Mr. Lewis Black reports

ALMONTY INDUSTRIES INC. ANNOUNCES CLOSING OF UPSIZED US$129,375,000 UNDERWRITTEN OFFERING OF COMMON SHARES IN THE UNITED STATES INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION

Almonty Industries Inc. has closed its previously announced upsized underwritten offering of common shares, including the full exercise of the underwriters' overallotment option, for aggregate gross proceeds of $129,375,000 (U.S.).

The syndicate of underwriters was led by BofA Securities as lead bookrunning manager, and also included Cantor Fitzgerald & Co., D.A. Davidson & Co. and A.G.P./Alliance Global Partners as bookrunning managers. Including the exercise of the overallotment option, Almonty sold an aggregate of 20.7 million common shares at a public offering price of $6.25 (U.S.) per common share, for total gross proceeds of $129,375,000 (U.S.).

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, and the corresponding supplement to Almonty's effective registration statement on Form F-10 in the United States.

Lewis Black, chief executive officer of the company, said: "With the proceeds raised from this offering, the company is fully capitalized to conduct the exploration and expansion of projects outlined in the supplement and accordingly has no present intention of completing any further capital raises under the company's base prospectus. Our intention is to now move to withdraw the base prospectus. As a leader in the Western tungsten space, it is reassuring that from our largest institutional investors to our smallest friends of the family investors, support has never been higher."

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.

We seek Safe Harbor.