Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. - PLACEMENT OF COMMON SHARE UNITS AND CDI'S RAISES C$1.47 MILLION1 WITH FURTHER COMMITMENTS OF C$1.178 MILLION FOR ACCELERATION OF TUNGSTEN DOWNSTREAM PLANNING AND MOLYBDENUM RESERVES CONVERSION

Almonty Industries Inc. has closed on a non-brokered private placement through the sale of 2,668,000 units (Canadian units) at a price of 55 cents per unit, raising gross proceeds of $1,467,400. Each Canadian unit comprises one common share and one share purchase warrant, with each share purchase warrant being exercisable into one additional common share at a price of 74 cents per share for a period of 24 months from closing.

The company has received firm commitments to raise gross proceeds of $201,500 (Australian) through the issuance of 325,000 placement Chess depository interest (CDI) units at a price of 62 Australian cents per CDI unit. Each CDI unit will comprise one CDI, with an underlying common share, and one unlisted option exercisable at 84 Australian cents for a period of 24 months from the date of closing.

It is also anticipated that the company will close on one or more tranches of Canadian units, of which it is expected that Lewis Black, chief executive officer of the company, Andrew Frazer and Mark Trachuk, both directors of the company, and Andrew Ryu, vice-president of Almonty Korea Tungsten Corp., a wholly owned subsidiary of the company, will participate in the private placement by way of purchasing, in the aggregate, 1,799,456 Canadian units for proceeds totalling $989,700.

Proceeds from the placement will be applied toward general working capital, including accelerating the downstream project planning and further investigation of molybdenum due to increasing interest in the material domestically.

The placement units and placement CDIs issued will rank equally with existing CDIs and common shares on issue.

As Mr. Black, Mr. Frazer, Mr. Trachuk and Mr. Ryu will be subscribing for units in the private placement, 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. 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 per cent of the fair market value of the company's market capitalization.

The closing of the CDI placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the Toronto Stock Exchange and Australian Securities Exchange.

RM Corporate Finance Pty. Ltd. acted as lead manager to the ASX component of the placement and will be paid a total fee of 6 per cent of the gross proceeds raised from CDI unit placement proceeds introduced.

About Almonty Industries Inc.

The principal business of Almonty Industries (based in Toronto, Canada) 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-per-cent interest in Woulfe Mining Corp. Almonty owns 100 per cent of the Valtreixal tin-tungsten project in northwestern Spain.

We seek Safe Harbor.