Mr. Lewis Black reports

ALMONTY TO VOLUNTARILY DELIST FROM ASX

Almonty Industries Inc. has requested and received formal approval from the Australian Securities Exchange to be removed from the official list of ASX pursuant to ASX listing Rule 17.11 (Delisting) subject to the conditions described below. This follows the company's decision to delist the common shares of the company from the Toronto Stock Exchange, which was announced to ASX on July 20, 2026, and will be effective as of close of trading on July 31, 2026.

The company expects that the delisting will occur on Sept. 1, 2026. The company's CHESS depositary interests will be suspended and cease to trade on the ASX at the close of trade on Aug. 28, 2026. Following the delisting, the company's shares will continue to be traded on the Nasdaq (under the trading symbol ALM) and the Frankfurt Stock Exchange (under the trading symbol ALI1).

Reasons for delisting from the ASX

The company is seeking to delist from the ASX due to the low and declining volumes traded on the ASX as compared with that of Nasdaq and the TSX. The number of CDIs held on the Australian register has declined to approximately 0.80 per cent of all issued shares as at July 14, 2026.

The company believes that the financial, administrative and compliance obligations and costs associated with maintaining the ASX listing are no longer in the best interests of the company's shareholders.

Delisting conditions

The ASX has provided its approval for Almonty to be removed from the official list of ASX subject to the company complying with certain conditions.

On July 29, 2026, the company will send a letter to each CDI holder (and the holders of any options which, upon exercise, convert to CDIs) setting out an overview of the delisting process as well as the above timetable and the following options available to CDI holders. The company is not required to obtain securityholder approval for the delisting.

Options available to CDI holders

CDI holders will have the opportunity to the following.

(a) Convert CDIs into shares, listed on Nasdaq

At any time up until the closing date of the voluntary sale facility, CDI holders may request to convert their CDIs to the company's shares, held on the North American share register, on a one-for-one basis.

Before requesting to convert, CDI holders should verify if their current stockbroking arrangements are suitable to allow them to trade shares on Nasdaq. If CDI holders wish to convert their CDIs into shares on or before the suspension date, they may do so.

• CHESS holdings: CHESS holder numbers are prefixed with an X and are referred to as holder identification numbers. To convert CDIs into shares, CHESS holders should contact their sponsoring CHESS participant (usually their broker) to request the conversion, or to convert their CHESS holding into an issuer sponsored holding so that the CDI holder can follow the process for issuer sponsored holdings outlined below; or
• Issuer sponsored holdings: Issuer sponsored holder numbers are prefixed with an I and are referred to as securityholder reference numbers. To convert CDIs into shares, issuer sponsored holders should complete a CDI cancellation form and return this (together with certified identification documentation where applicable) to Almonty's Australian CDI registry service provider, Computershare Investor Services Pty. Ltd.

The CDI cancellation form can be downloaded from the Australian Computershare website by entering the ticker symbol AII.

CDI holders remaining as at the delisting date will still be able to convert their CDIs, if they wish, into shares up until the closing date of the voluntary sale facility.

(b) Sell CDIs on the ASX

CDI holders may sell their CDIs on the ASX at any time prior to the close of trading on the suspension date by contacting their stockbroker or financial adviser who can arrange the sale. After the suspension date, CDI holders will not be able to sell CDIs on the ASX.

(c) Participate in the voluntary sale facility

Following delisting, any remaining CDI holders will be sent an election form to enable them to elect to participate in a voluntary sale facility through which their CDIs will be sold, by a broker appointed by the company, in the form of shares on Nasdaq and the sale proceeds remitted to them in Australian dollars or New Zealand dollars. In addition, CDI holders who would like to receive their proceeds in other currencies will be able to enroll in global wire (an international wire payment service provided by Computershare) to receive the proceeds in their local currency.

