Mr. Lewis Black reports

ALMONTY ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Almonty Industries Inc. has closed the first tranche of its private placement previously announced on Nov. 27, 2019, by issuing 1.12 million units for aggregate gross proceeds of $711,200. Each unit was priced at 63.5 cents per unit and is composed of one common share of the company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share of the company at a price of 75 cents per share for a period of 36 months from the date of closing.

The units are subject to a hold period expiring on April 10, 2020.

About Almonty Industries Inc.

The principal business, based in Toronto, Canada, of Almonty Industries 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.