash operating costs (US$/mtu)                   146                 190
Cash operating costs (euro/mtu)                  114                 162
Ore mined (tonnes)                           127,928             135,557
Average grade WO3 mined                         0.37%               0.30%
Average WO3 recovery rate                       63.3%               56.2%

Lewis Black, chief executive officer of Almonty, commented: "We have achieved our minimum targeted tungsten recovery rate on time and below budget. First quarter 2013 was our best production quarter yet and we expect to continue our momentum into second quarter 2013. Our cash operating costs are continuing to trend down, both in U.S.-dollar and euro terms, towards our targeted level of $125 to $130 per mtu. The company continues to generate positive cash flow despite weakness in the APT commodity price experienced during the first quarter. We are starting to see signs of a turning point in the demand for tungsten concentrate and anticipate a more favourable APT commodity pricing environment for the balance of fiscal 2013."

                                   FINANCIAL SUMMARY
                           (In thousands, except per share)

                                                             Three months ended Dec. 31,
                                                             2012                  2011

Gross revenue                                            $  5,032              $  6,485
Cost of sales                                              (2,520)               (3,415)
Gross profit                                                2,512                 3,070
General and administrative costs                             (820)                 (734)
Other income (expense)                                        (32)                   75
Non-cash compensation costs (options issued
to directors, officers and key management)                    (15)                  (45)
Earnings (loss) before the undernoted items                 1,645                 2,366
Depreciation and amortization                              (1,399)               (1,608)
Interest (expense)                                            (17)                  (12)
Deferred income tax (expense) recovery                          -                     -
Net income (loss) for the period                              229                   746
Income (loss) per share basic                               $0.01                 $0.02
Income (loss) per share diluted                             $0.01                 $0.02
Dividends                                                       -                     -
Cash flows provided by (used in)
operating activities                                        1,712                 2,467
Cash flows (used in) investing activities                  (2,512)               (1,772)
Cash flows provided by financing activities                   (15)                  150

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