Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. ANNOUNCES PRICING OF UPSIZED US$112,500,000 UNDERWRITTEN OFFERING OF COMMON SHARES IN THE UNITED STATES

Almonty Industries Inc. has priced an upsized underwritten offering in the United States of 18 million common shares at a public offering price of $6.25 (U.S.) per common share for total gross proceeds of $112.5-million. In addition, Almonty has granted the underwriters (as defined below) a 30-day overallotment option to purchase up to an additional 2.7 million common shares at the public offering price, less the underwriting discount.

The offering is expected to close on or about Dec. 10, 2025, subject to the satisfaction of customary closing conditions. BofA Securities is acting as lead bookrunning manager of the offering and Cantor Fitzgerald & Co., D.A. Davidson & Co. and A.G.P./Alliance Global Partners are acting as bookrunning managers.

Almonty intends to use the net proceeds from the offering to finance exploration and development work at the Gentung Browns Lake tungsten project, expansion work at the Panasqueira mine, and exploration work at the Sangdong molybdenum project and for working capital and general corporate purposes, as set out in the prospectus supplement to Almonty's short-form base shelf prospectus dated Oct. 31, 2025.

The offering is being made pursuant to the supplement. The supplement will be filed with securities regulatory authorities in Ontario, Alberta and British Columbia and with the U.S. Securities and Exchange Commission as a supplement to a registration statement on Form F-10 (as amended and supplemented) under the Canada/United States multijurisdictional disclosure system.

The offering will be made in the United States only by means of the registration statement, including the base prospectus and supplement. Such documents contain important information relating to the company and the offering. The base prospectus and supplement can be found on SEDAR+, and the registration statement, including the base prospectus and supplement, can be found on EDGAR. Prospective investors may request copies of the base prospectus, supplement and registration statement from the company by telephone at 1-647-438-9766 or by e-mail at info@almonty.com or from BofA Securities by e-mail at dg.prospectus_requests@bofa.com. Prospective investors should read the base prospectus, supplement, registration statement and the documents incorporated therein by reference before making an investment decision.

About Almonty Industries Inc.

Almonty is a leading supplier of conflict-free tungsten -- a strategic metal critical to the defence and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armour, munitions and electronics manufacturing. Almonty's flagship Sangdong mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80 per cent of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defence procurement bans and export restrictions by China. With established operations in Portugal and additional projects in the United States and Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply chain security and defence readiness.

ASX Listing Rule 5.23 -- competent person statement

The mineral resource estimate incorporated by reference in the base prospectus and supplement was reported by the company in accordance with ASX Listing Rule 5.8 on July 11, 2025. The company confirms that, as of the date of this release, it is not aware of any new information or data that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The company confirms that, as of the date of this release, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

We seek Safe Harbor.