The broker will act independently of Almonty in the execution of the sale of shares (particularly with respect to selling prices and timing of the transactions). The company will pay all brokerage and any related costs, levies or fees associated with the sale of shares on Nasdaq in connection with the voluntary sale facility. Sale price, foreign exchange and tax risk will rest with the CDI holders who participate in the voluntary sale facility. None of Almonty, the broker or Computershare gives any assurances as to the price that will be achieved for the sale of shares under the voluntary sale facility (noting that the market price of shares is subject to change from time to time), nor of the foreign exchange rate for conversion of sale proceeds, nor makes any representation as to whether shares will be sold on Nasdaq.

(d) Compulsory sale facility

The ASX settlement operating rules grant CHESS Depositary Nominees Pty. Ltd. (CDN) a power of sale over any remaining underlying shares.

Accordingly, after closure of the voluntary sale facility, the company will establish a compulsory sale facility to facilitate CDN exercising its power of sale in respect of the underlying shares held on behalf of any remaining CDI holders. In other words, the compulsory sale facility will operate by default in respect of any remaining CDI holders.

To facilitate the compulsory sale facility, the company will appoint a broker which will effect the sale of shares on behalf of the CDI holder on Nasdaq. The sale proceeds will be remitted to each remaining CDI holder, on a pro rata basis, in Australian dollars or (at the participant's election and subject to having provided a valid bank account) New Zealand dollars, or in a different currency through the global wire service.

The broker will act independently of Almonty in the execution of the sale of shares (particularly with respect to selling prices and timing of the transactions). The company will pay all brokerage and any related costs, levies or fees associated with the sale of shares on Nasdaq in connection with the compulsory sale facility. Sale price, foreign exchange and tax risk will rest with the CDI holders who participate in the compulsory sale facility. None of Almonty, the broker or Computershare gives any assurances as to the price that will be achieved for the sale of shares under the compulsory sale facility (noting that the market price of shares is subject to change from time to time), nor of the foreign exchange rate for conversion of sale proceeds, nor makes any representation as to whether shares will be sold on Nasdaq.

If any CDI holder cannot be contacted, the proceeds will be dealt with in accordance with applicable unclaimed money laws.

Waiver from ASX settlement operating Rule 13.9.9

In connection with the delisting, Almonty has sought and been granted a waiver from ASX settlement operating Rule 13.9.9 to allow Almonty to suspend the issue of new CDIs as a result of requests from holders of common shares to convert their holdings to CDIs during the period commencing on the date of this announcement until the date the company is officially delisted from ASX.

Under ASX settlement operating Rule 13.9.9, if Almonty receives a valid message and properly completed transfer document requesting conversion of common shares to CDIs, it must do so within a specified period.

Waivers in respect of ASX settlement operating Rule 13.9.9 may be granted where arbitrage opportunities or regulatory issues may arise if conversions to or from registries in different jurisdictions are allowed to proceed in the period surrounding a corporate action. In relation to the delisting, the waiver has been granted to restrict the ability for holders of common shares to convert their holdings to CDIs to take advantage of the voluntary sale facility or compulsory sale facility, which will help facilitate the orderly wind-down of the company's ASX listing.

Consequences of delisting

The main consequence of the company's delisting for CDI holders is that, from the time the delisting takes effect, CDIs will no longer be quoted or traded on the ASX.

Unless CDI holders sell their CDIs before delisting occurs, elect to participate in the voluntary sale facility or request to become the registered holder of the underlying shares on the North American share register, the shares underlying their CDIs will be sold, by default, pursuant to the compulsory sale facility as described above.

Further explanatory information will be sent to CDI holders on July 29, 2026. If CDI holders have any questions about the delisting process, please contact Computershare on 1300-850-505 (within Australia) or 61-3-9415-4000 (outside of Australia) between 8:30 a.m. and 5 p.m. Australian Eastern Standard Time/Australian Eastern Daylight Savings Time, as applicable).

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 be a major contributor to the global non-Chinese tungsten supply chain 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.